Product Overview

This guide covers the following Innovis products:

Product Code	Name	Use Case	Allowable Permissible Purpose Codes*	Permissible Purpose Description
PREQUAL	Prequalification Credit Report	A preliminary assessment of a consumer’s potential eligibility for a mortgage loan based on limited financial information provided by the consumer and a consumer report obtained in accordance with the consumer’s consent.	12	In accordance with written instructions of the consumer to whom it relates.
PREAPP	Pre-Approval Credit Report	A conditional determination by a lender that a consumer qualifies for a specified mortgage loan amount based on a completed credit application, verification of creditworthiness, and review of a consumer report obtained for the purpose of evaluating a credit transaction involving the consumer. Preapproval is subject to final underwriting and property-related conditions.	17	In connection with a credit transaction involving the extension of credit
CR	Credit Report	Evaluation of a consumer’s application for credit to determine if the consumer is eligible for a loan or other type of extension of credit.	17	In connection with a credit transaction involving the extension of credit
ACCTRVW	Account Review Credit Report	A creditor’s evaluation of an existing consumer account to assess creditworthiness, account performance, or eligibility for changes to account terms.	23	In connection with a credit transaction involving the review of an account of the consumer
REFUPD	Reference Update Credit Report	A lender requests a CRA to manually verify information on the original credit reports accessed at the point of application.	17	In connection with a credit transaction involving the extension of credit
SECONDUSE	Each subsequent use, reissue or retransmission of the consumer credit information to a person or entity that is jointly involved with the original requester of the consumer credit information in evaluating a consumer for a mortgage loan.	Used to post inquiries when an original report is shared with a different financial institution. Required for FCRA compliance when reselling reports.	17	In connection with a credit transaction involving the extension of credit
PRECLOSE	Pre-Close (Loan Quality Initiative (LQI)) Credit Report	Acquired just prior to closing and used to detect new unreported liabilities before loan closing.	17	In connection with a credit transaction involving the extension of credit

Note: CR, PREQUAL, PREAPP, PRECLOSE, and ACCTRVW all share identical request and response data structures. The productCode field determines the use case and how the inquiry is reported. SECONDUSE and REFUPD have unique data structures documented in their respective sections.

*See Appendix here for Permissible Purpose Code descriptions