CredCredit Checker: A solution for lenders to make efficient credit decisions instantly
Underwriting is evaluating the quality of a loan application and deciding whether or not to extend a loan. It is more complicated than simply looking at a borrower’s credit score/credit history. It necessitates evaluating dozens of variables in a credit report and determining the likelihood of repaying a loan. Lenders who still use the manual underwriting process fail to deliver timely decisions. It is because of the lengthy and complex steps required to make a credit decision using manual underwriting. It is prone to errors because evaluating the report and reaching a conclusion requires human intervention, paperwork, and approximately 50 other steps. Approval/rejection of an application also takes more than a week. As a result, lenders face a significant challenge.
Cloud Maven, Inc. has come up with Credit Checker to overcome these issues. It is an automated credit reporting and decision-making tool that uses real-time credit data from Experian, Equifax, TransUnion, LexisNexis, and Work Number using any standard or custom Salesforce object to make accurate credit decisions. Credit Checker allows lenders to pull an unlimited number of credit reports automatically/manually via single/joint or bulk requests. It provides detailed credit information such as Experian precise ID verification, LnJ data, Employment, and income verification, driving license verification, FICO & Vantage scores, and others to facilitate analysis and reporting. It supports soft and hard pull credit inquiries with/without SSN and SIN.
Its unparalleled features make it the best software to pull credit reports available on Salesforce AppExchange. It automates credit decisions by approving or rejecting credit applications based on company policies. Businesses can change or create new rules to make more precise credit decisions. It can also be integrated as an API into an existing workflow to validate existing data. It also provides unlimited OFAC checks on individuals and entities. According to your business requirements, it also supports customizable single/dual/tri-merge reports.
The benefits of using Credit Checker are as follows:
Faster loan approvals will increase the bank’s loan closure rate
Automated monitoring and reporting on existing profiles
Lower regulatory compliance costs
Ability to re-use origination data
More consistent underwriting and better return on risk
Reduces human error and frees up valuable time for employees to work on other tasks
Integrate Credit Checker into your workflow to acquire instant credit reports and instantly learn about the applicant’s creditworthiness to make impactful business decisions. The app is available on Salesforce AppExchange. Please get in touch with us at info@cloudmaveninc.com for a 30-day free trial of the product or any other Salesforce consulting services.
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