Credit tiers determine how credit scores in specific ranges should be reported. You can define credit tiers by effective date, state, and policy type. You can add labels to credit tiers that will appear in place of the credit score, such as Poor or Excellent, and you can restrict credit tiers.
- For a homeowner’s product, you can accept a credit score above 620 for a renter’s product and a score above 660.
- For the renter’s product, you could:
- Set the Restriction for the 0–619 credit tier to Disallow.
- Set the Restriction for the 620–1000 credit tier to None.
- For the homeowner’s product, you could set credit tiers of 0–659 and 660–1000.
To set up Lexis Nexis Credit Tiers:
- Select Settings.
- Select Vendors.
- Beside Lexis Nexis Credit Scoring, select the pencil icon.
- Under Filter and set credit tiers by Effective Date, Business Location and Policy Type, in the dropdown list, select Default to set up credit scores for all effective dates or select a specific effective date.
- In the table, type the Low and High values for each credit tier.
Note: To accommodate all possible responses from Lexis Nexis, you can also set a credit tier for No Hit and None. The keywords are case sensitive and must be entered in both the Low and High columns for the credit tier.
- No Hit indicates the applicant has no credit history.
- None indicates there is missing information or misinformation for the requested applicant.
- In the Label column, type labels for each credit tier.
- In the Restriction column, select None, Submit Unbound, or Disallow for each credit tier.
- Beside Build Tier Label, select the green plus (+) icon to add additional credit tiers.