Along with the basic settings of the Credit Bureau (see Basic Settings of a Credit Bureau Service ), you can define how and what details will be used.
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Go to Settings → Decision engine → Decision Rules.
Scroll down to the Credit Bureau rules. The list of rules may depend on a specific Credit bureau service provider, however, there is a default set of rules:
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Bankruptcy check: define the number of bankruptcies that will make the system send the application for a manual check or automatically decline it.
Defaults check: define the number of previously defaulted loan that will make the system send the application for a manual check or automatically decline it.
Credit bureau inquiries: define the numbers of credit bureau requests within the last half-a-year that will make the system send the application for a manual check or automatically decline it.
Credit bureau score: define the credit score threshold that will make the system send the application for a manual check or automatically decline it.The TurnKey Lender decision engine comprises two key elements that significantly simplify the decision-making process and help lenders assess customer creditworthiness to make informed decisions:
Decision Rules: This powerful feature enables automated, efficient, and consistent evaluation of loan applications. By setting specific thresholds and actions, lenders can streamline the decision-making process, reduce the risk of fraud, and ensure compliance with lending policies. (see Set-Up the Decision Rules for more details)
Scoring Engine: An AI-based, big-data analysis algorithm that uses data collected from loans within the chosen region and business area to predict the risk level of each loan. By analyzing this data, the scoring engine assigns a score to each loan. Based on the score, loans can be approved for further processing, automatically rejected, or flagged for manual review. (see Scorecards for more details)