For years, CreditUpdates.com has been a leader in the direct to consumer credit reporting industry offering a number of unique benefits for the consumers market. Its latest move has the potential to impact not only customers, but loan officers too, and society in general. Credit Updates is partnering with ScoreApprove to help lenders across the U.S. to become a “go-to” source for credit scores and reports. In doing so, the company hopes to leverage its exclusive access to credit information to facilitate and improve what can be a complex application process.
Growing Need for Lenders and Borrowers
Since the mortgage meltdown of 2007, obtaining bank loans and lines of credit has become increasingly difficult. Tight federal regulations have hamstrung the industry, creating strict policies, and requiring more documentation and “red tape” than ever. As a result, lenders have virtually no “wiggle-room” or flexibility. To exacerbate the problem, paperwork and compliance hassles can take hours, sometimes days, for lenders to resolve, and sometimes at the end of the long process, borrowers are declined, which can be a source of frustration.
Businesses like CreditUpdates.com and ScoreApprove help simplify the process by allowing lenders and applicants to enter the process well-prepared, armed with detailed knowledge about their credit score and report.
“Many loan applicants are not aware of their credit information until it’s too late,” says CreditUpdates.com CEO Mike Brown, “They spend weeks applying and submitting financial information, only to discover their credit rating is too low. Not Credit Updates members. They’re smart and informed, with access to extensive credit information right at their fingertips.”
Why Lenders Choose Credit Updates and ScoreApprove
CreditUpdates is hoping to transform the process, making it simpler and more streamlined than it’s been in a decade. By partnering with ScoreApprove and working with lenders around the country, lenders can help maximize the use of their time by allowing them to focus on applicants who are most likely to qualify and apply for the optimal size loan.
By joining forces with CreditUpdates and ScoreApprove, lenders believe they can qualify more applicants by being smarter about how they operate.
“Until now lenders have been very limited,” says Brown. “A lot of confusion surrounded the process, magnified by the fact that most borrowers came in unprepared. Many didn’t know their current score, and were reluctant to pay a strange company for information, without knowing whether they would qualify.”
He says now that lenders have formed a partnership with ScoreApprove and CreditUpdates everything is simpler. “Consumers are not afraid to have their credit score pulled, because they trust the company doing the pulling. And people are excited to have CreditUpdates.com membership long after they complete the application process because they enjoy the peace of mind of knowing they’ll be alerted when their score changes, and well as the $1 million coverage in fraud protection.”
Focus on Security
Unlike other credit information companies, Credit Updates keeps up with the latest safety standards. “They take security extremely seriously, and use only the most advanced measures to protect our customers’ personal information and identity,” says David Ling, a top ScoreApprove executive. He adds that “Even the credit request does not negatively impact our customers’ score, because they use what’s known as a “soft” credit pull.”
In addition to credit reports, members enjoy additional features, such as credit monitoring, real-time alerts in the event of a score change, fraud and identity-theft protection and resolution, and a rewards program. The entire membership is covered by one monthly fee.
In the modern world where lenders and borrowers are growing increasingly frustrated by heavy restrictions, CreditUpdates is doing what it can to help, offering detailed credit information and scores on demand, when it’s badly needed. As time goes on, their solution is becoming more popular, and the company hopes to make the loan process a more positive experience for all parties.