Expands Access to Credit for Consumers by Helping Bank and Non-Bank Lenders Curtail Errors in Credit Reporting
NEW YORK, Aug. 3, 2021 /PRNewswire/ -- Bloom Credit (www.bloomcredit.io), an API platform company that helps businesses quickly and easily integrate with credit bureaus to access consumer data, today announced it has launched Furnish by Bloom Credit to expand its offerings for clients to furnish, or report back, consumer activity to all three credit bureaus at once, Equifax, Experian, and TransUnion. Current clients using Furnish by Bloom Credit to automate furnishment to their consumer clients include Augie, Ava, Deserve, Purpose Financial, and Yotta.
In a study released last month, Consumer Reports found more than 34% of consumers discovered inaccuracies on their credit reports in 2020. Credit reporting errors drastically increased during the pandemic, negatively impacting minority communities at a disproportionate level. What wasn't discussed in this study is the challenge the lending industry has faced due to outdated processes and complexities involved in furnishing accurate credit data back into the system.
Furnish by Bloom Credit will help lenders deeply curtail credit reporting errors and reduce the negative impact these errors cause consumers. This also will help non-bank lenders—who may not be currently furnishing credit data—avoid time-consuming integrations with the major credit bureaus and strengthen the underlying credit reporting system for consumers at large.
"Some lenders struggle with consistently and accurately furnishing data to the credit bureaus, while others don't even furnish at all," said Christian Widhalm, CEO of Bloom Credit. "Furnish by Bloom Credit enables lenders to easily and accurately report credit data, which ultimately helps consumers gain equal access to credit and improve their financial lives."
Bloom Credit provides all bureau and score-related products through a single, easy-to-use API that integrates 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.
"Not all businesses report to all three agencies," continued Widhalm. "For example, many successful 'Buy Now Pay Later' companies don't do this, and it hurts consumers. But if lenders can report on-time payments, this will accelerate helping consumers trying to rehabilitate and build their credit."
"We are thrilled Bloom Credit has solved the challenge of furnishment," said Ankit Rambhia, Sr. Product Manager at Deserve. "Furnishment is important for many reasons, such as helping to ensure on-time repayment and improving a customer's credit score. With all the technical challenges that go into doing furnishment properly, it was a no-brainer to avail ourselves of the capabilities of Furnish by Bloom Credit."
About Bloom Credit
Bloom Credit is an API platform company that helps businesses integrate with credit bureaus for access to scores, monitoring, and furnishment products. By providing all bureau and score-related products through a single, easy-to-use API that integrates with all three credit bureaus, Bloom Credit allows unified access to request or submit credit bureau data in a way that enables important applications which can improve consumers' creditworthiness. Bloom Credit is based in NYC. For more information, please go to www.bloomcredit.io.