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. Log in as an Administrator.
  2. In the BriteCore menu, select Settings.
  3. In the Settings menu, select Advanced.
  4. On the Advanced Settings screen, in the Search for a Setting box, type address_type_options, and then select Search or press Enter/Return on your keyboard.
  5. Using the example below as a reference, change the URL in the Setting Value box:

From:

{“default”: “Mailing/Billing,Mailing,Billing,Other”,”namedInsured”: “Mailing/Billing,Mailing”}

To:

{“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. In the BriteCore menu, select Settings.
  2. In the Settings menu, select Modules, and then select Contacts.
  3. Navigate to the Contact Pop-up section.
  4. Check the Purchase Date box under both BriteCore and BriteQuote.
  5. Select Save.

To set the number of days requirement:

  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 days_to_collect_prior_address, and then select Search or press Enter/Return on your keyboard.
  4. Type the number of days in the Setting Value box.

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

Vendor

Set up a credit scoring vendor.

Set number of days 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. 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 days-credit-report-valid, and then select Search or press Enter/Return on your keyboard.
  4. 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. 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 months-credit-score-valid, and then select Search or press Enter/Return on your keyboard.
  4. 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. In the BriteCore menu, select Settings.
  4. Select Modules, and then select Agent Portal.
  5. In the Options section, select Restrict credit scoring to select Policy Types.
  6. Select Save.
  7. In the BriteCore menu, select Lines, then select Effective Dates. 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 Require a credit score for this policy type?
  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 BriteQuote 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. Log in as an Administrator.
  2. In the BriteCore menu, select Settings.
  3. In the Settings menu, select Advanced.
  4. On the Advanced Settings screen, the Search for a Setting box, type credit-score-threshold-on-policies, and then select Search or press Enter/Return on your keyboard.
  5. Select True.

Set up the credit score

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

Scenarios

Scenario 1
  1. Select an agency contact to set a threshold on.
  2. Select the Edit link next to System Tags.
  3. Set a credit score threshold for the contact using the steps outlined above.
  4. Impersonate an agent of that agency.
  5. Create a new quote.
  6. Pull the credit score for the named insured (credit score is above threshold).
  7. Submit the application.
  8. Verify the application submits successfully with no errors related to the credit score.
Scenario 2
  1. Select an agency contact to set a threshold on.
  2. Select the Edit link next to System Tags.
  3. Set a credit score threshold for the contact using the steps outlined above.
  4. Impersonate an agent of that agency.
  5. Create a new quote.
  6. Pull the credit score for the named insured (credit score is below threshold).
  7. Submit the application.
  8. Verify the application fails to submit and that an error message displays that indicates the insured’s credit score is below the minimum accepted score.
Scenario 3: Regression
  1. Select an agency contact to set a threshold on.
  2. Select the Edit link next to System Tags.
  3. Don’t set a value (or set some invalid text).
  4. Impersonate an agent of that agency.
  5. Create a new quote.
  6. Pull the credit score for the named insured.
  7. Submit the application.
  8. Verify the application submits and skips validation of invalid values.
Scenario 4: Regression
  1. Select an agency contact to set a threshold on.
  2. Select the Edit link next to System Tags.
  3. Set a credit score threshold for the contact using the steps outlined above.
  4. Impersonate an agent of that agency.
  5. Create a new quote.
  6. Pull the credit score for the named insured.

Note: Make sure the score is a text, like (No Hit) or (Insufficient Credit).

  1. Submit the application.
  2. Verify the application submits if the score is a non-integer value.
Scenario 5
  1. Select an agency contact to set a threshold on.
  2. Select the Edit link next to System Tags.
  3. Set a credit score threshold for the contact using the steps outlined above.
  4. Impersonate an agent of that agency.
  5. Create a new quote.
  6. Pull the credit score for the named insured.
  7. When an agent attempts to submit the application, if the credit score is below the threshold, they will receive a pop-up message indicating the credit score didn’t meet the minimum score required.

Engineers can read PR 7921 for more information.

Lock a credit score for X 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 X 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. In the BriteCore menu, select Settings.
  2. In the Settings menu, select Modules, and then select Policies.
  3. Navigate to the Terms section and locate the Reference New Credit Scores Every [#] Policy Terms setting.
  4. 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.

Testing

The queries below will help test this functionality. All testing should take place in a test, rather than live, site:

# The score locked to the term
Create a policy in a test site then update the policyId
SELECT effectiveDate, expirationDate, termCreditScore FROM policy_terms WHERE policyId = '105de00d-7e5f-4f0e-a0f3-6a293bdcdfd6';

 

# The person's scores
Locate a contact then update the contactId
SELECT dateAdded, score FROM credit_reports WHERE contactId = '145eac40-9d48-4b98-bd05-0a1b8ade59b8'
ORDER BY dateAdded;

 

# Inserting a new score
Update the contactId, dateAdded, and score
INSERT INTO credit_reports (id, contactId, dateAdded, score, reportNumber, content, error, vendorId)
VALUES

(uuid(), "145eac40-9d48-4b98-bd05-0a1b8ade59b8", "2016-12-01 15:23:59", "789", "123456789" , NULL ,"0","96185f70-6efb-11de-9dde-000c2976c0ee");

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 will 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. 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. 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 entity-types-required-for-credit-report, and then select Search or press Enter/Return on your keyboard.
  4. 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. 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 entity-types-required-for-credit-report, and then select Search or press Enter/Return on your keyboard.
  4. In the Setting Value box, type entity types that credit reports can be pulled for as a case-sensitive, comma-separated list.