|Factual Data Introduces Credit Re-Issue(R) For Wholesale/Secondary Lending Markets
LOVELAND, Colo., Oct. 16 /PRNewswire/ -- Factual Data Corp.,
(Nasdaq: FDCC), www.factualdata.com, a leading e-business provider of information solutions to businesses, government sponsored enterprises and individuals nationwide, announced today that an industry first feature, Credit Re-Issue®, will be available through its web based credit application, factualdata.com.
This feature allows wholesale lenders and lenders in the secondary market to view the original credit report submitted by a broker or correspondent lender to verify its accuracy and save the cost of pulling an additional credit report. This feature will save money at the quality control level and allow underwriters to verify that they are seeing the original report without the possibility of any type of manipulation or editing. This feature will cost lenders 80% less than current methods of verification. Credit Re-Issue® also provides state-of-the-art security as Factual Data's proprietary identity theft and fraud scan, CreditScan®, can be added at the time of re-issue.
``In today's lending arena, speed, accuracy, security and cost savings are of utmost importance to lenders so that they insure that they are underwriting quality loans that minimize risk exposure and increase profitability,'' said Dave Vinson, chief sales officer of Factual Data Corp. ``Again,'' stated Mr. Vinson, ``Factual Data brings a high tech web based solution to the lending industry that will streamline the process and provide the most accurate data available with which to make lending decisions. The re-issue capability will change the way underwriting and quality assurance is done. This new technological advance will allow Factual Data Corp. to capture larger market share and move into areas previously untapped by our current product offerings.''
|About Factual Data Corp.
Factual Data Corp. is a Colorado-based e-business provider of information services to the mortgage and consumer lending industries, employers, landlords and other business customers located throughout the United States. The Company markets its services through its website, www.factualdata.com, and nationally through offices located in major metropolitan areas. Factual Data's common stock trades on the Nasdaq National Market under the symbol FDCC. For more information visit www.factualdata.com.
``Safe Harbor'' Statements under the Private Securities Litigation Reform Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future of the Company could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in interest rates; the effectiveness of the Company's marketing campaign; the response of the mortgage industry; strength of market demand for the Company's services; the effects of seasonality in the housing market; competition; the success of the Company's consolidation plan; the Company's ability to manage growth; the Company's ability to successfully develop and market new report services; and political and military uncertainties. Please refer to documents that the Company files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
Factual Data Corp.