We invite you to experience the Birchwood difference. Fill out the form to the right and a representative will contact you with more information.
We invite you to experience the Birchwood difference. Fill out the form to the right and a representative will contact you with more information.
Secondary Use refers to the process whereby a credit report is ordered by one lending entity and then forwarded to one or more additional entities as part of the lending process.
The three national credit bureaus (Equifax, Experian, and TransUnion) now require that all credit reporting agencies comply with specific procedures to track and report Secondary Use of consumer data by lenders. These Secondary Use Inquires (SUI) policies were designed to address consumer privacy rights, Fair Credit Reporting Act (FCRA) compliance, and data security issues.
Examples of Secondary Use:
The three national credit bureaus – Equifax, Experian, and TransUnion – created these policies to address issues regarding FCRA compliance, data security, and data accuracy as well as providing consumers with a means to know which entities are reviewing their personal credit data.
No, the Secondary Use fee is in addition to your standard reissue fees.
If you are submitting a consumer’s file to multiple lenders you cannot avoid multiple Secondary Use charges. The process requires that each lender be recognized as a Secondary User via the soft inquiry process, meaning that you will be charged for each instance of secondary use.
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