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AGRICULTURE, DEPARTMENT OF has floated a tender for Notice of Intent to Sole Source to Credit Bureaus - EQUIFAx. The project location is USA and the tender is closing on 03 Sep 2024. The tender notice number is 12RADA24Q0003, while the TOT Ref Number is 106248146. Bidders can have further information about the Tender and can request the complete Tender document by Registering on the site.
Procurement Summary
Country : USA
Summary : Notice of Intent to Sole Source to Credit Bureaus - EQUIFAx
Deadline : 03 Sep 2024
Other Information
Notice Type : Tender
TOT Ref.No.: 106248146
Document Ref. No. : 12RADA24Q0003
Competition : ICB
Financier : Self Financed
Purchaser Ownership : Public
Tender Value : Refer Document
Purchaser's Detail
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Login to see detailsTender Details
Description
USDA Rural Development intends to award Blanket Purchase Agreements to the three nationwide credit bureaus: Experian, Equifax, and TransUnion. These sole source awards are for access over the next five years to raw archived credit data maintained by each repository that can be combined with Rural Development borrower and loan data to evaluate scorecard performance and re-estimate and update the mortgage scorecard as new data and experience become available. The data will also be utilized for an assessment of how Rural Development-s distribution of insurance risk has been changing.
NAICS Code: 561450 Credit Bureaus
PSC: R611 Support - Administrative: Credit Reporting
The authority permitting a sole source acquisition is FAR 13.501(a)(1)(ii) Simplified Procedures for Certain Commercial Items - 41 U.S.C. 1901- Sole Source (Including brand name) Acquisitions.
According to preliminary market research conducted, these three companies are the only companies that are able to provide Rural Development-s business needs for historical raw archived credit data that corresponds to Rural Development-s TOTAL Mortgage Scorecard algorithm that is used to underwrite the mortgages submitted for a Rural Development guarantee. Industry practice and Rural Development-s automated underwriting system require credit be obtained from each of the 3 major repositories (if present) considered in the underwriting decision. Fair Credit Reporting Law requires that system providers (USDA-RD) employ depersonalized (coded) credit data for modeling (scorecard development and redevelopment) purposes and as a practical matter that data must be drawn from archives of past credit (that only the 3 repositories maintain) that correspond to loan origination rather than the subsequent current period loan status (default, prepaid, current).
The three RFQs and associated Credit Bureaus are as follows:
12RADA24Q0002 - TransUnion
12RADA24Q0003 - Equi...
Active Contract Opportunity
Notice ID : 12RADA24Q0003
Related Notice
Department/Ind. Agency : AGRICULTURE, DEPARTMENT OF ::
General Information
Contract Opportunity Type: Special Notice (Original)
All Dates/Times are: (UTC-04:00) EASTERN STANDARD TIME, NEW YORK, USA
Original Published Date: Aug 23, 2024 10:02 am EDT
Original Response Date: Sep 03, 2024 02:00 pm EDT
Inactive Policy: 15 days after response date
Original Inactive Date: Sep 18, 2024
Initiative: None
Classification
Original Set Aside:
Product Service Code: R611 - SUPPORT- ADMINISTRATIVE: CREDIT REPORTING
NAICS Code: 561450 - Credit Bureaus
Place of Performance:
Documents
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