Locus Lock
Credit Referencing
LOCUS provides an inbuilt ability to perform credit checks on members requesting loans, helping to safe guard members’ money from lending to someone with
undisclosed financial commitments.
LOCUS links to numerous credit referencing agencies such as:
- Irish Credit Bureau (ICB)
- Experian
- NCU Member Database
- Business Pro Union Check
Wellington was the first Credit Union software supplier to offer an interface to the ICB as far back as 2004 and we continue to expand on the services the ICB can provide for Credit Unions. ICB Online is our new and improved ICB interface, operating through a central wellington hub. The noticeable advantages of ICB Online are that the credit checking process is fully integrated into LOCUS, the result of the credit check is stored in LOCUS for future reference and in addition to this the monthly return to the ICB is now fully automated with no manual effort required from CU staff.
Credit Referencing key features:
- Provides further information to the Credit Union to assist in lending decisions – greater transparency
- Integrated into LOCUS
- Credit Union can decide when to perform these checks
- Respects the members rights to permit/deny both in bound enquiries and out bound transmission of loan details
- Highly secure
- Member service – help to plan loan repayments based on more open information
- Bad debt reduction
Wellington is aware that different Credit Unions will want to use different credit referencing agencies. With LOCUS your Credit Union will have choice. LOCUS offers full integration to Credit Referencing agencies in order to protect your Credit Union and your members from misinformed lending.
