Credit Report XML Standards
MISMO and HR-XML provide open schema for credit report software and web service developers.
Open XML credit report standards are published by two groups: The Mortgage Industry Standards Maintenance Organization, under sponsorship of the Mortgage Banker's Association, is responsible for the MISMO XML standard. The HR-XML Consortium is the group responsible for the HR-XML open standard for XML credit reports. Open XML standards provide the best assurance of long-term interoperability, and prevent dependence on a specific credit bureau XML schema or proprietary web service XML format. Avoid getting locked-in to a proprietary XML credit report layout!
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. Thus, credit report software, or a credit report toolkit for software developers is the solution, whether single-bureau or merged credit reports are needed.
A software API (or COM object) can interface with the credit bureaus directly, gather credit data in the proprietary system-to-system formats, and convert it to one of the open XML credit report standards. XML data opens possibilities for web services and Microsoft .NET (dot net) credit report applications, whether or not the intended uses are in the mortgage or human resources fields. Tenant screening, insurance underwriting, identity verification, and credit scoring can benefit from the same XML standards.
Microsoft SQL Server and IBM DB2 can act as storage for the data, allowing retrieval by XML, SQL, or ActiveX COM objects.