|
Credit Bureau Failover |
|
|
|
|
|
Credit Bureau Failover |
|
|
|
|
Credit Bureau Failover allows you to create an automated process to failover to an alternate credit bureau when the applicant's primary credit bureau request fails or essential information is missing from the credit report.
With this feature enabled, if a selected failover trigger occurs, a credit inquiry will automatically be sent to the next credit bureau in the failover order. Credit Bureau Failover will continue until a credit bureau report is received that does not trigger failover or a credit request is completed for all credit bureaus in the failover order. Please be aware—the credit bureaus do charge for “No Record”, “Inquiry Only”, and “No Credit Score” responses.
NOTE: Failover triggers are evaluated for and activated by the primary applicant's credit only. If an application includes a co-applicant and co-applicant credit is requested, then applicant and co-applicant credit will be requested from each credit bureau in the failover order until an applicant credit report is received that does not trigger failover or the credit requests are completed for all credit bureaus in the failover order.
When credit bureau failover is enabled, depending on the results of the failover trigger evaluations, the same loan product may use a different credit bureau from one application to another. Therefore, a new variable – "Credit Bureau Used for Decisioning", is available for use throughout product setup. Also, when credit bureau failover is enabled, credit bureau-specific score model variables are not available. Instead, you must use the corresponding "CB Score" variable. For example, if you select FICO 08 for the Experian CB1 Score, FICO Classic 08 for the TransUnion CB1 Score, and BEACON 09 for the Equifax CB1 Score, the variable available when using Credit Bureau Failover will be CB1 Score.
In the example below, models are selected for each credit bureau at CB1 Score and CB2 Score...
With the setup shown above and Credit Bureau Failover enabled, below is an example of the associated CB Score variables that are available throughout the product setup...
To Complete Setup for Credit Bureau Failover
1. Select "Enable Credit Bureau Failover". When you make this selection, credit bureau-specific variables used in matrices and rules throughout the product will automatically be replaced with the corresponding CB Score variable. The message below will be displayed. Click on "OK" or "x" to close the message.
NOTE: When you select "Enable Credit Bureau Failover", the variables are updated immediately. Even if you unselect "Enable Credit Bureau Failover", the variable updates will remain. The CB Score variables are always available if there is an associated credit bureau model selected—regardless of credit bureau failover being enabled. Using the CB Score variables instead of the bureau-specific variables allows for future flexibility when making changes to score models or credit bureaus; therefore it is the recommended method. If you make this selection and then decide you do not want to use credit bureau failover and also do not want to use the CB Score variables, you can return to the credit bureau-specific variables by: 1) unlocking the product without saving; 2) Manually changing the matrices and rules to use the credit bureau-specific variables.
2. Complete the "Credit Bureau Failover Order". You must make a selection for "Primary Credit Bureau" and "1st Failover Credit Bureau". The "2nd Failover Credit Bureau" is optional.
3. Select the "Failover Triggers" that will cause credit bureau failover to occur. The available failover triggers are:
No Response or Credit Bureau System Error: By default, if Credit Bureau Failover is enabled, this trigger is selected. It cannot be unselected.
| ► | No response occurs when the credit bureau does not respond to the credit inquiry. |
| ► | A credit bureau system error occurs when the credit bureau responds with notice of an interruption in connection or normal operations and therefore the credit inquiry was not processed. |
No Credit Record / Inquiry Only File: If either of these triggers is true, failover occurs.
| ► | No credit record occurs when the credit bureau search is completed, but "No Credit Record" is found. |
| ► | Inquiry only file occurs when a credit report is returned, but includes inquiries only. |
Error on Inquiry Data: This condition occurs when the credit bureau response indicates the credit search cannot be completed due to problems with the inquiry data. This generally occurs when address input is incomplete or invalid or when the subscriber code used in the inquiry has not been validated for requested products.
No Credit Score: This condition occurs when the credit bureau is unable to provide a credit score for the given score model. If the returned credit report has no credit score for any of the selected CB Scores, then the trigger occurs.
Page url: https://decision.cudl.com/help/index.html?credit_bureau_failover.htm
