Bloom 2024 Furnishment Updates

It’s been a busy year at Bloom. In case you missed it, our Bloom+ product won Best in Show at FinovateSpring 2024. We’re excited about this honor, primarily because it cements to us that banks, credit unions, and investors see the credit data problem as a big one to be solved. We’re happy to be part of the solution.

Here’s what else we’ve been up to in the first (almost) half of 2024…

Business Bureau Reporting

Clients can now report business accounts to the Business Bureaus to improve their business credit scores.

Input/File Generation Validations

We implemented 68 data validations that either would flag invalid inputs according to the CRRG or auto-populate the correct values according to the CRRG. This will help ensure:

Data accuracy
Compliance and reporting
Fewer errors at file generation
Overall trust from partners
Better internal decision-making on behalf of the business

Account / Consumer Event Reporting

This is important as it allows for proper Compliance Condition Codes, Special Comment Codes, and Consumer Information Indicators to be reported:

Bankruptcy
Foreclosure
Forbearance
Disputed

Added 2023 CRRG® Revisions

We have made updates according to the 2023 version of the Credit Reporting Resource Guide® (CRRG®), to accommodate new requirements for reporting residential rentals.

Added New Account Types

We have added the following account types for furnishment:

Telecommunications/Cellular
Utility Company
Business Line Personally Guaranteed
Business Loan
Rental Agreement

Interested in More Insights

Enter your info to talk with one of our credit experts.

hbspt.forms.create({
region: “na1”,
portalId: “4358719”,
formId: “35f9d166-0212-41d6-9d72-46c248bfd6b2″,
css: ”,
cssRequired: ”
});

Back