Online Credit Bureau Configuration

Description

This flag controls whether or not your credit union can receive credit reports using the core's online credit bureau link. This flag must be checked to use any of the remaining fields on this screen.

• BEWARE: Removing the checkmark here will cause the entire record to be deleted!

Use this field to record the credit report number that should be used when the next online credit report is pulled. This sequential number will automatically increment as credit reports are pulled through the online system.

This field is used for monthly credit reporting to credit bureaus. This field retains the name of the credit union even if the member-facing name/brand changes. For example, if ABC Credit Union changed its name, the change would reflect throughout CBX and other member-facing applications. This field will keep the old credit union name intact for easier credit bureau reporting.

• CU*TIP: It is very important to not update this field as it would cause complications for credit reporting.

Use this field to choose the default credit bureau from which you would like your credit reports to be pulled. This must be a bureau with which you have established a relationship and contract for credit report services.

• CU*TIP: If you have a relationship with a second bureau you use less frequently, remember that users can choose a different bureau at the time the request is submitted. Learn more about requesting a credit report.

Check this flag to enable the feature that allows users to link a credit report to a loan account.

If a credit report is linked to a member loan and/or co-borrower record, that report will automatically be copied to long-term archival storage in CU*SPY. The report will be retained for the entire life of the loan record on the system. The report can be viewed via a command key on the Loan Account Inquiry Delinquency window as well as from the Additional Signer Detail screen.

• Special note for Self-Processors: In order for your credit union to take advantage of this feature, you will need to invest in additional archival hardware and software, and CU*Answers will need to do customized programming and configuration setup for you. Contact a CSR for information and a price quote if you would like to explore this option.

This flag controls whether or not the credit report request window will appear automatically whenever a new loan request is created, prompting a loan officer to pull a credit report prior to the loan request being filled in. (Remember that credit reports can always be pulled manually at any point in the lending process, regardless of the setting of this flag.)

Examples of when this flag should be checked:

• If your credit union is actively using risk-based pricing for loans. This ensures that the most current risk score is recorded before a rate is assigned to the new loan request.

• If your credit union does not actively use the loan application feature, but simply creates loan requests, then approves or denies them.

• If your credit union prefers to pre-evaluate a member's eligibility for a loan based on credit score, before an application is completed and further underwriting evaluation is necessary.

Examples of when this flag should be left unchecked:

• If your credit union does not use risk-based pricing and does not need to pull a credit report prior to the loan application being completed.

• If your credit union uses risk-based scoring but prefers to update the score only if the member wishes to pursue the application. This saves pulling a new credit report if a member changes their mind after seeing the quote.

Select from Vantage or Other.

Use this field to control whether or not information from the credit report can be used to fill out the debt fields in a CBX loan application. If checked, the Credit Report Evaluation window will show a Fill Debts flag, allowing the user to choose whether or not to pull data from the most recent credit report into the application. If unchecked, this flag will not appear and debt information must be filled in manually on the application.

SEE ALSO: Filling Debts From On-Line Credit Reports

Currently not on the screen.

Use this field to choose the default type of credit report to be requested (remember that a different type could be selected when the report is actually pulled). All requests are considered a “hard” inquiry; the request will be recorded as an inquiry on the member's credit file.

Credit File Only (30 - FUEL) - This inquiry type will request a formatted credit report along with general summary information, scores, and profile summary data. No decision results will be included.

Credit File & Custom Decision (31 - FUEL) - This inquiry type will request a formatted credit report along with general summary information, scores, and profile summary data, as well as the custom decision results per your arrangement with the credit bureau. (If your credit union has not arranged for a custom decision model, this inquiry type will behave exactly the same as inquiry type 30 described above.)

Check this flag to activate the standard decision model.

Do NOT change the setting of this flag without advice from a Client Service Representative. You must complete the Online Credit Bureau Access Setup Form before this flag can be enabled.

Once this flag is activated, decisions will begin being pulled immediately via CBX and online banking, according to your configuration settings.

• NOTE: This determines only the decision model, not whether a credit report is pulled.

Credit unions using an external delivery channel can specify the vendor/decision model to be used.  S=FUEL, E=Experian, Z=Zoot

Currently not supported.

This defaults to 30 days, which means that if a scan has been run within the last 30 days (for example, a non-member becomes a member) you will not be prompted to run another ID scan.  

Setting this to 00 indicates that you would like to have an ID scan prompt regardless of whether a scan has already been run; in other words, you will always be prompted.  

Entering a 99 indicates that a the prompt for a ID scan will never be given; in other words, the scan will automatically be run every time.

Use these fields to specify how many months you would like to retain online access to the credit report files. Notice the default settings:

Summary (default 6 months) - This setting is for retention of the CRBSUM file containing credit report summary information (including credit scores).

Decision (default 6 months) - This setting is for retention of the CRBDSN file containing pre-approval information from the FUEL decision model (or other decision model, if you have a custom model). This setting also applies to the retention of the Trade line data in file CRBTRD.

Detail (default 2 months) - This setting is for retention of the CRBRPT file containing the credit detail (the “human readable” formatted credit report) with summary information and detail for up to 40 trade lines.

You may increase or decrease these settings if you like depending on your storage needs and capacity.

• Online credit unions may be subject to additional fees for retaining data longer than the default settings; contact a CSR for advice.

To allow for FUEL re-decisions on loan applications without pulling a new credit report, input a number of days. This will allow for re-decisions within the configured number of days from the credit report request date. This count includes the day of the credit pull and the current day.

The number in this field cannot be less than the configuration for For existing credit reports, # of days active before a new one should be pulled.

There is no limit for the number of re-decisions allowed during this period.

This field controls how the system will behave with new loan applications. If an existing credit report exists within this configured period, users would not be prompted to pull a new credit report at the time of the new application creation.

If there are no existing credit reports or the report is older than this configuration, users will be prompted to pull a new credit report when creating a new application.

NOTE: In order to receive an initial FUEL decision on an application, a new credit report pull will be required regardless of this configuration.