Credit Bureau integration allows both Back office users and Customers request for a credit check. The type of check (soft pull or hard pull) and the moment when the check is performed depend on the account settings
There is a number of Credit Bureaus integration with which is supported in the Standard Turnkey Lender application. Additional integration can be added upon the Client request.
How to Enable and Set Up the Credit Bureau Integration
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In the Settings → Integrations, enable the “Credit bureau” switcher.
The list of fields required for each of the credit bureau service providers depends on the specific provider as defined on there websites and described or referred to in the corresponding sections for corresponding countriesdocuments below.
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For each Credit Bureau Provider, you can enable/disable the “Automatic Hard pull” flag.
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If enabled, Hard pull is automatically performed for every application – after the application has been filled if there is no automatic Soft pull or before disbursement otherwise.
You should keep in mind, that Hard pull affect credit history of the Customer.
If the credit bureau service provider support Soft Pull (i.e. the credit check that doesn’t affect customer’s credit history), “Automatic Soft pull” flag can be enabled/disabled.
If enabled, Soft pull is automatically performed for every application as soon as the application has been filledAll credit bureau service providers support Hard pull. If they don’t support any other type of check, the hard pull is performed as soon as the customer has applied for the loan and can be requested manually by a Back-office users at any point before the disbursement.
If a credit bureau service provider supports both Hard and Soft pull, you can additionally define, which types of check shall be enabled for the specific provider.
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Please check the table below to understand the system behavior subject to the above-mentioned settings.
Automatic Soft pull on/off | Automatic Hard pull on/off | Behavior |
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ON | ON | As soon as the customer has applied for the loan, the Soft pull is performed. Before the disbursement, the Hard pull is performed Hard pull can be requested manually by a Back-office user at any point before the disbursement |
ON | OFF | As soon as the customer has applied for the loan, the Soft pull is performed. Hard pull can be requested manually by a Back-office user Hard pull can be requested manually by a Back-office user at any point before the disbursement |
OFF | ON | As soon as the customer has applied for the loan, the Hard pull is performed. Hard pull can be requested manually by a Back-office user at any point before the disbursement |
OFF | OFF | Hard pull can be requested manually by a Back-office user at any point before the disbursement |
You should keep in mind, that Hard pull affects credit history of the Customer.
While settings up the system, administrators can use Emulator (see How to Use Credit Burau Emulator )