June 25, 2014 - 4:46pm
#1
We currently just pull a soft credit score when opening new accounts, which allows us to offer small lines of credit with the amount based solely on the score, no underwriting involved. Management is discussing the possibility of pulling a full credit report when a new member account is opened so they can attempt to cross-sell loan products. Clearly additional disclosures would be involved, as well as additional costs. I just wanted to reach out and see if anyone else pulls full credit at opening and how their process works. We have $700m in assets, 215 employees, and 80,000 members. Thanks for the guidance. Matt CromerSAC Federal Credit Union
