Empowering Growth: Bloom Credit’s Infrastructure Solutions
In October 2022, Bloom began working with a Fintech whose platform enables businesses to launch branded credit cards and rewards programs. This client’s operations have significantly benefited from Bloom Credit’s pivotal role in handling critical infrastructure tasks related to credit bureau reporting, facilitating growth and operational efficiency since their partnership began.
Metro2 Expertise:
Our client benefits from Bloom Credit’s specialized expertise of Metro2 reporting, filling crucial knowledge gaps and ensuring accurate reporting to comply with regulations like the Fair Credit Reporting Act. This expertise has been essential in maintaining high standards of data accuracy and compliance.
Guidance and Support:
Bloom Credit provides hands-on guidance through essential processes such as bureau credentialing and integration setup, streamlining operations and ensuring a smooth experience for our client. Our proactive support has helped our client navigate complex regulatory landscapes and integrate seamlessly with credit bureaus
Integration with Account Management Platform
Our integration with our clients account management/servicing platform provider was a critical component of their partnership. We acted as our clients advocate throughout the integration process, ensuring a seamless and efficient setup. This advocacy was crucial in addressing any challenges and ensuring a smooth transition.
Efficient Remediation and Support
When remediations were required and further support or requests came from our clients sponsor bank, Bloom Credit efficiently prioritized these needs. Their ability to address and resolve issues with little to no friction ensured satisfaction for both the bank and our clients business operations.
Automated Reporting:
With Bloom Credit’s automated Metro2 reporting, our client can streamline its reporting processes, freeing up valuable time and resources for other business priorities. This automation not only enhances efficiency but also ensures ongoing compliance with regulatory standards.
Enhanced Visibility:
While Bloom Credit’s responsiveness to inquiries is appreciated, providing our client with enhanced reporting visibility. This improved visibility allows our client to track customer reporting statuses more efficiently and make more informed decisions.
Comprehensive Support
Bloom Credit offers extensive support across various aspects of credit reporting, including data access, data furnishment/reporting, and credit bureau dispute handling. This comprehensive approach ensures that all facets of our clients credit operations are managed effectively and efficiently.
Scalability with AWS
Running on AWS, Bloom Credit provides the scalability and robust performance necessary for our client to grow without constraints. This ensures that our client can handle increasing volumes of data and users seamlessly, supporting their expansion goals.
Furnishing credit data is an inherently bursty business process. Although data can be furnished more frequently, most lenders report on a monthly basis in order to align with statement periods. Bloom relies on AWS technologies to help with the scaling. Services are deployed on EKS, and scaled automatically through Karpenter and Cluster Autoscaler. Similarly, Bloom leverages Aurora Serverless Postgresql in combination with Elasticache for Redis in order to ensure that database transactions do not become a bottleneck in the monthly processing process.
Continuous Improvement
Bloom Credit’s commitment to continuous improvement and innovation has been instrumental in helping our client stay ahead of industry trends and regulatory changes. Their forward-thinking approach ensures that our clients reporting infrastructure remains cutting-edge and compliant.
Conclusion
Bloom Credit serves as a trusted partner for our client, offering expertise, guidance, and automation solutions built by Bloom on AWS, to streamline operations and ensure compliance. With Bloom Credit handling infrastructure tasks, our client can focus on driving growth and delivering value to its customers.This partnership underscores Bloom Credit’s role in empowering businesses with the tools and support needed to succeed in a competitive market.