MoreThanData provides software and reporting services to affiliates who want to report their homeowners’ credit history to Equifax. KeyCredit is an add-on program designed to work with Keystone to create a payment history file, which is uploaded to MTD monthly.
By consolidating files from our customer base, MTD is able to meet the minimum number of mortgages threshold and provide a low-cost service. Although one consolidated file is submitted to the Credit Reporting agencies, the individual affiliate’s information carries their TIN/EIN as a unique identifier for that affiliate.
There are several reasons why affiliates should report credit history:
- Reporting is a responsibility of our partnership. If a Habitat homeowner keeps their payments current, their credit rating will improve – if reported – and this should contribute to lowering the homeowner’s insurance premiums as well as helping the homeowner qualify for lower interest rates on additional credit.
- Part of the Habitat mission is to educate our Family Partners in wise and prudent financial management. Credit reporting is a part of everyone’s financial participation in our society and Family Partners need to learn to use credit wisely. Including our Family Partners in this process will encourage and enhance their financial management skills.
- Because we use other companies’ data to help us qualify prospective homeowners, we have some responsibility to provide information to the Credit Bureaus for inclusion in the homeowner’s credit history.
- It takes less than 30 minutes a month to process approximately 150 mortgages using the KeyCredit program. It’s the right thing to do for your homeowners.
- If an affiliate responds, ad hoc, to a request for credit information, there is a risk that some question may be answered in such a way as to create a problem for the affiliate. KeyCredit uses the Metro 2 industry standard format which insures compliance with federal and state laws and reduces the risk of providing this information. If a mistake is reported, it can be corrected the following month. If a homeowner disputes their credit report, MoreThanData will contact the affiliate and work toward a resolution.
Note: This is a reporting service only, in order to pull reports on current and prospective Habitat families, you need to work with an organization that offers that service.
Please read the following documents before you decide to proceed with credit reporting. We suggest you read them in the order in which they are listed. These documents are in PDF (Adobe Reader) format.
- Introduction Letter
- Fair Credit Reporting Act (FCRA): To obtain the latest version of FCRA download it from the Federal Trade Commission’s (FTC) web site at http://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/fair-credit-reporting-act. Reporting responsibilities are in section 611 and 623.
- Data Furnishers Reporting Agreement
- Getting Started Document
We also suggest that your review the KeyCredit Help Library where you can learn much more about how the program works.
If you have any questions, contact MTD Support by phone toll-free at 1-800-455-5617, or via e-mail at keycredit@morethandata.org.
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How to Sign Up
KeyCredit software is included in your annual Keystone subscription. Beginning January 1, 2022, our rate for providing the Consolidation Service is $5.00 per mortgage per year with a minimum of $25 a year. Mortgages that are processed for less than a year will be prorated, with invoices sent out in February for the prior calendar year.
To sign up for KeyCredit, go to the Order page and select KeyCredit. Then complete, sign, and mail a copy of the Data Furnishers Reporting Agreement to MTD.
You will need to notify your homeowners that you will begin reporting their mortgage payment history to Equifax and TransUnion. This should be done at least 30 days prior to the first report, but giving your Family Partners more adjustment time may prove wise.
Our administrative office mailing address is:
MoreThanData, Inc.
P.O. Box 335
Otsego, MI 49078