Bloom Credit launches automated furnishing for all three credit bureaus
NEW YORK, August 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 the launch Furnish by Bloom Credit expand its offerings so that customers provide or report on consumer activity to all three credit bureaus at once, Equifax, Experian, and TransUnion. Current customers using Furnish by Bloom Credit to automate the supply to their consumer customers include Augie, Ava, Merit, Objective Financial, and Yotta.
In a study published last month, Consumer reports found that over 34% of consumers discovered inaccuracies in their credit reports in 2020. Credit report errors have increased dramatically during the pandemic, negatively affecting minority communities to a disproportionate level. What was not addressed in this study is the challenge faced by the lending industry due to outdated processes and complexities involved in providing accurate credit data into the system.
Furnish by Bloom Credit will help lenders dramatically reduce credit report errors and reduce the negative impact these errors cause on consumers. It will also help non-bank lenders – who may not currently provide credit data – to avoid cumbersome integrations with major credit bureaus and strengthen the underlying credit reporting system for consumers in general.
“Some lenders have trouble providing data consistently and accurately to credit bureaus, while others don’t even provide at all,” said Christian Widhalm, CEO of Bloom Credit. “Furnish by Bloom Credit enables lenders to easily and accurately report credit data, ultimately helping consumers gain equal access to credit and improve their financial lives. “
Bloom Credit delivers all credit bureaus and scores related products through a single, easy-to-use API that integrates with all three credit bureaus, helping to develop a new class of credit products and services in a fraction of the time. ‘traditionally it was necessary.
“Not all businesses fall under the three agencies,” Widhalm continued. “For example, many successful ‘Buy Now, Pay Later’ businesses don’t, and it hurts consumers. But if lenders can report payments on time, it will speed up help for consumers trying to rehabilitate themselves. and strengthen their credit. “
“We are delighted that Bloom Credit has solved the furnishing challenge,” said Ankit Rambhia, Senior Product Manager at Deserve. “Furnishings are important for many reasons, such as helping to ensure on-time repayment and improving a customer’s credit rating. With all the technical challenges involved in achieving furniture correctly, it was obvious to take advantage 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 to access scores, monitoring, and home furnishings. By providing all bureaus and scores related products through a single, easy-to-use API that integrates with all three credit bureaus, Bloom Credit enables unified access to request or submit credit bureau data in a way that enables important applications that can improve consumers’ creditworthiness. Bloom Credit is based in New York. For more information, please visit www.bloomcredit.io.
SOURCE Credit Bloom