Navigating Credit Reporting Price Hikes with Service 1st: Why Your Choice of Credit Partner Matters More Than Ever

In a market where margins are already thin and every basis point counts, credit reporting hikes can feel like a direct hit to your bottom line. While you cannot control the baseline pricing, you can control how you manage those costs.

Though these price increases happen every year, you still have choice in your credit partner. In this article, we’ll break down the details how to navigate credit reporting pricing hikes by:

• Determining the prospective leads that will close, without spending time on the ones that will not.

• Navigate the steps your borrowers need to take to hit a higher credit tier.

• Working with a credit partner that understands the changing needs of the mortgage industry.

• Taking back the control of your margins.

  
  

At Service 1st, we believe that a price increase from a vendor should be met with a value increase from your partner. Here is how we are helping our clients navigate rising costs while maintaining a competitive edge.

How Service 1st Protects Your Bottom Line

1. Stop Paying Full Price for Top-of-Funnel Leads

The most expensive way to vet a lead is to pull a full "tri-merge" hard inquiry on every applicant who walks through the door. One of the primary ways Service 1st helps you combat rising costs is through Soft Prequal Inquiries.

By utilizing soft inquiries during the pre-qualification stage, you can view a borrower’s credit profile and scores without triggering a hard inquiry or the associated high costs. This allows you to determine your prospect’s creditworthiness prior to spending hundreds on a tri-merge, saving your budget for the files that are actually going to close.

2. Turning "No" into "Not Yet" with ScoreNavigator

If you are paying a premium for credit data, you need that data to work for you. Service 1st doesn't just deliver a report; we deliver solutions. Our ScoreNavigator Solutions credit simulation tools allow you to see exactly what a borrower needs to do to hit a higher credit tier.

When you can move a borrower from a "sub-prime" pricing bucket to a "standard" bucket in days rather than months, the value of the credit report far outweighs the price increase.

3. Experience Connection and Program Support

In a shifting market, your credit partner should be a bridge to faster closings, not a roadblock. Service 1st provides unparalleled connectivity and onshore support to ensure your team has the answers they need when they need them.

• Day 1 Certainty®: We offer reports  that support Day 1 Certainty®, helping you streamline the verification process and gain rep and warrant relief earlier in the loan manufacturing cycle.

• Prequalification Services: Our Prequalification Services allow you to engage with prospective borrowers early in the funnel, helping you manage initial credit costs while identifying viable leads.

  
  

4. The Power of Bundled Value

Relying on multiple vendors for credit and verifications often leads to fragmented workflows and unnecessary expenses. Service 1st solves this by offering unified verification services that create significant "loan manufacturing efficiencies."

• Buyback Protection: Service 1st offers an Insurance Wrapper for each Income+ and VOE/VOI report. It is one way we make your bottom line our priority.

• Comprehensive Verification Suite: We offer a single point of access for 4506-C Income Tax Transcripts, SSA-89 Social Security Identity verification, and VOE/I (Employment and Income).

• Bundled Pricing: We encourage our clients to ask about bundled value pricing, which is designed to reduce your overall cost-per-loan by consolidating your essential origination tools under one roof. Our credit customers know we have skin in the game. We win when you win.

  
  

5. A Partner, Not a Provider

The biggest frustration isn't just the price—it’s the lack of personal service. When you have a dispute, a technical glitch, or a complex file, you can’t afford to sit in a general support queue.

Service 1st was built on the principle that the "Service" comes first. Our clients stay with us because we have a dedicated team that understands their workflow. When costs rise across the industry, you deserve a partner who is looking for ways to save you money, not just passing along a bill.

Take Back Your Margins

Price increases are an industry reality, but they don’t have to dictate your profitability. By leveraging smarter technology, utilizing soft pulls, and partnering with a service-oriented team, you can offset these costs and focus on what you do best: closing loans.

Ready to see how Service 1st can optimize your credit costs? Request pricing today!