Say Goodbye to 30-Day Delays: Bloom Credit Offers Near Real-Time Credit Reporting to All Three Bureaus
Improving The Credit Experience for Bureaus, Lenders, and Consumers
NEW YORK, Feb. 7, 2023 /PRNewswire/ — Bloom Credit (www.bloomcredit.io), an API platform company that simplifies the way businesses integrate with the credit bureaus, today announced the ability to send consumer credit activity to the three credit bureaus in near real-time. This enables financial service companies to make informed credit decisions instead of relying on industry standard monthly reporting cycles that can be 30 days stale and prone to errors. Bloom Credit’s near real-time credit reporting is reflected in a consumer’s credit report in just a few days, providing financial service companies with the freshest, most accurate data.
Consumer Reports found that credit report errors reached a staggering 34% in 2021. These inaccuracies and delays in correction can severely affect consumers’ access to affordable credit. Even minor errors in reporting can cost creditworthy consumers thousands of dollars in higher interest rates. Near real-time credit data assists lenders in making the most precise assessments of credit risk and pricing when evaluating a consumer’s creditworthiness. This is particularly beneficial for lenders offering short-term or smaller lending products such as BNPL or credit builder programs, as near real-time reporting can quickly reflect tradelines and significantly speed their customers’ credit-building process.
“Bloom Credit’s mission is to expand access to affordable credit,” said Christian Widhalm, Bloom Credit CEO. “However, speed to furnishment is not the only factor in expanding access and making accurate credit decisions. Proper validation and verification of data to ensure its logic and accuracy are also critical for both consumers and the overall credit data ecosystem, as mandated by regulators like the CFPB.”
“There is a surging need for quality credit building programs available to the 100 million financially underserved consumers in the United States,” said Roy Ng, co-founder and CEO of Bond Financial Technologies, a leading embedded finance platform offering multiple credit products. “The ability to report these tradelines in near real-time is a game changer for consumers, and the financial service partners that serve them, to accelerate the credit building process.”
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 headquartered in NYC. www.bloomcredit.io