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Credit Reporting Community of Practice (CoP)

Join the Credit Reporting community to hear about the latest efforts and participate in collaboration!

What is the Credit Reporting Community of Practice?

The Credit Reporting Community works to develop, promote, and maintain credit data and standards that enable mortgage lenders, investors, servicers, vendors, borrowers, and other parties to exchange credit-related data more securely, effectively, and economically.

In addition, the Community of Practice develops supporting documentation to provide guidance in the use of these data standards.

Key Responsibilities:

  • Manage data elements that can be used by a mortgage originator to request, track, and cancel credit reports that are typically required in mortgage lending
  • Continue with our efforts to develop reference documentation for implementers who need to exchange credit reporting information using the MISMO v3.x reference model
  • Collaborate on industry challenges, issues, and needs, then generate new ideas on solutions that MISMO can explore

Current Focus:

  • Implementation of data exchange guidance for credit data using MISMO v3.6.
  • Industry guidance for the exchange of credit data based on permissible purpose (e.g., request for firm offer of credit, determination of consumer buying power, etc.). 
  • Industry discussions regarding FHFA decision to move from Classic FICO to FICO 10T and Vantage 4.0 and tri-merge to bi-merge credit report. 


How to Join

Anyone may participate in a MISMO development workgroup or community of practice regardless of membership status.  Voting members of Information Management and Architecture Workgroup are elected as per governance procedures.  Membership in MISMO is open to anyone - mortgage lenders, banks, credit unions, servicers, vendors, government agencies and more. MISMO members receive a voice, and vote, in creating and enhancing industry standards used by the entire industry.  Learn more here.

Go To Connect Site

Leadership

Ruth Eller, Equifax, Co-Chair 
Shawn Jobe, Informative Research, Co-Chair  

Facilitator

Heather Kvasnak, MISMO
[email protected]    

Meeting Schedule

Meets the 1st and 3rd Thursday of each month from 4-5pm EST. 
Meeting URL: https://mba-org.zoom.us/j/81784509635