Developer Setup for Galileo Secured Credit
This guide describes the endpoints and procedures for implementing Galileo Secured Credit.
Endpoints for Galileo Secured Credit
This table lists actions for creating and managing secured credit products at Galileo, and related Program API endpoints. Guides provide additional information and procedures.
Note
Endpoints listed here are not exclusive to secured credit products. The same endpoints are used across Galileo products.
Action | Endpoint(s) | Guide(s) |
---|---|---|
Create the primary account, charge card account, and secured credit account | Create Account Add Account | Creating an Account |
Activate the charge card | Activate Card | About Cards Activating a Card |
Move funds into the secured credit account | Create Account Transfer | Creating an Internal Transfer |
Move funds out of the secured credit account | Create Adjustment Create Payment | Creating an Adjustment Creating a Payment |
Update the credit limit when the secured credit account balance changes | Set Credit Limit | |
Change account or card status | Modify Status | Account status in About Accounts Card statuses in About Cards |
Report account closure status | Modify Status | Account closure status reporting in Setting Up Secured Credit Reporting account closure status in Developer Setup for Secured Credit |
Get account and card information | Get Account Overview Get Card | Retrieving account information in About Accounts Viewing card information in About Cards |
View credit history | Get Credit Summary Get Credit Limit Change History | |
Charge off an unpaid account. If Galileo handles your credit reporting, the charge-off is included in the report. | Charge Off Account | Related to Account closure status reporting |
Creating secured credit accounts for a new or existing customer
Secured credit requires three accounts: a primary account, a charge card account, and secured credit account. This section describes how to set up each account. For an example account creation workflow, see Secured credit account structure under Secured Credit Workflows.
Primary account
The primary account for a secured credit product can be a DDA or another type of account capable of holding and transferring funds. Existing customers will already have this account. When you create the primary account for a new customer, follow the normal onboarding procedure as described in the Creating an Account guide.
- If you are setting up secured credit for an existing customer, and the primary account has a debit card linked to it, you may decide to deactivate the existing debit card depending on your business plan. For a DDA, see Canceling the DDA debit card in this guide.
- If you are setting up secured credit for a new customer, you do not need to create a debit card linked to the primary account.
- Pass e-sign verification information to Galileo via Set Account Feature. Send
featureType: 19
(E-sign Act opt-in) and the appropriatefeatureValue
(set toY
to receive electronic letters).
Depending on your internal setup, you may require the cardholder to deposit funds into the primary account either before the secured credit account is created, or after all three accounts are created. The primary account must contain funds before you can establish a credit line with the secured account.
Charge card account
The charge card account links to the credit card and gives the cardholder access to the credit line. To create a new charge card account for an existing customer, send an Add Account request. This table describes parameters that are specific to creating a new charge card account.
Parameter | Description |
---|---|
prodId | Product ID for the charge card product |
primaryAccount | PRN for the primary account |
Collateral account
The secured credit account contains the collateral funds for the credit line. You set the credit line according to the amount in this account. To create a new secured credit account for an existing customer, send an Add Account request. This table describes parameters that are specific to creating a new secured credit account.
Parameter | Description |
---|---|
prodId | Product ID for the charge card product |
primaryAccount | PRN for the primary account |
Implementing billing cycles
The customer’s billing cycle is implemented when an account is created with the Create Account, Add Account, or Create Virtual Card Account endpoint. When you send a request to one of these endpoints, the billing cycle day will be returned in the billing_cycle_day
field as a value within the range of 1–28.
The billing cycle date is dependent on the value in BRCDT, which is set during product configuration. See Billing cycles in Setup for Galileo Secured Credit guide for a description of each configuration.
Canceling the DDA debit card
When you set up Galileo Secured Credit for an existing cardholder, you may decide to cancel the DDA debit card at the time that the charge card is activated. Keep in mind that virtual cards are automatically activated. See Card cancelation in the Setting Up a Card Program guide for more information.
Setting the credit line
After the secured credit account is created, follow these steps to set the credit line:
- Send the Create Account Transfer request to move funds from the primary account into the secured account.
- Send the Set Credit Limit request to adjust the credit line.
Reporting account closure status
When a secured credit account closes, you can send the account closure status to Galileo. If Galileo handles your credit reporting, this status will be included in the report. For an overview of account closure status reporting for secured credit products, see Account closure status reporting under Setting Up Secured Credit.
To report account closure status, send a Modify Status request with the following parameters:
Parameter | Value |
---|---|
accountNo | The primary account number for the secured credit product |
type | Valid types are 2 , 13 , 16 , and 20 |
closureReason | One of the values listed in the table below |
This table lists possible values for closureReason
.
Value | Description |
---|---|
chargeoff | Account is unpaid, closed by the issuer, and charged off |
collection | Account is unpaid, closed by the issuer, and is in internal collections |
deleted_fraud | Account takeover fraud, account closed by the issuer |
inactivity | Account is paid and closed by the issuer due to inactivity |
paid_user | Account is paid and closed at the customer’s request |
Updated 2 months ago