Setting up the credit reporting agency

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Setting up the credit reporting agency

You need to set up the credit pull parameters to evaluate borrower applications through a credit reporting bureau. 

Q2 Originate uses Meridian Link to pull credit reports of applicants. Meridian Link is integrated with all the three US credit bureaus - Transunion, Equifax, and Experian. You can customize Q2 Origination to integrate with additional or other credit reporting agencies.

Prerequisites

The following are the prerequisites to setting up the credit reporting agency and thereby, the credit pull parameters:

  • Meridian Link credentials, and the IDs of the submitting and receiving parties are available.

Steps

Perform the following steps to set up the credit pull parameters:

  1. Log in to your Salesforce account.

  2. Select Setup.

  3. Go to Build > Develop > Custom Settings.

  4. Select Meridian Link Credit Pull Parameters. 

  5. Select Manage.

  6. Select New in the page that appears, and in the Edit Credit Pull Parameters page, specify the credit pull parameter information:

    1. Provide the CRA account password and username. These are the Meridian Link password and user name used to fetch the credit report.

    2. Specify the name of the Credit Reporting Agency from whom the historical credit data is sought.

    3. Select the Equifax, Transunion, and or Experian checkboxes to specify which bureaus a credit report has to be fetched from.

    4. Specify the Receiving Party ID, which is the key provided by Meridian to the credit reporting agency. 

    5. Specify the confidential Submitting Party ID provided by Meridian Link and which must match the value that CreditAPI has on record.

    6. Select Save to set up the credit pull parameters