Set up credit scoring

Address or SNN

A BriteCore client can use SSN or address to obtain a credit score. If SSN is not collected, there are cases where prior address is required in order to obtain the credit score. For example, in the event that the insured has not been in a residence a requisite number of days, a trigger can require the prior address. The features below facilitate the gathering of prior address information.

Collect 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. Navigate to Settings > Advanced.
  3. Search: address_type_options.
  4. Using the example below as a reference, change the URL in the Setting Value:

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 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
  2. Navigate to the Contact Pop-up section
  3. Check the Purchase Date box for both BriteCore and BriteQuote

To set the number of days requirement:

  1. Navigate to Settings > Advanced
  2. Search: days_to_collect_prior_address
  3. Enter a number

Note: When an agent creates a new policy, if the Purchase Date is not 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

A 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 will not 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. Search: days-credit-report-valid
  3. In the text box, add 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, his/her’s most recent credit score will automatically pull into the new quote. The months-credit-score-valid setting determines the number of months his/her credit score is valid before a new one has to be pulled. To enable:

  1. Navigate to Settings > Advanced
  2. Search: months-credit-score-valid
  3. Enter the number of months as a definable integer

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 > BriteQuote > Options
  4. Check Restrict credit scoring to select Policy Types
  5. Navigate to Lines > Effective Date
  6. Click the edit icon next to the applicable policy type
  7. Check Require a credit score for this policy type? for each applicable policy type

Legacy Quoting:

The process for retrieving credit scores in BriteQuote is slightly different. Rather than an agent clicking 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 Insured’s 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 in order to improve the book of business being sent in from the targeted agencies. The Credit-score-threshold-on-policies 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/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 of individual agents or agencies, each with a different minimum score than the default. Tagging depends upon if you assign agents or agencies to policies. If you assign agents then you will need to tag agents; if agencies, then agencies.
  • Tagged agencies’ applications that do not meet the minimum score will receive an error message upon submission. When an agent attempts to submit the application, they will receive a popup like the image below.

Credit Score Threshold by Agency1.png

  • Tagged agencies’ applications over the minimum score can be submitted
  • All other agencies’ applications follow the default minimum to determine successful submission

To set a Credit Score Threshold:

Enable the Setting

  1. Log in as an Administrator.
  2. Navigate to Settings > Advanced.
  3. Search credit-score-threshold-on-policies.
  4. Set to True.

Set Up the Credit Score

  1. Log in as an Administrator.
  2. Navigate to Contacts.
  3. Filter by Agent or Agency.
  4. Select an Agency contact to set threshold on.
  5. Click Edit next to System Tags.
  6. Set the Credit Score Threshold.
  7. Click Done.

Scenarios

Scenario 1
  1. Select an Agency contact to set threshold on.
  2. Click Edit next to System Tags.
  3. Set a credit score threshold for the contact.
  4. Impersonate an agent of that agency.
  5. Create a New Quote.
  6. Pull Credit Score on named insured (Credit Score is above threshold).
  7. Advance to Submit Application.
  8. Verify application submits successfully with no errors related to Credit Score.
Scenario 2
  1. Select an Agency contact to set threshold on.
  2. Click Edit next to System Tags.
  3. Set a credit score threshold for the contact.
  4. Impersonate an agent of that agency.
  5. Create New Quote.
  6. Pull Credit Score on named insured (Credit Score is below threshold).
  7. Advance to Submit Application.
  8. Verify application fails to submit and an error message pops up indicating that the insured’s Credit Score is below the minimum score.
Scenario 3 Regression
  1. Select an Agency contact to set threshold on.
  2. Click Edit next to System Tags.
  3. Do not set a value (or set some invalid text).
  4. Impersonate an Agent of that Agency.
  5. Create New Quote.
  6. Pull Credit Score on named insured.
  7. Advance to Submit Application.
  8. Verify application submits and skips validating on invalid values.
Scenario 4 Regression
  1. Select an Agency contact to set threshold on.
  2. Click Edit next to System Tags.
  3. Set a Credit Score Threshold for the contact.
  4. Impersonate an agent of that agency.
  5. Create a New Quote.
  6. Pull Credit Score on named insured.

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

  1. Advance to Submit Application.
  2. Verify application submits if score is a non integer value.
Scenario 5
  1. Select an Agency contact to set threshold on.
  2. Click Edit next to System Tags.
  3. Set a Credit Score Threshold for the contact.
  4. Impersonate an agent of that agency.
  5. Create a New Quote.
  6. Pull Credit Score on named Insured.
  7. When an agent attempts to submit the application, if the Credit Score is below the threshold, they will receive a popup like the one below:

image2019-2-28_16-39-50.png

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. Settings > Modules > Policies > Terms
  2. Locate Reference New Credit Scores Every X Policy Terms
  3. Input a value

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”);

Auto Pull Credit Scores when Insured Information Changes

By default, credit scores do not update when changes are made to the insured contact’s data. A new credit score will automatically pull when the following changes occur:

  • Name
  • DOB
  • SSN
  • Address

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

  1. Navigate to Settings > Advanced
  2. Search: auto-fetch-credit-score
  3. Set auto-fetch-credit-score to True

Specify Legal Entity Types Required to Pull a Credit Report

The entity-types-required-for-credit-report setting enables clients to specify legal entity types for which a credit report can be pulled. Credit reports can only be pulled for the entity types that are listed in the Settings > Modules > Contacts > Legal Entity Types setting (Settings > Advanced > legal-entity-types). If a user attempts to pull a credit report for an entity type that is not listed, BriteCore will return an error message. To enable:

  1. Navigate to Settings > Advanced
  2. Search: entity-types-required-for-credit-report
  3. Enter entity types that credit reports can be pulled for as a case-sensitive, comma separated list