Developer Setup for Secured Credit

This section describes the endpoints and procedures for implementing secured credit products.

Endpoints for 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.

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Note

Endpoints listed here are not exclusive to secured credit products. The same endpoints are used across Galileo products.

ActionEndpoint(s)Guide(s)
Create the primary account, charge card account, and secured credit accountCreate Account
Add Account
Creating an Account
Activate the charge cardActivate CardAbout Cards
Activating a Card
Move funds into the secured credit accountCreate Account TransferCreating an Internal Transfer
Move funds out of the secured credit accountCreate Adjustment
Create Payment
About Adjustments
Creating a Payment
Update the credit limit when the secured credit account balance changesSet Credit Limit
Change account or card statusModify StatusAccount status in About Accounts
Card statuses in About Cards
Get account and card informationGet Account Overview
Get Card
Retrieving account information in About Accounts
Viewing card information in About Cards
View credit historyGet Credit Summary
Get Credit Limit Change History

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.

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Note

Cards associated with the account may be physical or digital. See the About Cards guide for more information on physical and digital cards.

Primary account

The primary account for a secured credit product can be a DDADDA - Demand deposit account. The banking-industry term for an account from which funds can be withdrawn at any time, such as a checking account. 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 DDADDA - Demand deposit account. The banking-industry term for an account from which funds can be withdrawn at any time, such as a checking account., 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 appropriate featureValue (set to Y 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.

ParameterDescription
prodIdProduct ID for the charge card product
primaryAccountPRN for the primary account

Secured credit 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.

ParameterDescription
prodIdProduct ID for the charge card product
primaryAccountPRN for the primary account

Cancelling the DDA debit card

When you set up secured credit for an existing cardholder, you may decide to cancel the DDADDA - Demand deposit account. The banking-industry term for an account from which funds can be withdrawn at any time, such as a checking account. debit card at the time that the charge card is activated. Keep in mind that virtual cards are automatically activated. See Cancelling cards in the About Cards guide for more information.

Setting the credit line

After the secured credit account is created, follow these steps to set the credit line:

  1. Send the Create Account Transfer request to move funds from the primary account into the secured account.
  2. 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:

ParameterValue
accountNoThe primary account number for the secured credit product
typeValid types are 2, 13, 16, and 20
closureReasonOne of the values listed in the table below

This table lists possible values for closureReason.

ValueDescription
chargeoffAccount is unpaid, closed by the issuer, and charged off
collectionAccount is unpaid, closed by the issuer, and is in internal collections
deleted_fraudAccount takeover fraud, account closed by the issuer
inactivityAccount is paid and closed by the issuer due to inactivity
paid_userAccount is paid and closed at the customer’s request

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