ICE Expands Credit Dispute Processing For Mortgage Servicers

Today, Intercontinental Exchange (ICE) announced updates to its Credit Bureau Management system to make handling credit disputes easier and faster for mortgage servicers. The system is now able to automate the process of gathering borrower information and filling out forms for credit disputes, using data from the MSP loan servicing system.

The key improvement, noted by ICE, is that these forms can now be automatically sent to credit bureaus without manual input, which saves time and reduces errors. This helps servicers meet their 30-day deadline under the Fair Credit Reporting Act. The updated system also helps servicers manage credit dispute investigations more efficiently by tracking progress, keeping records, and assigning tasks to team members.

“ICE understands and appreciates how quickly servicers must act to complete their investigation into a credit dispute,” said President of ICE Mortgage Technology, Tim Bowler. “The new efficiencies we have introduced to Credit Bureau Management provide outsized value to servicers by reducing repetitive, manual data entry and saving servicers time when it matters most.”

A comprehensive consumer credit dispute solution, Credit Bureau Management helps servicers index disputes, compile information for investigations, preserve audit trails and manage pipeline workflows. Servicers can view a work item list that keeps track of work in progress and allows disputes to be assigned to different back-office users, introducing greater efficiencies for servicing teams.