Make the Switch to JSON Credit Reports
When building its Saas credit data platform, Bloom Credit decided to standardize on the JSON format for presenting credit to, and receiving payment data from, its clients. JSON (JavaScript Object Notation) is a lightweight data interchange format that is becoming increasingly popular for storing and exchanging information, especially in the context of credit data. In contrast, MISMO (Mortgage Industry Standards Maintenance Organization) and XML (eXtensible Markup Language) are both older formats that have been used for many years in the mortgage industry. While these formats have served their purpose well, JSON offers several advantages that make it a better choice for credit data.
One of the main advantages of JSON is its simplicity and ease of use. JSON is a human-readable format that is easy to understand and use. It is based on a simple structure of key-value pairs, which makes it easy for developers to work with and parse. In contrast, MISMO and XML are more complex formats that require more specialized knowledge and expertise to work with.
Another advantage of JSON is its flexibility. JSON is a dynamic format that can be easily modified and extended. It supports various data types, such as numbers, strings, and objects, and it can be used to store and exchange a wide range of data. In contrast, MISMO and XML are more rigid formats that are not as well suited for storing and exchanging diverse types of data.
JSON is also more efficient than MISMO and XML. JSON is a lightweight format that requires less storage space and bandwidth than MISMO and XML. This makes it a better choice for storing and exchanging large amounts of data, especially in the context of credit data, which can be quite voluminous. Additionally, JSON is a faster format to parse than XML, making it more suitable for real-time data processing.
JSON is also more widely supported than MISMO and XML. JSON is supported by many programming languages and platforms, such as JavaScript, Python, and Java, which makes it easy to implement and integrate with other systems. In contrast, MISMO and XML are less widely supported, which can make it more difficult to implement and integrate them with other systems.
Another important advantage of JSON is its security. JSON is a format that is less prone to security vulnerabilities and breaches than MISMO and XML. It does not include any executable code, which means that it is less vulnerable to code injection and other types of attacks. Additionally, JSON supports digital signature, encryption and other security features that can help protect the credit data from unauthorized access.
In conclusion, JSON is a better format for credit data than MISMO and XML for several reasons. It is simpler and more flexible, more efficient, more widely supported and more secure. JSON’s simplicity and ease of use makes it easy for developers to work with and parse, its flexibility supports various data types and its dynamic structure can be easily modified and extended, its efficiency in terms of storage space and bandwidth makes it suitable for storing and exchanging large amounts of data, it’s widely supported by many programming languages and platforms, and its security features make it less prone to security vulnerabilities and breaches. JSON’s versatility and advantages make it an optimal choice for credit data management and exchange.
To find out how Bloom Credit can help your business ditch antiquated and proprietary data interchange formats, and adopt JSON as your standard format for credit data, contact us at: [email protected]