New Offering Simplifies End-to-End Responsibilities Required of Credit Data Furnishers
NEW YORK, Feb. 15, 2022 /PRNewswire/ -- Bloom Credit (www.bloomcredit.io), an API platform company that simplifies the way businesses integrate with the credit bureaus, today announced it has expanded its Furnish by Bloom Credit™ product suite to further help lenders easily and compliantly handle consumer credit disputes. Current clients utilizing Furnish by Bloom Credit to manage disputes includes Ava Finance, among others.
Consumer credit disputes represent one of the most high-stakes pain points in furnishing credit payment data to the credit bureaus as regulated under the Fair Credit Reporting Act (FCRA). In a study released last summer, Consumer Reports found more than 34% of consumers discovered inaccuracies on their credit reports in 2020, while the Consumer Financial Protection Bureau (CFPB) received more than 280,000 consumer complaints regarding issues with credit reporting, as reported by The New York Times.
Beyond the innate frustrations for borrowers and the consequent pressures on lenders, the skill sets and time required to address consumer disputes in an accurate and timely manner can be considerable: Federal law requires consumer disputes be resolved within 30 to 45 days, which frequently presents a time-consuming investigative resolution process and further difficulties when complex information is at play.
"Innovative lenders trying to improve and democratize consumer credit are oftentimes stifled by limited resources, slow integration times, as well as burdensome disputes management processes–and we are here to help," said Christian Widhalm, CEO of Bloom Credit. "Bloom Credit is committed to providing top-tier intelligence around furnishment considerations and simplifying consumer dispute management."
Bloom Credit is a B2B fintech platform that simplifies the interconnectivity of credit data for innovators and developers, helping gain access to scores, monitoring, and credit data furnishing solutions to grow a new class of credit products and services in a fraction of the time it has traditionally taken.
"Partnering with Bloom Credit significantly reduced the burden of handling consumer credit disputes, allowing us to focus on growing our business," said Reza Rahman, President of Ava Finance.
Furnish by Bloom Credit™ was launched in August 2021 to further help lenders curtail credit reporting errors and reduce the negative impact these errors cause consumers. It also helps non-bank lenders—who may not be currently furnishing credit data—avoid time-consuming and complicated integrations with the major credit bureaus while strengthening the underlying credit reporting system for consumers at large.
Bloom Credit has raised $17M in total funding, including $13M in October 2020 led by Allegis NL, along with Resolute Ventures, Slow Ventures, and Commerce Ventures, including a previously unannounced $3M from angel investors that included Better Tomorrow Ventures' Sheel Mohnot and Jake Gibson, Acorns Founder Jeff Cruttenden, Marqeta Founder Jason Gardner, former Vice-Chair of Personal Capital Mark Goines, and former President of Prosper Ron Suber.
About Bloom Credit
Bloom Credit is an API platform company that provides all bureau and score-related products through a single, easy-to-use API integrated with all three credit bureaus, helping grow a new class of credit products and services in a fraction of the time it has traditionally taken, enabling important applications which can improve consumers' creditworthiness. Bloom Credit is based in NYC. www.bloomcred.it