Personal Credit Bureau Integration

Automate Credit Checks and Accelerate Loan Decisions

Questions answered:​

1. What is a Personal Credit Bureau?

2. What is the Role of a Credit Bureau Integration in Lending?

3. How Covaleyo Integrates with Personal Credit Bureaus

4. What Are the Benefits of the Personal Credit Bureau Integration with Covaleyo?

5. Timeline for Implementation

With Covaleyo’s ProLender platform, lenders can integrate directly with Canada’s major personal credit bureaus—Equifax and TransUnion—to retrieve borrower credit reports in real time. This integration empowers credit unions and financial institutions to streamline underwriting, improve risk assessment, and deliver faster loan approvals through a seamless, automated workflow within the Loan Origination System (LOS).

What is a Personal Credit Bureau?

Personal credit bureaus are institutions that collect, manage, and analyze consumer credit information. In Canada, the two leading credit bureaus are:

  • Equifax
  • TransUnion

These organizations compile detailed credit reports that include:

  • Credit accounts (loans, credit cards, lines of credit)
  • Payment history
  • Credit utilization and outstanding balances
  • Recent inquiries and credit applications
  • Public records (e.g., bankruptcies, collections)

Credit bureaus generate scores (e.g., Beacon, FICO) based on this data, helping lenders evaluate a borrower’s creditworthiness, determine risk levels, and make informed decisions regarding loan eligibility and pricing.

The Role of Credit Bureau Integration in Lending

Credit bureau data is essential to the loan origination process. It provides objective insights that support:

  • Underwriting decisions
  • Credit scoring and pricing models
  • Regulatory compliance and internal policy alignment

Instead of logging into a bureau portal and manually transposing data into the LOS, a direct integration allows lenders to retrieve reports instantly and incorporate the results into the decision workflow.

How Covaleyo Integrates with Personal Credit Bureaus

Covaleyo’s LOS integrates with Equifax and TransUnion using secure, credential-based access through ProLender Administration. Here’s how it works:

  1. Credential Setup: The FI’s bureau credentials are configured in ProLender Admin.
  2. In-Workflow Request: During the loan application process, the lender selects a bureau pull from within the LOS.
  3. Real-Time Results: The LOS retrieves and displays the credit report in a dedicated screen within ProLender.
  4. Decision Support: Underwriters review the data alongside the loan file, streamlining the risk assessment process.

This fully embedded workflow enhances speed, accuracy, and data security.

Benefits of Personal Credit Bureau Integration with Covaleyo

Covaleyo’s credit bureau integration offers tangible advantages for lenders and credit unions:

  • Real-Time Credit Assessment: Retrieve and review bureau data instantly without switching systems.
  • Improved Accuracy: Eliminate manual data entry and reduce transcription errors.
  • Faster Approvals: Speed up loan decisioning with instant access to verified credit data.
  • Better Risk Management: Use reliable third-party credit insights to inform underwriting.
  • Regulatory Compliance: Align with credit assessment standards and auditing requirements.
  • Seamless Borrower Experience: Reduce delays caused by outdated manual credit checks.

Implementation Timeline

Covaleyo’s personal credit bureau integration can be completed in one business day, making it one of the fastest ways to upgrade your LOS capabilities.

Looking to modernize your credit assessment process?

Contact Covaleyo today to activate your credit bureau integration and enhance loan decisioning with real-time credit data.

Contact us to learn more

Experience the Benefits of Covaleyo's Integrated LOS

A Loan Origination System (LOS) needs to enable Credit Unions to streamline their lending processes as well as ensure they can add additional functionality without a significant impact to operations. An integrated LOS has numerous benefits including reduced errors, efficiency gains, and additional channel options.

Valeyo integration partner logos including filogix, fiserv, equifax, cumis, temenos, and more

Ask us anything

It automates credit checks, speeds up approvals, improves data accuracy, and reduces manual workload.

Covaleyo integrates with both Equifax and TransUnion, Canada’s leading credit bureaus.

Yes. Bureau credentials are securely stored, and all transmissions follow encrypted protocols to protect borrower data.

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