NEW YORK, February 15, 2022 /PRNewswire/ — Bloom Credit (www.bloomcredit.io), an API platform company that simplifies the way businesses integrate with credit bureaus, today announced that it has expanded its Furnish by Bloom Credit™ suite of products to further help lenders easily and compliantly manage consumer credit disputes. Current customers using Furnish by Bloom Credit managing disputes includes Ava Financeamong others.
Consumer credit disputes represent one of the most significant issues in providing credit payment data to credit bureaus under the Fair Credit Reporting Act (FCRA). In a study published last summer, consumer reports found that over 34% of consumers discovered inaccuracies on their credit reports in 2020, while the Consumer Financial Protection Bureau (CFPB) received more than 280,000 consumer complaints regarding credit reporting issues, as reported by the New York Times.
Beyond the innate frustrations of borrowers and the resulting pressures on lenders, the skill and time required to resolve consumer disputes accurately and quickly can be considerable: Federal law requires that consumer disputes be resolved within 30-45 days, which often presents an investigation resolution process that takes additional time and difficulty when complex information is at stake.
“Innovative lenders trying to improve and democratize consumer credit are often suffocated by limited resources, slow onboarding times, and cumbersome dispute management processes – and we’re here to help” , said Christian Widhalm, CEO of Bloom Credit. “Bloom Credit is committed to providing industry-leading insight into home furnishing considerations and simplifying the handling of consumer disputes.”
Bloom Credit is a B2B fintech platform that simplifies credit data interconnectivity for innovators and developers, helping to access credit data scoring, monitoring and delivery solutions to develop a new class of products and credit services in a fraction of the time it has traditionally taken.
“Partnering with Bloom Credit has significantly reduced the burden of handling consumer credit disputes, allowing us to focus on growing our business,” said Reza RahmanPresident of Ava Finance.
Furnish by Bloom Credit™ was launched in August 2021 to further help lenders reduce credit reporting errors and reduce the negative impact these errors cause to consumers. It also helps non-bank lenders, who may not currently provide credit data, avoid lengthy and complicated integrations with major credit bureaus while strengthening the underlying credit reporting system for consumers in general.
Bloom Credit raised $17M total funding, including $13M in October 2020 directed by Allegis NLwith Businesses resolved, Slow businesses, and Commercial enterprisesincluding an unannounced precedent $3 million angel investors, including Better Tomorrow Ventures Sheel Mohnot and Jake Gibsonfounder of the acorns Jeff CruttendenFounder of Marqueta Jason Gardnerformer vice-president of Personal Capital Marc Goinesand former president of Prosper Ron Suber.
About Bloom Credit
Bloom Credit is an API platform company that delivers all bureau and score-related products through a single, easy-to-use API integrated with all three credit bureaus, helping to develop a new class of credit products and services in one. fraction of the time. has traditionally taken, enabling significant applications that can improve consumer creditworthiness. Bloom Credit is based in New York. www.bloomcred.it
SOURCE Bloom Credit