ATTENTION ONLINE CREDIT UNIONS
We just received notification from Experian that effective October 29, 2021, they will no longer allow credit reports to be pulled from Experian via the CU*BASE software.
This is in response to an ongoing negotiation we have been having with Experian about their requirements for how they believe all CU*BASE member data must be managed and stored.
The CU*Northwest Team have been negotiating in good faith with Experian for some time, and expected that we would be able to come to a resolution that would be effective for both Experian and our CUSO and its clients. We were therefore surprised and disappointed by this sudden announcement. Given the extremely short time frame, it seems clear that they are not willing to continue negotiations on a resolution.
So what do you need to do now?
- If your credit union uses Experian as your primary bureau, starting at the end of October you will need to shift to either TransUnion or Equifax.
- Most CUs already have a secondary bureau in place for occasions when their primary bureau is offline. Lender*VP can assist in adjusting your configuration so that your secondary bureau can become your primary one.
- If your credit union uses Experian only as a secondary bureau, you should start working on plans for an alternative secondary bureau. Lender*VP can assist in setting up the necessary CU*BASE configurations for that as well.
- If Experian is your only bureau and you do not yet have a secondary bureau arrangement, please reach out to Lender*VP immediately to get the ball rolling. IMPORTANT: When starting from scratch with another bureau, the initial credentialing process could take several weeks!
Other ripple effects to note
- We WILL continue to report credit report data to Experian.