Sonar can be linked to a number of third-party credit vendors which allow you to pull credit reports straight from the loan application. For more information on how to integrate third-party providers, see the Configuring Integrations documentation.
Requirements for Pulling Credit
Before you can pull credit, the loan must contain a few pieces of information about the borrower(s):
Full Name(s)
Birthdate(s)
Current Address(es)
Social Security Number(s)
Borrower Credit Consent(s)
Additionally, the borrower must have consented to a credit check. See "Why Can't I Run Credit on an Application?" for more details.
Where to Pull Credit
To pull credit you can go to one of two places: the Summary page or the Liabilities page. From the summary page, click Order Credit in the Loan Actions section.
If there is more than one borrower, the first question will be whether you want to run an Individual or Joint report:
Then, if the borrower you want to pull credit for has missing information, you will be prompted to complete that:
You will be given three options: Order a new credit report, re-issue an external report, or restore an existing report.
Credit Pull Options
New Credit Report
Use the New Credit Report option to generate a fresh credit report, regardless of when credit was last pulled.
You will be prompted to select the following:
Report Type: Soft or Hard credit pull
Credit Provider: Which provider to use to pull
Credit Bureaus: Which bureau(s) to pull (you can select more than one)
Borrower(s): Which borrower(s) to pull credit for, and whether you are pulling jointly or individually
Re-issue External Report
Use the Re-issue External Report option if you have already pulled a credit report in another system and you wish to include it in Sonar.
Report Type: Soft or Hard credit pull
Credit Provider: Which provider to use to pull
Credit Bureaus: Which bureau(s) to pull (you can select more than one)
Borrower(s): Which borrower(s) to pull credit for, and whether you are pulling jointly or individually
Reference Number: The reference number for the existing report
Restore Existing Report
Use the Restore Existing Report option if you have more than one credit report available for a loan and you wish to change which report is used in calculations.
Viewing the Report
Once you have pulled the credit report, it will become available in the Documents tab.
Any liabilities found in the credit report will be automatically added under the Liabilities tab.
A copy of the credit report will be accessible in the documents tab for your reference.