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LexisNexis credit scoring setup

LexisNexis’s National Credit File (NCF) provides online consumer credit reports to insurance carriers. An applicant’s financial history can be considered as part of assessing risk for quoting and underwriting purposes. NCF supports a common inquiry and results format for credit information obtained from the three major credit bureaus.

Get started

  1. Contact Lexis Nexis.
  2. Complete the required paperwork.
  3. Obtain the following information from LexisNexis:
    1. Client ID
    2. PNC Account Number
    3. Carrier Account ID
    4. Carrier Account Number
    5. Rule Plan ID
  4. Obtain the URL to the service’s HTTP endpoint from BriteCore.
  5. Determine your credit tiers.
  6. Determine if and how credit tiers will affect your rating.
  7. Work with your BriteCore content analyst to build the credit tiers into your rating.
  8. Determine a default credit tier and what to do if multiple scores are used.

Vendor setup

  1. In the BriteCore menu, select Settings.
  2. In the Settings menu, select Vendors.
  3. On the Vendors screen, navigate to the Risk Assessment section and select Lexis Nexis Credit Scoring.
  4. Next to Lexis Nexis Credit Scoring, select the edit icon Edit icon.
  5. In the Lexis Nexis Credit Scoring dialog box, under Lexis Nexis Server, complete the following steps:
    1. Select Production unless you are setting up a test environment.
    2. In the Client Id, PNC Account Number, Carrier Id, and Carrier Account Number boxes, type the information provided by LexisNexis.
    3. In the Multiple Credit Scores dropdown list, select either Use Highest, Use Lowest, or Use Average.
    4. In the Default Credit Score box, type a default credit score that will be used when no credit score is available for the insured.
    5. In the Credit Score Permission Prompt box, type a question that agents must answer before pulling an individual’s credit report.

      Note: This is optional and may be left blank. Recommended question: “Did you receive permission from the insured to pull their credit score?”

  6. Under Filter and set credit tiers by Effective Date, Business Location and Policy Type, complete the following steps:
    1. In the dropdown list, select the applicable option.
    2. Build a table for defining how credit scores in specific ranges should be reported by completing the following steps:
      1. To add a tier to the table, select the Build Tier Label add icon Add icon.

        Note: Add as many tier labels as you need.

      2. In the Low and High columns, type the applicable value:

        Note: To accommodate all possible responses from LexisNexis, the Low and High columns accept keywords in addition to numeric values. The keywords are case sensitive and must be entered exactly as stated below in the Low and High columns.

        1. Type a credit score number.
        2. To indicate the applicant has no credit history or no records were found, type No Hit.
        3. To indicate missing information or misinformation for the requested applicant, type None.
      3. In the Label column, for each tier, type labels that will appear in place of the score, such as Poor, Good, Excellent, Unknown, and Average.

        Note: You can set this up according to your guidelines or start by using the Average label for credit scores between 601 and 700.

      4. In the Restriction column, in the dropdown lists, select the applicable restriction for each tier.

Order reports by agency

  • If an agency doesn’t have an account number, the carrier’s account number is sent.

    Note: The account number used for a given request is stored as in credit_reports.content.

  • Read more about Agency credit score ordering.

To order reports by agency:

  1. In the BriteCore menu, select Contacts.
  2. On the Contacts screen, locate and select the applicable agency. Apply the Agency filter to streamline your search.
  3. In the Role section, under Credit Score Account, in the Agency Number box, type the appropriate agency number.
  4. At the bottom of the screen, select Save.

Note: Repeat the steps above for each agency.

Go live

Contact Lexis Nexis to ensure your account has been converted to production.

BriteCore processing

Agents

  1. While quoting, select Get Credit Score.
  2. In the Credit Score Permission dialog box:
    • If you don’t want to pull a credit report, select No.
    • If you want to pull a credit report, select Yes.

      Note: If the insured’s credit score has previously been pulled, the Credit Score Permission will default to Yes.

The agent will see the label set in Settings > Vendors > Lexis Nexis Credit Scoring and won’t have access to the report.

Staff

To download and view an insured’s credit score history and report:

  1. In the BriteCore menu, select Contacts.
  2. On the Contacts screen, navigate to and select the applicable insured.
  3. In the Role section, under Credit Reports, navigate to the applicable report and select the magnifying glass icon .

The insured’s credit score history and report will download to your computer.

To retrieve a new credit score for renewals:

  • Select Get Credit Score to retrieve a new score.

To build a credit score report in BriteData (optional):

  1. Access the credit report, and then download it to your computer.
  2. Upload the report to BriteData, and then use BriteData to amend the report as desired.

Learn how to build reports in BriteData.

General information

  • Requests are delivered to a server.
  • Credit scores and reports are stored in credit_reports.

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