Credit Report Standards in XML

Only two open standards for XML credit reports currently have been adopted, don't be lulled into accepting a proprietary XML format that may entail major resource expenditures to make it compatible with future applications!

(PRWEB) July 30, 2004 -- The MISMO XML standard is developed and maintained by the Mortgage Industry Standards Maintenance Organization under sponsorship of the Mortgage Banker's Association. HR-XML is developed, endorsed, and used by members of the open HR-XML Consortium. MISMO, the Mortgage Industry Standards Maintenance Organization (http://www.mismo.org), has defined an open XML standard for credit reports as part of their larger schema for loan origination and loan servicing. The MISMO standard also supports a merged three bureau report.

The HR-XML Consortium (http://hr-xml.org )has developed XML standards for employment screening and human resources. Credit reports form an important part of the HR-XML schema, and software for the HR-XML credit report specification simplifies implementation. Experian, Equifax, and TransUnion do not have a single shared standard, and they do not provide credit reports formatted according to an open XML standard.

The MERit Credit Engine (MCE) supports both, HR-XML and MISMO in a Bureau neutral format. The MCE offers three bureau merged reports utilizing the MISMO standard. The MCE also provides secure Internet connectivity (HTTPS) to the three US bureaus as well as the two Canadian bureaus.

The MERit Credit Engine XML module is in-use and supported by, Human Resources, Automotive, Tenant Screening, Credit Card Processing, Online Consumer Credit Reports, Rental/Lease, Collections, Insurance, Online Merchants, Stock Market, Banking, Federal, State, and County Governments, Student Loans, Medical Finance, Credit Unions, Scoring Systems, call centers, point-of-sale systems, and Public Utilities.

Microsoft SQL Server and IBM DB2 can act as storage for the data, allowing retrieval by XML, SQL, ActiveX COM objects or most any programming language.

MERit Credit Systems, Inc.( http://www.creditengine.net ) is a leading provider server-based credit report retrieval software to access credit information from Equifax, Experian (formerly TRW), Trans Union, Equifax Canada and TransUnion Canada.

For additional information visit: http://www.creditengine.net

Or Contact: MERit Credit Systems at: (626) 963-8313

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