Table of Contents
Introduction
Credit pulling is the first step for most accounts, so LoanPro's integrated tools for credit checks are built to make the process as smooth as possible. These solutions involve working with our integrated partners, so you will need to set up an account with them before using them.
Highlights
LoanPro has two integrations for credit pulling, Bloom Credit and CRS Credit. To get started with either, reach out to your LoanPro contact, who can connect you with the vendors and configure their solutions in your tenant.
Bloom Credit
With Bloom, you are able to utilize numerous credit products including:
- equifax-bronze-hard
- equifax-gold-ar-vantage
- equifax-gold-soft-fico-internet
- equifax-silver-ar-vantage
- equifax-bronze-soft-internet
- equifax-silver-soft-vantage-internet
- equifax-silver-soft-fico-internet
- Equifax-gold-soft-vantage-internet
Before pulling credit, you must contract with Bloom directly. This is done by reaching out to your LoanPro contact. Initiate a credit pull through Agent Walkthroughs. Agent Walkthroughs need to be configured which means you will want to reach out to your contact here at LoanPro to get you set up. Upon pulling the desired credit report, LoanPro then takes this data to upload the score into the Credit Object. From there, we can write tradeline and attributes data into the Loan Notes and Custom Fields. You will be able to efficiently review data and use in depth credit data.
CRS Credit
In addition to Bloom, CRS Credit also provides you with the capability to access numerous credit products.
Equifax:
- efx-prequal-fico8
- efx-prequal-fico9
- efx-prequal-vantage4
- efx-hard-fico8
- efx-hard-fico9
- efx-hard-vantage4
Experian:
- exp-prequal-fico8
- exp-prequal-fico9
- exp-prequal-vantage4
- exp-hard-fico8
- exp-hard-fico9
- exp-hard-vantage4
TransUnion
- tu-prequal-fico8
- tu-prequal-fico9
- tu-prequal-vantage4
- tu-hard-fico8
- tu-hard-fico9
- tu-hard-vantage4
If you use CRS Credit, you will need to contract with CRS directly before pulling credit information. This is done by reaching out to your LoanPro contact. After pulling credit, the data will uploaded into the Credit Object. A PDF will be attached with the relevant credit information.
Where Does Credit Pulling Fit?
We recommend working credit pulling into your onboarding workflow. As soon as an applicant enters the system, you can sort them into a Servicing Queue for account onboarding, and then use an agent walkthrough to pull credit, perform an OFAC InstaCheck, or gather other data. You could also use webhooks to initiate an credit pulling process.
What’s Next?
From here, you might be interested in other tools for gathering data on applicants and borrowers.
Written by Emma Tremblay
Updated on April 18th, 2024