Integration with a Credit Bureau Service Provider

Owned by TurnKey Lender
Last updated: Nov 16, 2022
2 min read

Introduction

Credit Bureau provides an assessment of the customer’s credibility based on their bill payment history, loans, current debt, and other financial information including their work, housing conditions, facts of bankruptcy, and current debts. Credit reports help lenders decide if they'll give you credit or approve a loan, as well as adjust the rate.

There are some Credit Bureaus, integration with which is supported in the Standard Turnkey Lender platform. Additional integration can be added upon the Client’s request.

There are two kinds of Credit Bureau checks that can be requested:

  • Hard check: affects the borrower’s credit score and requires their written consent

  • Soft check: doesn’t affect the borrower’s credit score and doesn't require their written consent

Some credit bureau service providers may provide hard checks only, however, if both types are supported, it is recommended to run the soft check at the loan initiation and hard check when making the final decision about the disbursement.

As a result of the integration, Turnkey Lender can be set up to run such checks automatically, allow manual requests for a check, as well as to provide access to the whole credit bureau report.

Credit Bureau Settings Overview (Administrators)

In order to use the credit bureau services for loan requests of your borrowers in TurnKey Lender, you should:

Using Credit Bureau Integration Results (Back-Office Users)

Once the integration has been set up by your System Administrator, Back-office Users can:

  • Let the system automatically run the check or request a check manually

  • View the automatic check results

  • View the detailed Credit Bureau Report