Here at NextChapter, we are thrilled to announce that our most requested feature is now live -- Credit Report Integration! We have partnered with Universal Credit (UCS) to provide tri-merge credit reports from all three bureaus: Transunion®, Equifax® & Experian®. This has been a feature in the making for several months and we are so excited to share it with all of you. Here are some things you should know about NextChapter's credit report feature.
1. Set Up Integration Without Ever Leaving the Software
To comply with the bureau-mandated requirements for compliance, you must complete a one-time setup form and schedule the site visit. We make the process easy with our seamless integration. You never even have to leave NextChapter. Simply go to "Credit Report Integration" in your settings page to get started.
2. You Must Schedule an Onsite Inspection
An onsite physical inspection by consumer reporting agencies (“CRAs”) was mandated by the credit bureaus in 2003. This requirement was expanded in 2005 to include all clients, with few exceptions. It formalizes the Fair Credit Reporting Act (“FCRA”) requirement that CRAs make a reasonable effort to verify the identity of the end-user prior to providing the credit report. Although the site visit may seem like an added layer to the onboarding process, it is a practical and necessary layer of security for consumer data. We will activate your NextChapter credit report integration just 24-hours after a completed site visit.
3. Pull Credit Reports During the Initial Consultation
Ordering a credit report during the initial consultation with a proposed client serves many purposes.
1. The attorney can get a better grasp on the type of debt and amount of debt the client has in order to help them decide if bankruptcy is the best option.
2. The client can take home the credit report which serves as a reminder for them to call the attorney back or send in their paperwork.
3. The imported creditor data has already started a file in NextChapter, making it easy to pick up where you left off and finish the preparation of the bankrutpcy.
4. Creditor Data is Imported Directly in NextChapter
When you order the report, you can automatically import the creditor data directly into NextChapter, saving you hours of time. We love clean data! All duplicate entries from the tri-merged report will be removed and you have the option to omit all $0 balances and/or unknown balances. You can transfer any claims to Schedule D by clicking “Move to D” next to the claim in the Unsecured Nonpriority Claims section.
5. Common Creditors Can be Used in Conjunction with Credit Report Integration
Not only did we complete the credit report integration but we also added a highly requested feature -- Common Creditors! Now, you can easily upload a creditor list from another bankruptcy program into NextChapter by uploading a CSV. In addition, you can save creditors that you enter by simply clicking "Save As Common Creditor".
Log in to your NextChapter account now to set up credit report integration for your firm.