In partnership with Experian, Smartr365 offers broker-led credit checks and Open Banking bank statements. For a credit check, you ask your client for consent, they accept, and you then run the credit search from the case. The report is saved to the client's Document Store and you can compare the Experian data with the data held in Smartr365.
Please note: this is a paid service. If your firm hasn't subscribed yet, get in touch with our sales team to upgrade your plan. You will not be charged for resending a consent request; a credit is used when you first request your client's consent.
Step 1: Request Consent
You can ask for consent in two ways: by email, or through the HomeBuyer app.
When adding a new case
If you are an adviser or system administrator creating the case with New Case at the top of the screen:
On the Client To Do list step, select Add Credit Report. To also ask the client for their bank statements, select Add Bank Statements.
For the credit report, Request consent by email is selected by default. You can change this to Request consent via HomeBuyer App.
Click Send Email.
For an existing case
On the case Summary page, use the Credit search card and click Request by email or Request via HomeBuyer next to the applicant; or
Click Credit History on the toolbar at the top of the case and click Request consent by email or Request consent via HomeBuyer.
Step 2: Your Client Gives Consent
By email: the client receives an email asking for their consent for you to run a credit search on their behalf. They click I agree, continue in the email and then click Confirm on the page that opens. They can also decline.
Through HomeBuyer: the client accepts the consent request in the HomeBuyer app.
See an example of the consent email below:
If the client declines, or the consent request expires before they respond, you will need to send a new request. On the Credit History page, use Resend consent by email or Resend consent via HomeBuyer; on the Summary page's Credit search card, use Resend by email or Resend via HomeBuyer.
Step 3: Run the Credit Search
Once the client has accepted, click Run Credit Search on the Credit History page or on the Credit search card on the Summary page.
Experian returns the credit report, which is saved automatically to the client's Document Store.
Reviewing Data Differences
Once a credit report has been run, the Check differences button on the Credit History page is enabled for 15 days. It opens a comparison where you can see the data held in Smartr365 and the Experian data side by side, across the Address History, Commitments and Credit History tabs. Select the box with the correct data on each tab, click Next to move through the tabs, and click Apply on the last tab. The data you selected overrides the existing data in Smartr365.
Open Banking Bank Statements
You can invite clients to share their bank statements using Open Banking:
When adding a new case, select Add Bank Statements on the Client To Do list; or, for an existing case, click Bank Statements on the toolbar at the top of the case and click Send Invitation.
The invitation explains to your client what to do in the HomeBuyer app.
When the client has finished, the bank statements and affordability passport are added to their Document Store. Use View Documents on the Bank Statements page. Where enabled for your firm, you can also use Review Open Banking Data.
Common Issues
The client says they received the consent request but consent has not registered: check they completed the last step. By email, they must click Confirm on the page that opens; in HomeBuyer, they must accept the request in the app. If they cannot log in to HomeBuyer, resolve that first and then ask them to accept.
Consent expired or declined: send a new consent request. Discuss with your client first if they declined.
Errors when running the search: Smartr365 lists any missing information in the error panel on the right. Click an error to go to the relevant part of the Fact Find, such as Address History, and complete it.
"We couldn't retrieve a credit report": Experian was unable to provide a credit report for your client. This usually happens when there isn't enough verified data (such as Electoral Roll information or credit history) to confirm the client's address. Advise your client to contact Experian directly to confirm their address data is up to date. You won't be charged for that credit check.
"Your firm has run out of subscription credits": speak to your firm administrator about adding more credits.