Credit bureau- intervals for obtaining a credit file
When a evaluation is done on an application, there could requirements or settings setup for a credit bureau check to be performed. A new credit check will only be performed if the party for which the credit check is being done, does not have an existing credit check that is less than X months old. X being the value defined by the finance company on the listing and application business rule.
For example, if the number of months is set to 1 and a borrower is evaluated and their credit file is obtained from the bureau on the 1st of January 2016; if the borrower returns with another application on the 23rd of January and is evaluated then the existing file held against the customer in Clearmatch will be used and a new file will not be obtained from the bureau. It would have to be February before a new one will be retrieved.
If the number of months is set to zero, every time an evaluation is done on the customer then a call is made to the bureau for the credit file.
If the number of months is set to 2, then two months will elapse before a new credit file is obtained.
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