Credit Technologies, Inc.

Credit Technologies has been advised that effective immediately, the IRS has begun verifying the address(s) provided on all 4506T requests.  Requests that do not contain  an address that matches the current address on file with the IRS will be rejected and are subject to the standard fee. This places additional importance on the applicant including (as either the current or previous address,) the address believed to be on file with the IRS. To clarify, the logic used by the IRS is as follows,

One of the addresses provided on the 4506T form must match IRS records (typically the address used on the last filed Federal Tax Return.) If neither supplied address is matched, the request will be rejected.

Should a consumer need to update an address, IRS FORM 8822 should be completed and transmitted to the IRS 4-6 weeks prior to any request for tax documents.

We have also been advised that these additional requirements will result in delays on the part of the IRS in processing. Initial impact seems to be about an additional 24 hour delay in receiving tax transcript requests.

For additional information on IRS4506 tax transcript services, please call 800.445.4922 Option 1.

Urgent Update to Mortgage Security Breaches – Please Read The Entire Notice

 This notice contains,

• Critical information on the virus currently targeting mortgage brokers
• Steps Credit Technologies is taking to enhance security that may impact your access credit data.
• Immediate actions you should take to protect yourself from these attacks

On 4/2/2010, we issued an alert about an email based virus that was targeting mortgage brokers and lenders Nationwide. This “key logger” virus, continues to be sent to thousands of mortgage professionals. Once infected, the hackers are able to collect all information on the infected computer including access to your banking, credit card and credit reporting accounts – virtually anything that is accessed from that computer including access to your LOS and borrower files.  These attacks are continuing with alarming success. The hackers are finding that many mortgage professionals do not have adequate security in place and are able to access their computers and effect data breaches. To date, these breaches have impacted hundreds of mortgage professionals and thousands of consumers.

 Steps Credit Technologies Is Taking

 In order to assist our clients in combating these attacks, Credit Technologies is taking immediate action to enhance security procedures as it applies to protecting consumer credit data including, 

• Effective immediately – The default daily order limits have been reduced to 10 reports a day (per user login.) This can be adjusted on an as-needed basis.
• After Hours Web Access Restrictions – Effective April 12 2010, after hours web access will be available only to devices on which a security certificate has been installed (you are automatically prompted to install the security certificate the first time you access Credit Technologies.) This will not impact users that access through a LOS, FNMA or FMAC. Full web access will be available Monday-Friday, between the hours of 8:00AM and 10:00PM Eastern (5:00am-7:00PM Pacific.)

 We are currently developing additional security features including enhancements to the security certificate that will further protect your account from potential data breaches.

 Steps You Should Take immediately 

• Make sure you have anti-Virus and Anti-Spyware protection installed on EVERY computer that has access to the Internet and that it is set to automatically update not less than once per week. This simple solution will protect you from this ongoing attack. If you do not have Anti-Virus software installed, it must be installed and a full system scan completed prior to accessing consumer credit data. Credit Technologies does not endorse or require any specific brand of anti-virus software. There are numerous versions available including free versions such as Avast
• Make sure every computer with access to the Internet is protected by a Firewall. This protects your computer from hackers that scan the Internet looking for unprotected computers, then accesses your computer through an unlocked or open port. These types of intrusions can happen without you receiving any virus email or clicking on any link. Most operating systems (i.e. Microsoft Windows) have a built in Firewall, just make sure it is turned on. There are also numerous other firewall programs available, including a free version offered by ZoneAlarm
• Once you have current and up to date Anti-Virus and Spyware protection – complete a full system scan of all computers to confirm that no viruses are present. Once this scan is complete, we strongly suggest you evaluate all login credentials (not just those for accessing Credit Technologies) and select passwords that cannot be guessed or easily researched through the Internet or through background searches (the hackers are using cheap background searches to defeat security questions such as “Where Were You Born”, or “Parents Names”.)

We strongly urge you to share this information with every employee and promote the recommendations contained therein.  Credit Technologies will keep you apprised of any further developments regarding this issue.

Thank you for choosing Credit Technologies and for your swift adoption of these safeguards.

In recent days the credit bureaus and Federal law enforcement have seen a sudden and significant increase in the number of mortgage professionals falling victim to computer hackers resulting in data breaches and cases of identity theft. One example includes an e-mail claiming to be from UPS attempting to verify the user’s address for a delivery.  Here’s an example of one form of the virus email…

“UPS Delivery Problem NR.5660
UPS_Invoice_7892.zip
From: <Redacted>
Sent To: <Redacted>
Subject: Attachments:

From: Postal Manager Rogello Jewell [mallto:pan:el@ups.com] sent Sat 3/6/2010 10:27 AM
Subject: UPS Delivery Problem NR.5660

Dear Customer!

We were not able to deliver postal package you have sent on the 25th of January in time because the addressee’s address is incorrect.  Please print out the invoice copy attached and collect the package at our office. 

United Parcel Service of America.”

When the user clicks on the link, a “key logger” virus is installed (this happens in the background and is not noticeable to the user.)  This virus then tracks and records every key stroke made on that computer and sends the information to the hackers. Once the hackers have the users logins and passwords they have access to all user data including banking, credit card and credit reporting.

 These hackers appear to be specifically targeting mortgage brokers and seem to have knowledge of the mortgage banking industry and practices.  They have also been able to defeat the security certificate by “guessing” at secret questions that are far too easy or by using the Internet to research common answers to the secret question. Once they solve the secret question, they are able to gain full access to that users credit reporting account (in addition to any/all information accessible by that user.)

 To reduce the chance of falling prey to this virus and scam, (and to comply with Federal Laws and repository regulations regarding the protection of consumer credit data) Every user should immediately complete the following steps…

1.     Verify that all computers utilized are running anti-virus and anti-spyware software.
2.     Update all antivirus and anti-spyware software to insure you are using up-to-date virus detection models.
3.     Each computer should also be running an appropriate firewall service – with the default to block any unknown program or access. (i.e. Windows Defender or ZoneAlarm)
4.     Once updated, run a full antivirus/antispyware scan of your entire computer(s).
5.     Once confirmed that your computer is not infected, change your Credit Technologies password (and any other secure passwords to private information).
6.     Review any secret question/answer combination to insure the answer cannot be researched and located through the internet.

Additional best practices that can limit your risks of contracting a virus include,

 - Whenever possible limit personal internet usage on corporate computers
- Never open any e-mailed link or attachment that you were not expecting, even if you recognize the sending party.
- All computers should be set to automatically update antivirus software, and routinely install Microsoft Critical Updates (preferably automatically).

At the first sign of trouble – have your computer checked again and immediately contact your administrator or IT professional.  After an infection is found and removed a full review needs to be completed to locate any private information that may have been compromised.  Any credit card numbers should be cancelled, all passwords changed, etc immediately.

 Thank you for your immediate attention to this issue.