a proprietary debt payment system that allows borrowers and mortgage lenders to payoff most any derogatory account immediately by fax, email or in person at Credit Technologies offices. Credit Technologies is then able to update and re-issue the new credit report in just a few hours.
Here’s how it works…
A borrower has an account appearing on their credit report that must be paid prior to closing (or to satisfy FNMA LQI requirements.) Instead of taking the time required to obtain a money order or certified check and pay overnight fees to send the payment with the hopes the creditor will verify the account is paid, the consumer or mortgage lender pays the account in minutes using NetPay. Credit Technologies issues payment to the creditor, within a few hours the payment has been sent and the lender has received an updated copy of the credit report showing the paid off account.
- Save your borrowers (and yourself) the hassle of running around to get money orders or certified checks, then paying overnight fees and waiting for the creditor to report the account paid. NetPay makes paying off creditors fast and easy.
- Consumers are no longer at the mercy of difficult to deal with collection agencies; Credit Technologies handles the transaction for them.
- Make payments by FAX using any Visa, MasterCard, Discover or American Express. You can also mail, or pay in person using cashiers check or cash. (Sorry – no personal checks.)
- Verifications occur in minutes, and the modest transaction fee includes updating the credit report.
Some restrictions apply
NetPay is available only to Credit Technologies members in good standing for payments up to and including $1000. All payoff amounts including, collections, charge off, tax liens, judgments, installment loans must be verified by Credit Technologies, Inc. NetPay is available only for creditors based in the US. Payments must be for balance in full or confirmed, pre-arranged settlement amounts – no partial payments are accepted. A separate NetPay Request Form must be submitted for each creditor being paid. NetPay is available Monday through Friday from 9:00AM to 5:00PM Eastern Time, payments received after hours will be processed the following business day.
To initiate a NetPay request, simply print the NetPay Request Form then fax the completed and signed request along with a copy of the bill or invoice to be paid to to 888.445.4922.
For more information on how Credit Technologies NetPay can help you and your borrowers, call us toll-free at 800.445.4922.