Set up credit scoring

Address or SNN

A BriteCore client can use an SSN or address to obtain a credit score. If an SSN isn’t collected, there are cases where a prior address is required to obtain the credit score. For example, if the insured hasn’t been in a residence the required amount of time, a trigger can require the prior address. The features below facilitate the gathering of prior address information.

Collect a prior address

A setting allows clients to classify an address as a prior address, which is an important distinction when retrieving a credit score.

To enable this setting:

  1. Navigate to Settings > Advanced
  2. In the Search for a Setting box, type address_type_options, and then select Search or press Enter/Return on your keyboard.
  3. In the address_type_options box, add Prior Address to the JSON string in the Setting Value box. For example, by default the JSON string appears like this:
    {“default”: “Mailing/Billing,Mailing,Billing,Other”,”namedInsured”: “Mailing/Billing,Mailing”}
    To change the default and add Prior Address as an address type option, change the JSON string to this: 
    {“default”: “Mailing/Billing,Mailing,Billing,Prior Address”,”namedInsured”: “Mailing/Billing,Mailing,Prior Address”}

Collect the purchase date

The Purchase Date setting allows clients to require a prior address when obtaining a credit score. When enabled, the setting adds the Prior Address option to the Address Type dropdown list during the application process. A second setting, days_to_collect_prior_address, allows clients to identify when a prior address is required. For example, if an insured has been at a location less than 90 days, then a prior address is required.

To enable the purchase date option:

  1. Navigate to Settings > Modules > Contacts > Required Fields for Named Insured
  2. Select the Purchase Date checkbox under both BriteCore and BriteQuote.
  3. Select Save.

To set the number of days requirement:

  1. Navigate to Settings > Advanced.
  2. In the Search for a Setting box, type days_to_collect_prior_address, and then select Search or press Enter/Return on your keyboard.
  3. In the days_to_collect_prior_address box, in the Setting Value box, type the number of days. 

Note: When an agent creates a new policy and the Purchase Date isn’t older than the required number of days, an alert will ask the user to enter a Prior Address.

Vendor

Set up a credit scoring vendor.

Set the number of days the credit score is valid

The days-credit-report-valid advanced setting allows clients to determine the number of days a credit report is considered valid for a contact. If a credit report is considered valid, the Get Credit Score button won’t appear next to the contact. If the credit report is no longer considered valid, the Get Credit Score button will appear beside the contact. The setting is set to 0 by default, so the Get Credit Score button will always appear by default.

To enable:

  1. Navigate to Settings > Advanced
  2. In the Search for a Setting box, type days-credit-report-valid, and then select Search or press Enter/Return on your keyboard.
  3. In the days-credit-report-valid box, in the Setting Value box, type a positive integer for the number of days a credit report should remain valid.

Set number of months credit score is valid

By default, when an insured with a credit score on file starts a new quote, their most recent credit score will automatically pull into the new quote. The months-credit-score-valid advanced setting determines the number of months their credit score is valid before a new one has to be pulled.

To enable:

  1. Navigate to Settings > Advanced.
  2. In the Search for a Setting box, type months-credit-score-valid, and then select Search or press Enter/Return on your keyboard.
  3. In the months-credit-score-valid box, in the Setting Value box, type the number of months a credit score will be valid before an agent must pull a new score.

Limit credit scoring to certain policy types

If a credit scoring vendor is enabled, clients can limit credit scoring by policy type.

To enable:

  1. Integrate with a credit scoring vendor.
  2. Complete the vendor setup.
  3. Navigate to Settings > Modules > Agent Portal > Options
  4. Select the Restrict credit scoring to select Policy Types checkbox.
  5. Select Save.
  6. Navigate to the Lines module.
  7. On the Effective Dates screen, select an effective date from the list.
  8. On the Policy Types screen, select a state or province from the Select State or Province dropdown list. A list of policy types will display.
  9. Select the pencil icon next to the applicable policy type.
  10. Select the Require a credit score for this policy type? checkbox. 
  11. Repeat steps 8–10 for each additional policy type you want to require a credit score for.

Note: The process for retrieving credit scores in the Agent portal is slightly different. Rather than an agent selecting Get Credit Score on the Insureds tab, the credit score will automatically pull when the policy type is selected on the Policy tab. As a result, agents will no longer see the Get Credit Score button on the Insureds tab. For an agent to view the credit score information, they must refresh the screen.

Credit score threshold by agency

You may want all agents or agencies to submit business that meets a credit score threshold, or you may want to target some agents or agencies to improve the book of business being sent in from the targeted agencies. The credit-score-threshold-on-policies advanced setting allows you to define a credit score threshold globally or on a per-agency basis.

  • When the credit-score-threshold-on-policies is set to False (default), agents and agencies share the globally established credit score threshold.
  • When the credit-score-threshold-on-policies is set to True, a credit score threshold can be set so an agent or agency may only quote/bind a policy with a credit score equal to or above a defined minimum score.

Note: If an agent or agency doesn’t have a threshold set in System Tags, then any credit score is allowed for application submission.

Functionality of this feature includes:

  • Tagging individual agents or agencies, each with a different minimum score than the default. Tagging depends upon whether you assign agents or agencies to policies. If you assign agents, then you will need to tag agents; if you assign agencies, then you will need to tag agencies.
  • Tagged agencies’ applications that don’t meet the minimum score will receive an error message upon submission. When an agent attempts to submit the application, they will receive a pop-up alert similar to Figure 1 below.
Figure 1: Minimum score pop-up alert.
  • Tagged agencies’ applications higher than the minimum score can be submitted.
  • All other agencies’ applications follow the default minimum to determine successful submission.

Enable the setting

  1. Navigate to Settings > Advanced
  2. In the Search for a Setting box, type credit-score-threshold-on-policies, and then select Search or press Enter/Return on your keyboard.
  3. In the credit-score-threshold-on-policies box, select True.

Set up the credit score

  1. Select Contacts.
  2. In the Filter dropdown list, select either Agent or Agency.
  3. Select a contact to set a threshold on.
  4. Select the Edit link next to System Tags.
  5. In the Edit System Tags dialog box, type a credit score in the Credit Score Threshold box.
  6. Select Done.

Lock a credit score for X number of terms

If a credit scoring vendor is enabled and credit scores are tied to rating, clients can lock a contact’s credit score to a term for a defined number of terms. A credit score is locked to a term once the policy is issued (committed). If an effective date endorsement is created and a new score exists, the term will then reference the new score.

To enable:

  1. Navigate to Settings > Modules > Policies.
  2. Navigate to the Terms section and locate the Reference New Credit Scores Every [#] Policy Terms setting.
  3. Select a value from the dropdown list.

    Note: Since a score is locked to a term upon issuance (commit), a new score should be pulled prior to the renewal of the policy. When the setting is set to 0, the first locked score will be locked indefinitely. Given this, the setting should be set at least to 1.

Automatically pull credit scores when insured information changes

By default, credit scores don’t update when changes are made to the insured contact’s data. A new credit score can automatically pull when changes are made to the following:

  • Name
  • DOB
  • SSN
  • Address

To update credit scores automatically when a change to contact data is made:

  1. In the BriteCore menu, select Settings.
  2. In the Settings menu, select Advanced.
  3. On the Advanced Settings screen, in the Search for a Setting box, type auto-fetch-credit-score, and then select Search or press Enter/Return on your keyboard.
  4. In the auto-fetch-credit-score box, select True.

Specify legal entity types required to pull a credit report

The entity-types-required-for-credit-report advanced setting enables clients to specify legal entity types for which a credit report can be pulled. Credit reports can be pulled only for the entity types that are listed in the Legal Entity Types section under Contacts settings (Settings > Advanced > Modules > Contacts).

To access and update the legal-entity-types advanced setting:

  1. Navigate to Settings > Advanced.
  2. In the Search for a Setting box, type entity-types-required-for-credit-report, and then select Search or press Enter/Return on your keyboard.
  3. In the entity-types-required-for-credit-report box, in the Setting Value box, type legal entity types as a case-sensitive, comma-separated list. See example below.
[{“type”:”individual”,”name”:”Individual”},{“type”:”other”,”name”:”Partnership”},{“type”:”other”,”name”:”Corporation (Subchapter C)”},{“type”:”other”,”name”:”Corporation (Subchapter S)”},{“type”:”other”,”name”:”Corporation (Voluntary in Non-Profit Corporation)”},{“type”:”other”,”name”:”Association, Labor Union, Religious Organization”},{“type”:”other”,”name”:”Limited Partnership”},{“type”:”other”,”name”:”Joint Venture”},{“type”:”other”,”name”:”Common Ownership”},{“type”:”other”,”name”:”Multiple Status”},{“type”:”other”,”name”:”Joint Employers”},{“type”:”other”,”name”:”Limited Liability Company (LLC)”},{“type”:”other”,”name”:”Trust or Estate”},{“type”:”other”,”name”:”Executor or Trustee”},{“type”:”other”,”name”:”Limited Liability Partnership”},{“type”:”other”,”name”:”Governmental Entity”},{“type”:”other”,”name”:”Other”}]

If a user attempts to pull a credit report for an entity type that isn’t listed, BriteCore will return an error message.

To enable the specification of legal entity types required to pull a credit report:

  1. Navigate to Settings > Advanced.
  2. In the Search for a Setting box, type entity-types-required-for-credit-report, and then select Search or press Enter/Return on your keyboard.
  3. In the entity-types-required-for-credit-report box, in the Setting Value box, type entity types that credit reports can be pulled for as a case-sensitive, comma-separated list.