Lexis Nexis Credit Scoring setup

The Lexis Nexis’s National Credit File (NCF) provides online consumer credit reports to insurance carriers. The financial history of the applicant 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.

BriteCore setup

Get started

  1. Contact Lexis Nexis
  2. Complete paperwork
  3. Lexis Nexis will provide
    1. Client ID
    2. PNC Account Number
    3. Carrier Account ID
    4. Carrier Account Number
    5. Rule Plan ID
  4. BriteCore will provide
    1. URL to the service’s HTTP endpoint
  5. Determine your credit tiers
  6. Determine if and how credit tiers will affect your rating. Work with your BriteCore Content Analyst to build the credit tiers into your rating.
  7. Determine a default credit tier and what to do if multiple scores are used: use the highest, lowest, or an average

Lexis Nexis vendor

  1. In the BriteCore menu, select Settings.
  2. In the Settings menu, select Vendors.
  3. On the Vendors screen, navigate to and select Lexis Nexis Credit Scoring.
  4. Next to Lexis Nexis Credit Scoring, select the edit icon.
  5. In the Lexis Nexis Credit Scoring dialog box, enter the information provided by Lexis Nexis.
  6. In the Multiple Credit Scores dropdown list, select the applicable option.
  7. In the Default Credit Score box, type a default credit score to be used when no credit score is available for the insured.
  8. 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. A recommended question is “Did you receive permission from the insured to pull their credit score?”
  9. Under Build Tier Label, complete the following steps:
    1. Add tiers to the table for defining how credit scores in specific ranges should be reported.Example: Credit scores between 601 and 700 could fall under the tier of Average. In order to accommodate all possible responses from Lexis Nexis, 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. No Hit indicates the applicant has no credit history or no records were found.
      2. None indicates missing information or misinformation for the requested applicant.
    2. In the Label column, add labels to each tier that will appear in place of the score.
    3. In the Restriction column, select each dropdown lists and select a restriction for each credit score tier.

Order reports by agency

  1. Navigate to Contacts
  2. Access an agency
  3. Scroll to Credit Score Account
  4. Enter the account number for the agency
  5. Select Save
  6. Repeat for each agency

Adverse Action Letter (Insurance Scoring Notification)

The ‘Fair Credit Reporting Act’ requires an Adverse Action Letter be sent to insureds whose insurance coverage is adversely affected as a result of the information in their credit report. To do this:

  1. Navigate to Settings > Deliverables > Insurance Scoring Notification
  2. Select the pencil
  3. Change the name of this deliverable (not required)
  4. Update the following lines of the document
    1. Line 12: Add an abbreviation for your company
    2. Line 15: Add an appropriate signature
    3. Line 17: Add an appropriate footer
    4. Lines 19 – 20: Add an appropriate default description for Credit Reason Codes that are not defined
    5. Line 24: Add all appropriate Credit Reason Codes and descriptions. These reason codes are defined by TransUnion and are specific to individual contracts. Contact your TransUnion representative for a comprehensive list of codes to use.

Go live

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

BriteCore processing

Agents

  1. While quoting, select the Get Credit Score button
  2. The Credit Score Permission Prompt will appear
    • If the agent selects No, a credit report will not pull
    • If the agent selects Yes, a credit report will pull.

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

The agent will see the label wording as set up in Settings > Vendors > Lexis Nexis Credit Scoring and will not have access to the report.

Staff

  1. Access the credit score history and report from the insured’s contact in the Contacts module
  2. Select the magnifying glass to review the report
  3. For renewals, select Get Credit Score to retrieve a new score
  4. To generate the Adverse Action Letter (Insurance Scoring Notification)

    1. Navigate to the policy
    2. Select the Custom Deliverable button
    3. Select the deliverable
    4. Select Done
    5. Select the insured
    6. Select OK
    7. The deliverable will print automatically the next day
  5. You can build a credit score report in BriteData (optional)
    1. Access and download the sample report to your computer
    2. Upload the sample report to BriteData
    3. Amend the report as desired

Download and edit file

Lexis Nexis Credit Scoring: Send conditional data

The data sent to Lexis Nexis is conditional, based on whether the contact is a person or a business, and if the contact is within the United States. This validation does not require SSN when the insured is an individual. The required fields Name, Risk Address, and DOB are sent to Lexis Nexis. Provide any state in the US and a score will be produced. Follow this process:

  1. Navigate to Policies
  2. Select Create a New Policy
  3. Enter the Policy Effective Date with the year 2020 or greater
  4. Select any state
  5. Select Continue Adding Policy
  6. Enter Full Name and then select a Contact
  7. Select Get Credit Score
  8. When the Insured Type is not Individual no DOB is sent to Lexis Nexis.

Lexis Nexis: Enable the Optional SSN Setting

The data BriteCore sends to Lexis Nexis is conditional, based upon whether the contact is a person or business. The setting allows you to determine if the SSN is necessary to retrieve a credit score from Lexis Nexis. Set to True (default), will require an SSN, the existing functionality of BriteCore clients. To enable the setting:

  1. Navigate to Settings > Advanced
  2. Search lexis-nexis-credit-score-report-requires-ssn
    • Select False to make SSN optional when retrieving a credit score
    • The True (default) setting will require an SSN

Lexis Nexis: Enable Credit Score Report for International Address

The data BriteCore sends to Lexis Nexis is conditional, based upon whether the contact is within the United States. The setting allows you to retrieve scores for addresses outside the US. When the setting is False (default) Lexis Nexis will not return a score for international addresses. To enable the setting:

  1. Navigate to Settings > Advanced
  2. Search allow-credit-score-report-for-international-address
    • Set to True to retrieve the international address credit scores
    • Set to False (default) will prohibit Lexis Nexis from retrieving international address credit scores

Note: For more information, engineers can read PR 8611.

Additional information

General information

  • See lib/vendors/lexis_nexis/README.md and lib/vendors/lexis_nexis/national_credit_file/README.md
  • Requests are delivered to a server. Engineers can read PR 84 for more information.
  • Credit scores and reports are stored in credit_reports

Order agency reports

  • The ability to order agency credit scores was introduced in PR 4641
  • If an agency does not 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.

FAQs

Does the Adverse Action Letter (Insurance Scoring Notification) generate automatically?
No, it must be selected from the Custom Deliverable button of the policy.