Automatic Credit Checks

APEXA automatically runs a full credit check on advisors and corporate shareholders once. Afterwards, credit is monitored on a weekly and monthly basis. When exactly the full, automatic credit check occurs depends on how the advisor is invited to join APEXA.

Legacy Advisors

Legacy advisor simply refers to your existing advisors who already have active contracts before you invite them. When you send the invitation to the advisor from In-Trust, that advisor record has active Carrier contracts associated to it. These contracts get imported into APEXA when the advisor completes his/her profile setup. Once that's done, the legacy advisor is added to a batch credit check request file.

The batch credit check request is submitted to Equifax early Thursday mornings and results are usually returned by the following Tuesday. So if a legacy advisor completes their profile setup on a Thursday, after the batch request has been sent, It could take up to 9 business days for credit information to appear on the advisor's profile.

New Advisors

A new advisor is someone who is invited with no existing Carrier contracts associated to the advisor record in In-Trust. When the advisor completes their profile setup, there are no contracts imported. In these cases, new contracting is what causes the full, automatic check check to be run.

• A contract request is sent to a client organization.

• The request must be accepted, creating a pending contract, and a contracting package attached.

• The step that actually initiates the credit check is when the contracting package is sent backwards to the advisor.

This will send an immediate credit check request and results will usually be returned within one-two business days.

Manual Credit Checks

Client organizations also have the option to manually request a full credit check be run. This is done by opening the advisor's (or corporate shareholder's) profile and clicking the Credit Check button below the profile header information. APEXA will request the full credit check be run and will bill the requesting organization for the cost. The ability to submit a request for a manual credit check can be limited to select employees of your organization through the roles (permissions) assigned to users.

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Delayed Results

If you notice that credit results are taking longer than the times stated above, it may be because Equifax needs more information to be able to positively identify the advisor. Please ask the advisor the login to APEXA and see if he/she sees the following screen pop-up. The most useful additional information to provide here is his/her social insurance number (SIN). Any additional information provided will be sent directly to Equifax and not stored in APEXA.

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Ongoing Credit Monitoring

Once a full credit check has been completed, Equifax will send credit updates for the following items on a weekly or monthly basis.  

Monitored Weekly 

Bankruptcy – any new bankruptcy information received by Equifax that has occurred within the last 4 months 

Collections – any new or unpaid collection item(s) for amounts greater than $0.00 

Legal items – any new public record showing a derogatory foreclosure, judgement or garnishment within the last 3 months 

Credit Utilization – anytime an individual’s credit utilization is between 80-100% 

Address Changes – any change in address compared to what Equifax previously had on file 

Employment History – any change in employment compared to what Equifax previously had on file 

Name Changes – any change in name compared to what Equifax previously had on file 

Rate Changes – the rate changes section includes a list of all the credit-type accounts an individual has at the time of the credit check. Updates will be sent anytime Equifax classifies one of those credit-type accounts as “bad debt; placed for collection; skip” 

Monitored Monthly 

Credit Scores – a new score will be added anytime an individual’s credit score moves from one score range to another (whether up or down). Below is a table of the Equifax credit score ranges.