Loan: Tri-Merged Credit Report & Refresh Report (Loan Quality Initiative)
A tri-merged credit report is a comprehensive credit report that combines and presents information from the three major credit bureaus: Equifax, Experian, and TransUnion. It provides a consolidated view of an individual's credit history, including their payment history, outstanding debts, credit inquiries, and public records.
A refresh report is a credit report pulled prior to closing to comply with Fannie Mae’s Loan Quality Initiative (LQI). The refresh report identifies new inquiries and potentially new debt taken by the borrower after the qualifying credit report was generated. The refresh report is typically conducted within 10 business days of the loan closing.
On the applicant information section—
Context: Identifying the document.
Vendor information
Credit repositories
Key takeaways: Important information.
Order completion date
Applicant’s name
Applicant’s Social Security number
Applicant’s address
Credit scores
On the credit history section—
Key takeaways: Important information.
Creditor name
Account number
ECOA
Account type
Date opened
Date of last activity (DLA)
Months reviewed
Number of late payments
Credit limit/high credit
Reporting repositories
Current balance
Notes on this document:
The LQI refresh report must be generated within 10 days of the closing date.
The refresh report must be compared to the last credit report generated on file to identify discrepancies, additional tradelines, and new inquiries.
A new consumer explanation letter is needed to explain new inquiries that appear on the refresh report.