Customer Credit Checks | Voters

Customer Credit Checks

Elizabeth Emery

Today our bank will do a complimentary soft pull for us on customers who want credit terms with us. Depending on those results and amount of credit needed we'll order a full credit report. Especially once we transfer banks, would be helpful to have similar capabilities available.

July 1, 2022

Brad Lookabaugh

Thanks for sharing Elizabeth Emery. Can you provide a little more detail? When you say "full credit report" does that mean you are doing a hard pull? What are you typically looking for in these reports? Is there a consistent framework you use in determining eligibility and size of the credit line?

Elizabeth Emery

Brad Lookabaugh: Went back to bookkeeper for clarification: looks like the bank gets the customer credit report from Argos Risk Surveillance, but offers it to us as a perk of being a business banking customer. This report includes recommended credit limit, risk score, and some industry comparison data for reference. If this looks good, we generally approve the terms/credit limit. If there are concerns, it sounds like we don't actually do a hard credit pull - we just reach out to other business/lending references that the customer provides on their credit application.

Brad Lookabaugh

Elizabeth Emery: Interesting! Thanks for sharing that vendor name. I will make a note to look into this and see if we can eventually offer something similar.