Credit Options

The following options are available:

1. Direct integration with one or more of the three major credit bureaus (Experian, Equifax, TransUnion) 
2. Integration through a Coviance-connected Credit Reporting Agency (CRA)
3. Borrower-entered estimated credit score (non-integrated; not recommended)

Option 1: Direct Bureau Integration

What This Is

Coviance has partnered with MeridianLink to enable direct integrations with the three major credit bureaus: Experian, Equifax, and TransUnion. Lenders connect using their own existing bureau credentials through the MeridianLink API, which is licensed directly by Coviance. This is completely separate from any MeridianLink LOS — no MeridianLink relationship is required on the lender's end.

How It Works

• For lenders with an existing bureau agreement, setup is streamlined using their current credentials.
• The lender selects which bureau(s) to pull from and the type of credit report desired. 
• Credit reports are requested seamlessly during the Fast Track life cycle.

• Lenders continue to be invoiced directly by the bureau at their negotiated rates. No fees are assessed by Coviance for these orders.

Onboarding Process

1. Confirm the lender has an existing agreement with one or more of the three major bureaus.
2. The lender completes a MeridianLink form (facilitated by CS/CSM).
3. Coviance will incur a $100 setup cost per credit pull type (hard or soft) per bureau — this is handled internally.
4. Once set up, credit reports can be requested immediately through the Fast Track life cycle.

Key Selling Points

• Strongly recommended as the #1 approach for all lenders.
• Leverages the lender's existing bureau relationship — no new vendor agreement needed.
• Lenders keep their own negotiated bureau rates.
• Smooth, streamlined onboarding with minimal friction.
• Addresses a common sales objection and expands integrated credit options.

Option 2: CRA Integration via Coviance SmartAPI

What This Is

Coviance has a SmartAPI integration connecting to a group of credit report resellers (CRAs). All providers offer the ability to select the type of credit report and which bureau(s) to pull from. If the lender already has an agreement with one of these providers, setup is simple and fast. If not, the lender works directly with the provider to set up access and ongoing invoicing.

How It Works

• For lenders with an existing agreement in place with one of the identified CRA providers listed below, the lender will provide access credentials to Coviance for integration setup.
• If no agreement exists, the lender works directly with the chosen CRA to establish one. The CRA will invoice the lender directly; no fees are assessed by Coviance for these orders.
• Once setup is complete, credit reports can be requested during the Fast Track life cycle.

Recommended CRAs to Lead With

When positioning CRA options, prioritize the following vendors, as they tend to offer the smoothest onboarding experience:

• Advantage Solutions — solutions@advcredit.com
• CIC Credit — cic.meridianlink.com | Eric Wimsatt: eric@ciccredit.com

Available CRA Providers

The following providers are available for integration. The lender must select one and establish an agreement if one is not already in place:

Option 3: Borrower-Stated Credit Score (Non-Integrated)

This option allows the borrower to self-enter their estimated credit score during the Online Application experience. The stated score is then used to determine the offers presented to the borrower.

Important Caveats

• This approach is not recommended due to the manual workload required on the lender's side.
• To complete underwriting, the lender must manually validate the stated score and populate the liabilities table from credit report tradelines — adding significant time to the process.
• Only position this option if no integrated solution (bureau or CRA) is feasible.

Onboarding Process

If this option is selected, notify the Coviance team so the Fast Track process can be configured to allow borrower-entered credit score input. During review, the lender will:

1. Confirm and update the credit score using their own credit report process.
2. Manually provide liability information from the credit report.
3. Use that information to calculate DTI.

Summary: Credit Option Comparison