It can be challenging to satisfy the credit reporting needs of your bank or institution. You may be scrambling to find the personnel who can manage all the reporting for both your consumers and your internal operations.
The manpower it takes to solve these issues is typically not an option in today’s economy as banks don’t have the same personnel teams.
However, you can manage both your internal and consumer-based credit reporting with a credit report API. A credit report API can organize credit data in a flash while also adding an extra layer of internal security.
This article will break down what it means to integrate a credit report API and how it can help your financial institution grow.
Where to Get Started with a Credit Report API
When it comes to consumer credit, three central agencies consolidate consumer credit and sell it to other banks and lenders as a credit report.
The credit bureaus are TransUnion, Equifax, and Experian. They handle all of the credit reporting for the US. Other countries use other reporting agencies and compile reports into a FICO score. However, as a consumer, nine times out of ten, you are never directly dealing with these credit reporting agencies one on one.
However, banks have to purchase consumer credit scores from these agencies to check whether they qualify for a loan.
Relying on an in-house credit API can improve your institution’s internal processes while offering new depths to your products or services.
Verify Consumer Identity
Internal use of a credit reporting API can help you verify the consumer’s identity. A credit report API will allow you to dig deeper into the consumer’s identity, digging up old information and even criminal records.
There is an incredible amount of information out there. It would take an institution with a full staff a month to compile all the data and fill out all the paperwork for a single consumer if we couldn’t just pull a credit report in under 30 seconds.
A credit report API can take all that consumer data and organize it neatly for your institution. It can even generate loan documentation and paperwork based on the data it has collected. This data is organized into templates, and these templates can be adjusted and customized to sift through and list just the information you need for your own institution’s needs.
Diagnostic and Predictive Analytics
Another positive aspect of using a credit report API is that it can help you analyze and predict consumers’ behavior and accounts.
Especially if you are in real estate management, not only does the API organize all the data from the consumer’s past, but it can put together a comprehensible report on how that tenant or prospective buyer will behave.
A Wide Array of Applications
Credit APIs aren’t just for bankers. Credit report APIs are a handy tool for:
- Automotive Lending — Pulling automotive credit reports for underwriting vehicle loans at the click of a button.
- Bankruptcy Clients — No more hand entering credit trade-line data for bankruptcy cases.
- Housing Counselling Centers — Offering tri-merge credit reports to help simplify your debt-to-income calculations.
- Marketing Services Credit Reports — loads of marketing services to help boost your income.
- Potential Investor Qualification — streamline this process by organizing a broad range of report data for your individual investor needs.
- Real Estate Management — Automate tenant credit checks.
- Software Development Credit Reporting — Easily connect with the credit reporting and verification services you need.
In conclusion, no matter what kind of business you run or your credit reporting needs, a credit report API can simplify the process of pulling and integrating credit reports and organize all your data efficiently and succinctly.