I am pleased to confirm that Experian has launched on OMS, and you can now access your client’s credit information in a matter of seconds!
Some of you may have been using the Equifax (Credit Safe) integration which has been great, but the drawback is that your clients need to authorise access via their banking App. This has caused some delays or has not always been possible if the customer comes up against technical difficulties.
With Experian, you just need to confirm to the system that your client has granted permission, and in the next click, you will have all the file information! It will also pre-populate the credit commitments tab on OMS!
The cost of the report is £3.50 per search.
PLEASE NOTE THAT IF YOU USE THE SERVICE, YOU WILL BE BILLED BY US MONTHLY. YOU WILL BE SENT AN INVOICE, AND WE WILL DEDUCT THE COST FROM YOUR COMMISSION STATEMENT DUE AT THAT TIME. SHOULD NO DUE COMMISSIONS BE DUE, WE WILL PROCESS THE PAYMENT VIA THE CARD DETAILS WE HOLD ON FILE FOR YOU.
IF YOU DO NOT WISH TO BE CHARGED, PLEASE DO NOT USE THE SERVICE.
Process
To get the report, follow these steps:
- Ensure all your client’s details are thoroughly and accurately completed on the applicant’s details tab on OMS
- Go to the credit-check tab, and on the Experian tab, click ‘Run Credit Search’
- A box will pop up to ask you to confirm that you have your client’s permission
- Select ‘Yes’ by clicking on the button that is defaulted to ‘No’
- Add information on how the permission was obtained, e.g. refer to an email confirmation that you have added to the notes section in OMS or the date, time and telephone number of a call so that call recording could be used to check.
- If you are working with a broker and not direct with the client, ask for written confirmation from the broker that the client has agreed to the credit check and add that to the notes on OMS.
- Click the confirm button, and the search will be run
- The full credit information will be detailed in dropdowns below the credit search box, and the credit commitments tab will be completed. There is no traditional copy of the report as yet. However, this may be available on a future OMS upgrade.
You must search each client separately, and there will be a cost for each search. For joint applicants, use the ‘view details’ button to toggle between the applicants when looking at the credit information below.
Each time you click on ‘Run credit search’ and confirm, a new credit report will be completed, AND A NEW CHARGE WILL BE INCURRED.
To meet the minimum network standards for existing customers, you only need to run the report on the first case if the following applies:
- A subsequent mortgage is being arranged within three months of another application where the customer confirms there has been a change of details
- A subsequent mortgage is being arranged within six months of another application where the customer has confirmed there have been no changes.
Please refer to the original case number where the credit check was performed in the file check area of the new application when asked about the credit search.
Regards
Liz Syms, CEO