Along with the basic settings of the Credit Bureau (see https://turnkey-lender.atlassian.net/wiki/spaces/TLKB/pages/3259301889 ), you can define how and what details will be used.

Open

Go to Settings → Decision engine → Decision Rules.

List of Conditions

Scroll down to the Credit Bureau rules. The list of rules may depend on a specific Credit bureau service provider. For example, this is the rules for one of dedicated credit bureau providers:

Open

As you can see, the check can process information provided by a credit bureau. Based on this information, TurnKey Lender generates a check. The list of checks can be widened upon a separate customer request, however the initial list is rather extensive.

Condition Values

The second column contains threshold conditions. In general there are three types of checked values:

• With no threshold: The system checks if the condition is true or not in general and the action is taken if it is true.
  For example, if there is a warning in the report, the application shall be checked manually.

• With one threshold: The system checks if the condition is true for a specific value.
  For example, if there are four or more active secured loans, the application shall be checked manually.

• With several threshold: The system checks the condition for several values, and different actions can be defined for them.
  For example, if the credit score

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 scorecard result thresholds that will make the system to make a specific decision.
For example, if the score is 740 and below but above 580, the decision shall be taken manually, but if it is below 580, the application will be automatically rejected.

(if you don’t need the second threshold, you can set the both values to the same action)

Actions When the Value is Met

When a condition is met, one of the three actions can be taken:

• Manual review: The application is sent to underwriting workplace in the “Waiting for decision” status

• Auto reject: The application is rejected (sent to Archive)

• No action: The rule is ignored