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In this article, we will discuss the most important things in a credit report, soft pulls, the benefits of using soft pull reports for your business, and how they help your business avoid fraud and allow your lending business to grow faster.

Did you know that you have more than one credit score? The two largest and most well-known credit scoring companies are FICO® and VantageScore®. These two companies have become the standard for credit scoring in the United States.

Not all APIs are created equally. While a great one can improve your life significantly and lead your business to growth, a bad one can confuse employees, waste time, and disappoint customers.

The usage of application programming interfaces (API) has fundamentally transformed the lending industry as we know it in recent years. As a result, APIs are set to become the future of safer and more efficient lending.

As a mortgage broker, you should have a good understanding of the various tools available to assist your customers (realtors and homebuyers) in making the best possible financial decisions. One possible tool is using soft pulls.

More and more mortgage brokers and lenders are relying on credit reporting software for their work, which is why we are now providing indispensable credit services. Our services will help you solve mortgage-related issues that have kept you from being able to close some of the more difficult loans.

Credit report fraud is on the rise, and so is the dollar amount taken from the average American each passing year. In 2020, a total of 34% of all fraud reports to the FTC claimed money was stolen, scammed, or hijacked from their accounts after conducting internet transactions in the form of prizes, sweepstakes, lotteries, or telephone and mobile services according to an FTC report in February of 2021. 

From the locks on our cars to the passwords of our bank accounts, we seek to protect and preserve our most valuable assets and information. As new technologies advance, so do the means of infiltrating them. To better maintain our personal security, Multi-Factor Authentication (MFA) measures are implemented to secure the sensitive data we leave on the web.

Accurate client information in the hands of brokers and lenders is as necessary as the means of obtaining it. This cyclical demand creates a need for protected and streamlined information from credible sources in the world prequalification services.

Sensitive data and information is constantly shared across the web each second of every day. Businesses, lenders, and individuals alike can benefit from added compliance obligations and verification procedures to avoid common red flags and fraudulent activity.