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Tag: credit

  • Alliant First to Sign Digitunity’s Corporate Pledge to End Digital Divide

    Alliant First to Sign Digitunity’s Corporate Pledge to End Digital Divide

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    By weaving digital inclusion practices into their strategic initiatives, partners can help achieve equity in education and employment while building communities and civic engagement.

    Digitunity, a national non-profit organization that connects low-income people with the computer donations they need, announced that Alliant Credit Union has signed The Corporate Pledge to End the Digital Divide, becoming the first national Cornerstone Partner in the quest to close the “digital divide.”

    Since the mid-1980s, Digitunity, its predecessor organization, and community partners have placed hundreds of thousands of computers with people in need. Providing that technology is essential for helping people to succeed in school, participate in the economy, and improve their communities.

    Alliant, a nationwide digital credit union and one of the largest challenger financial institutions, has more than 650,000 members nationwide and $15 billion in assets. By signing The Corporate Pledge to End the Digital Divide, Alliant commits to support digital equity by donating new or end-of-cycle computers or making a financial contribution to advance computer access and digital skills.

    They will also engage employees, members, and partners in the work of digital inclusion, and introduce other leaders in business, government, education, philanthropy, and community to The Corporate Pledge to End the Digital Divide.

    “We are thrilled to have an organization like Alliant, with its foresight, social consciousness, and national reach, join us in our mission to close the digital divide,” said Scot Henley, Executive Director of Digitunity. “With Alliant as a partner, we will be able to elevate the issue, accelerate our efforts, and help more families.” 

    Alliant Credit Union is a natural choice as a founding partner in Digitunity’s program. The financial services giant sponsors technology donation programs, encourages staff and members to volunteer as “digital navigators,” and issues grants to community groups working toward digital equity through its charitable foundation.

    “As a digital challenger in the financial industry, we feel a particular obligation to create a more equitable digital world,” Dennis Devine, President and CEO of Alliant Credit Union said. “We achieve this mission through key strategic partners like Digitunity, who embody our guiding principles to be more savvy, selfless, and socially responsible. We’re proud to be the Cornerstone Partner in their effort to close the technology gap.”

    More than 36 million people in the United States lack access to basic technology most people take for granted, including reliable internet access, a computer, and the skills to use digitally-connected devices. The problem disproportionately affects communities of color, but persists across all boundaries from coast to coast. 

    This disparity between resourced and under-resourced communities is known as the “digital divide.” It permeates into every aspect of life, creating educational, economic, and career disenfranchisement. Children are unable to complete homework. Parents cannot search for and apply for jobs. Families are cut off from access to community services.

    Through the Corporate Pledge to End the Digital Divide, Digitunity hopes to align the support and collective voice of influential, resourceful organizations in business, government, education, philanthropy, and community organizations with the passion and dedication of their Digital Opportunity Network, which includes nearly 1,500 frontline, community-level groups. 

    “The number-one predictor of economic success used to be a high school diploma. Now, it’s having access to technological tools and the skills to use them,” Susan Krautbauer, Senior Director of Strategy and Development at Digitunity, said. 

    This national-scale gap in opportunity is multi-faceted and pervasive. It results from a number of interwoven, systemic issues. Solving it will require building and expanding collaborations on a similar scale. It is the reason Digitunity launched the Corporate Pledge to End the Digital Divide.

    “Because of the nature of this issue, we believe fostering collaboration and relationships between entities throughout the community, businesses, service providers, community leaders, volunteers, government representatives, academics, and the media, is critical for creating an inclusive future,” Krautbauer said. “No one organization can do this alone, but together, we can ensure underrepresented, marginalized people have access to the technology they need to thrive today and in tomorrow’s digitally-connected society.”

    The four pillars of Digitunity’s pledge are:

    • Access to Technology – People must have access to secure, reliable, and connected large-screen devices to work, learn, and develop the skills they need.
    • Digital Skills & Education – Digital literacy is fundamental to education, finance, employment, telehealth, communication, security, community, and efficiency. 
    • Community Engagement & Impact – Those in need benefit most from engaged people and organizations in their communities. Those systems need to enable and sustain impact.
    • Achieving Change – There is a direct line from racial inequity to poverty, and poverty to the digital divide. The corporate sector is a critical partner in developing innovative solutions that can benefit marginalized communities while having broad societal benefits.

    Each organization that commits to the Corporate Pledge to End the Digital Divide will be:

    • Provided ongoing opportunities for active participation and engagement to bolster desired outcomes.
    • Receiving access to a variety of tools, resources, research, and thought-leadership opportunities.
    • Recognized by name and organization on the Corporate Pledge webpage on the Digitunity website. 
    • Included in a quarterly press release announcing new organizations that join.
    • Featured in promotional and media campaigns to promote overall participation and adoption.

    “We’re thrilled with the commitments we’ve received so far. We welcome everyone who wants to join in the coming months,” Krautbauer said. “Together, we can move beyond incremental change to create a future where everyone can thrive in education, employment, and connectedness.”

    Digitunity is in discussion with a number of leading businesses and other organizations. They will be announcing new partners in the weeks to come. Please visit Digitunity.org to learn more about Digitunity and the Corporate Pledge to End the Digital Divide. You can sign the pledge at digitunity.org/sign-the-pledge.

    About Digitunity

    Digitunity is leading a national strategy to eliminate the technology gap at scale. We work to ensure everyone who needs a computer has one. We partner, lead, coordinate, educate, ignite, and unite people, ideas, and solutions. The entrenched issues of the digital divide, highlighted and exacerbated by the pandemic, require a new approach. Leveraging far-reaching goodwill and maximizing resources for digital inclusion, Digitunity is well-positioned to make meaningful progress on this critical national issue.

    Core to Digitunity’s work is the Digital Opportunity Network, a national collective of nearly 1,500 frontline, community-level organizations. The Network is a constellation of practitioners with specialized skills in serving marginalized populations, such as people with disabilities, economically disadvantaged individuals, older adults, veterans, and children. Based in North Conway, NH, Digitunity is a fully remote nonprofit organization, with staff and board members across the United States. To learn more about our mission, visit www.digitunity.org.

    About Alliant Credit Union

    Alliant is one of the largest credit unions in the nation, serving over 650,000 members nationwide with more than $15 billion in assets. As a digital financial institution, part of Alliant’s social mission is to help bridge the digital divide and create equitable digital access for all. Alliant’s digital inclusion initiative includes partnerships with the National Digital Inclusion Alliance, Everyone On, Digitunity, Connected Nation and PCs for People.

    Media Contact:

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Digitunity

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  • How to Establish Credit with a Credit-Builder Loan

    How to Establish Credit with a Credit-Builder Loan

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    Many companies featured on Money advertise with us. Opinions are our own, but compensation and
    in-depth research determine where and how companies may appear. Learn more about how we make money.

    Receiving credit approval can be tricky. It’s difficult for a borrower to qualify for loans and credit cards if they don’t have a good credit history. Creditors want proof that you don’t overspend and can pay your bills on time. If you don’t already have an established credit line, you may struggle to demonstrate that you’re a reliable borrower.

    Luckily, borrowers can improve their credit scores through credit-builder loans. Keep reading to learn more about these loans and who should apply for one.

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    What is a credit-builder loan?

    Community banks and credit unions sometimes offer credit-builder loans as a way to give borrowers a chance to show they can make regular payments to pay off a loan or debt. Ultimately, a credit-builder loan builds or rebuilds a positive credit history.

    How credit-builder loans work

    A credit-builder loan is a little different from a traditional loan. A lender holds money in a federally insured savings account. Every month, you pay the lender as though you are paying a credit card bill or loan, and your lender reports those payments to the credit bureaus. As long as you pay your credit-builder loan payments on time, your credit score should improve.

    Unlike a traditional loan, the borrower doesn’t receive money at the loan closing. Instead, once the lender obtains the last payment, the borrower receives the funds.

    How much is a credit-builder loan?

    Since the objective of this loan process is to help the borrower establish a good credit history, terms and amounts are different from a traditional loan.

    Lenders offer these loans in small amounts, such as $500 to $1,500. Some loans go as high as $5,000. You make payments over the term of the loan, which is typically one to two years.

    Who needs a credit-builder loan?

    People who are trying to establish credit or rebuild it after a major financial discrepancy, such as bankruptcy, may want to consider applying for a credit-builder loan. These loans also help people trying to build credit for the first time in their lives, such as recent college graduates, divorcés or immigrants.

    For example, a recent college graduate who doesn’t have a credit card can use it to establish a positive credit history. After going through the credit-builder loan process and developing a good credit history, they may have an easier time renting an apartment or getting a mobile phone account. These types of first-time borrowers may see a bigger boost in their credit score than someone rebuilding their credit.

    To qualify for this loan, you should have an income that allows you to make $50 to $100 monthly payments for the loan’s term. Unresolved financial judgments can make it more difficult to qualify. Make sure you pay outstanding debts before applying for a credit-builder loan.

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    The importance of credit history

    Credit bureaus calculate your credit score based on several credit data points, including your credit history. In fact, your credit history makes up 35% of your entire score. It’s important to maintain a good credit history for your financial future.

    Ultimately, applying for a credit-builder loan is a good way to establish credit. It may eventually lead you to qualify for other loans, such as a car loan. Credit-builder loans can also help you obtain future loans with lower interest rates.

    Disclaimer: This story was originally published on June 1, 2022, on BetterCreditBlog.org. For more information on building your credit please visit: https://money.com/how-to-build-credit/.

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    Aaron Crowe

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  • Decipher Credit and First Corporate Solutions Announce Integration Partnership

    Decipher Credit and First Corporate Solutions Announce Integration Partnership

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    The integration partnership between Decipher Credit and First Corporate Solutions will provide shared users with access to increased due diligence automation and faster approval in commercial lending.

    Press Release



    updated: May 3, 2022

    Decipher Credit, the leading automation platform for specialty commercial lenders, announced its integration partnership with First Corporate Solutions to help its users accelerate the capture and onboarding of new clients and perform due diligence instantly. Shared users will be able to perform UCC search and filing automatically directly from the Decipher origination and underwriting platform and benefit from trusted First Corporate Solutions services.

    “We are pleased to partner with Decipher Credit to offer a turn-key solution for commercial lenders that are looking to streamline their lending approval workflow and close deals faster,” said Samuel Hon, CEO of First Corporate Solutions. “Decipher Credit is highly experienced and trusted within the factoring community and their on-the-go portal automates the processing of loan applications to mere seconds. We share a desire to build cutting-edge solutions that optimally serve the specialty lenders we have both worked with for numerous years.”

    “We are excited to partner with First Corporate Solutions,” said Raul Velarde, CEO of Decipher Credit. “It’s clear that our customers are looking for increased automation and to be able to accelerate UCC search and filing enables them to approve prospects faster and win more clients in a very competitive lending environment. First Corporate Solutions is also a leader in the factoring, asset-based lending, and commercial lending industry and we share many commonalities, including partnering with our clients to help them increase lending efficiencies and make better lending decisions.”

    “The need for integration of existing environments with a platform like Decipher is increasing so that lenders can cut down on manual tasks and quickly onboard new clients. The shared expertise in specialty lending and commitment to technology also make our partnership a clear win for both companies and their clients,” Mr. Velarde added.

    About Decipher Credit

    Decipher Credit is a financial technology company that empowers traditional lenders to offer the latest digital tools to streamline origination, accelerate underwriting and approval, and win more clients. The Decipher cloud-based platform gives commercial lenders access to sophisticated loan origination and risk management technology, with an easy and secure application portal, underwriting automation, risk scoring, and auto approval as well as document management with digital signature. A preferred vendor of the International Factoring Association, Decipher also provides credit and background reports, bank account data verification and monitoring as well as connections to accounting systems for instant financial spreading and accounts receivable and payables analysis. Its newest product, Fast Lane Freight, helps transportation factors automate every step of the origination and approval process, including UCC search and file and allows them to take on new carriers in seconds. For more information or to schedule a software demo, visit https://deciphercredit.com/. For more information on the Decipher Fast Lane Freight product, visit https://deciphercredit.com/freight-factoring-origination/

    About First Corporate Solutions
    First Corporate Solutions is a leader in global UCC and corporate risk management with 30 years of experience in the industry. FCS is committed to building robust solutions that streamline business transactions through the intuitive FICOSO Online platform and flexible API options. FCS delivers public records search, retrieval, filing, monitoring and portfolio management solutions with a commitment to accuracy and personalized customer service unmatched in the industry. As a preferred vendor of the International Factoring Association for the past 14 years, FCS has established itself as a trusted partner of legal and financial professionals to rely upon when perfecting and maintaining their security interests. For additional information, please visit https://ficoso.com/factoring/.

    Media Contact:
    Paula Claro 
    Marketing Director
    (301) 798-9778
    paula@deciphercredit.com
    https://deciphercredit.com/ 

    Source: Decipher Credit

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  • Swigart Law Group Files Lawsuit Against Kia Motors Alleging Fair Credit Reporting Act Violations

    Swigart Law Group Files Lawsuit Against Kia Motors Alleging Fair Credit Reporting Act Violations

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    Cohn v. Kia Motors Finance, et al., U.S.D.C., S.D. Cal., Case No. 3:21-cv-02078-L-RBB

    Press Release


    Jan 19, 2022

    In December of 2021, the Swigart Law Group, APC, filed a lawsuit against Kia Motors Finance, Equifax Information Services, LLC, Experian Information Solutions, Inc., and Trans Union, LLC. The complaint filed by the Swigart Law Group alleges multiple violations of the Fair Credit Reporting Act and seeks monetary damages on behalf of Plaintiff Michelle Cohn.

    See a copy of the Swigart Law Group, APC complaint below or here.

    About Swigart Law Group, APC

    Swigart Law Group, APC is a consumer protection and privacy law firm that helps people who have been injured by online companies, banks, employers, drug and medical companies, or large companies. We pride ourselves on our ability to deliver a seamless customer experience and competent representation for consumers nationwide.

    Media Contact: Joshua B. Swigart, P: 866-219-3343, D: 619-728-6348, F: 866-219-8344, josh@swigartlawgroup.com

    Source: Swigart Law Group, APC

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  • Commonwealth Credit Solutions Launches a Practical, Effective Course on Understanding and Building Credit

    Commonwealth Credit Solutions Launches a Practical, Effective Course on Understanding and Building Credit

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    Expected August 2020, Commonwealth Credit Solutions is launching its interactive video learning course on diycrediteducation.com to help people understand the world of credit and how to build their own.

    Press Release



    updated: Jul 31, 2020

    ​Commonwealth Credit Solutions is launching an interactive video learning course, available on diycrediteducation.com in August 2020, to help educate those who were never taught fundamental personal finance concepts, specifically regarding the world of credit. The course highlights ideas like how to build positive credit, how to dispute inaccuracies on one’s credit file, how to access the in-house credit attorney for additional support, and to invest in oneself by learning skills that will benefit long-term success.

    “It’s our job and passion to teach everyone about credit; it’s what you weren’t taught in high school,” says Matt Bratcher, Chief Executive Officer of Commonwealth Credit Solutions. “With the proper education, the ins and outs of credit can easily be grasped. Unfortunately, credit and personal finances are rarely a large focus of education for many schools in our nation. It is our duty to educate as many people as possible to ensure consumers have the lifelong skills necessary to confidently make buying decisions, save as much money as possible, understand their rights when it comes to credit reporting and debt collection, and how to protect their identity.”

    The course was designed for everyone who felt they were never properly taught about the world of credit, everyone who wants a better understanding of the credit system and how to use the system to their advantage without creating debt, anyone that has been turned down for a loan, credit card, insurance, or an apartment, and everyone interested in legally removing inaccurate, erroneous, or outdated negative items from their credit reports.

    Featured in a number of trusted financial outlets including Forbes, Reuters, Bloomberg, Business News, and more, Commonwealth Credit Solutions is one of the only companies in the industry with an A+ rating with the BBB and is powered by In-House Counsel. Lead attorney David Hemminger, PSC, was named one of the top attorneys of North America for 2018-2019 by Who’s Who and has helped clients recover hundreds of thousands of dollars in settlements for violations committed by the credit bureaus and collection agencies.

    About Commonwealth Credit Solutions

    Commonwealth Credit Solutions is a credit education and counseling company with an A+ rating from the BBB that has helped thousands of clients reach their goals of homeownership, purchase their dream car, or simply sleep better at night because of better credit.

    Media Contact: 

    Matt Bratcher

    ​Phone: 502-917-0077

    Email: info@diycrediteducation.com

    Source: Commonwealth Credit Solutions LLP

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  • Paid Credit Repair Increases Consumers’ Credit Scores Surprisingly Well, New Study by Credit Knocks Finds

    Paid Credit Repair Increases Consumers’ Credit Scores Surprisingly Well, New Study by Credit Knocks Finds

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    In a nationwide survey, 58.6% of U.S. adults (ages 25+) who paid for professional credit repair services received a 75 point credit score increase or higher. Credit repair services were also shown to be more effective when consumers stayed with the repair company for over 6 months. But buyer beware! 12% of respondents thought the repair company’s business practices were ‘Shady’ or ‘Borderline illegal.’

    Press Release



    updated: Oct 23, 2019

    According to new research from Credit Knocks, ​48.1% of consumers who paid for professional credit repair services for 6 months or more saw an increase of 100 points or more to their credit score. Only 12% of respondents said they had a credit score increase of 24 points or less.

    Overview of Credit Repair Services – Credit repair is a $3 billion per year industry in the U.S. according to IBIS World. Companies that provide credit repair services help consumers with bad and/or damaged credit. Common services offered are the removal of negative items from the customers’ credit reports (late payments, charge offs, collections), setting up payment plans with creditors, and debt consolidation plans.   

    Impact of the Study – Many personal finance experts question if credit repair companies are truly effective and question if credit repair is ethical.  The Credit Knocks study surveyed 500 U.S. adults ages 25+ in October 2019 and found that a surprisingly high percentage of respondents indicated a positive credit score gain, especially when the respondents stuck with their credit repair company for 6 months or more, and mostly reported a favorable user experience. Some of the key statistics found were:

    • The most common credit score gains reported were 100 to 149 points (26% of respondents) and 75 to 99 points (17.2% of respondents) compared to only 8.4% who reported a gain of 0 to 24 points
    • 48% of respondents who used credit repair services for 6 months or more saw an increase of 100 points or more to their credit score
    • 31% of respondents said the lifetime total of all monthly fees, start-up costs, and additional fees was between $250 to $500 (most prevalent answer)

    Consumers’ Surprising Criticism of Credit Repair Companies – Even though consumers’ results (as measured by credit score increase) were very impressive overall, a significant percentage of consumers criticized their companies’ business practices and billing.  Key statistics:

    • 12% of respondents thought the repair company’s business practices were “Shady” or “Borderline illegal”
    • 25.8% thought the credit repair company kept them as a client longer than it should have taken – They felt “strung along”
    • 18.6% said the credit repair company made it difficult to cancel

    For questions about the survey or to comment on the findings, contact Chris Huntley at chris@creditknocks.com.

    Credit Knocks is the #1 resource for individuals with a 400-720 credit score to improve their credit.  

    Source: Credit Knocks

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  • Credit Card Authorized Users Enjoy Higher Credit Scores, New Study by Credit Knocks Finds

    Credit Card Authorized Users Enjoy Higher Credit Scores, New Study by Credit Knocks Finds

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    U.S. adults (ages 20 to 29) who were added as authorized users to credit cards were nearly 2x as likely to have a 680+ credit score than non-authorized users. The ‘authorized user effect’ may be a more significant variable to credit score than race, income, or education.

    Press Release



    updated: Sep 25, 2019

    According to new research from Credit Knocks, 46.4% of credit card authorized users enjoy a 680+ credit score compared to 27.7% of non-authorized users with a 680+ credit score.

    Overview of the Strategy – ​One little-known strategy in the credit improvement space is for individuals with bad credit to ask a friend or family member who has an established credit card account if they can be added to the account holder’s credit card as an “authorized user.” By doing so, many credit cards report the account’s payment history to the authorized user’s file at the credit bureaus. The strategy allows authorized users to “inherit” the benefits of the account into their own credit file, such as payment history, account age, and credit limit – all of which are factored into one’s credit score.  

    Impact of the Study – Some personal finance experts question if the authorized user strategy really works. The Credit Knocks study surveyed 570 U.S. adults ages 20 to 29 in April 2019 and found a direct correlation between people who had been added as authorized users and good credit scores. In some cases, the authorized user effect also trumped the impact of ethnicity, income, and education on the respondents’ credit scores. Of the respondents who had been added:

    • Only 13% of authorized users had a credit score under 600, compared to 24.6% who had not been added
    • 46.4% had a 680 or higher credit score, compared to 27.7% who weren’t added
    • 27.5% had a 639 or lower credit score, compared to 39.9% who weren’t added
    • 48.2% of all respondents had never heard of the strategy
    • 21.6% of respondents had asked a friend or family member to add them 

    The Authorized User Effect on Minorities – It has been widely studied and reported that Black and Hispanic Americans’ credit scores are disproportionately lower, on average, than white and Asian Americans’ scores. However, the study shows that minorities who’d been added as an authorized user had higher credit scores than white Americans who had not been added, on average. For example:

    • ​52.4% of Black and Hispanic authorized users had a credit score of 680 or higher
    • 30.5% of White and Asian non-users had a credit score of 680 or higher

    The study showed a similar pattern of the authorized user’s effect on overcoming the barriers to good credit scores imposed by low income and low education.

    For questions about the survey or to comment on the findings, contact Chris Huntley at chris@creditknocks.com.

    Credit Knocks is the #1 resource for individuals with a 400-720 credit score to improve their credit. 

    Source: Credit Knocks

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  • Trust Science and Inovatec Systems Team Up to Release World’s First End-to-End Loan Management Platform Powered by Alternative Credit Scores

    Trust Science and Inovatec Systems Team Up to Release World’s First End-to-End Loan Management Platform Powered by Alternative Credit Scores

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    Lenders now have the ability to reliably find, score, lend to and manage the loans of 64 million unbanked and under-banked consumers in the United States alone

    Press Release



    updated: Jun 12, 2019

    ​​Trust Science Inc., a leading provider of AI-powered credit scoring, and Inovatec Systems Corporation, a new breed of Loan Operating System (LOS) provider, announced today they will partner to release a fully automated lending platform that enables end-to-end loan management across the entire credit spectrum.

    Lenders can be up and running on a fully customized LOS and an AI-powered loan underwriting model within weeks, not months (or years).

    Trust Science CEO Evan Chrapko comments, “This partnership gives lenders the ability to accurately score and lend to an additional 64 million consumers in the U.S. alone, with unprecedented accuracy and speed. The end-to-end, customizable nature of Inovatec Systems’ LOS makes it a perfect partner for Trust Science and our API-based scoring solution.”

    Bryan Smith, VP sales & marketing at Inovatec, shares a similar sentiment. “With this partnership, Inovatec Systems will now be able to automate the powerful AI tools at Trust Science alongside traditional credit scoring and risk measurements. Our lenders will have instant access to the Trust Science Six°Score™ to determine creditworthiness based on alternative, uncorrelated data, generating simple and powerful results for a more complete risk assessment of the individual.” He continues, “The Trust Science tools will be integrated into our Compass Asset Finance (CAF) for credit and funding, driving more innovation and thinking differently.”

    Mark Eleoff, CEO of Eden Park Inc. and a customer of Trust Science and Inovatec Systems, remarks, “Both Trust Science and Inovatec Systems have proven themselves to be innovative, value-added and very customer centric in working with us to improve our credit decisions.”

    A BETA version of the integration has been underway for several months, and general release is expected in June.

    About Trust Science Inc.

    Trust Science provides AI-powered alternative credit scoring to lenders, helping them sift prime borrowers from wrongly scored subprime applicants. Trust Science gathers alternative unstructured data and consented mobile data using its patented (30-plus patents across six countries) data collection methods and builds custom underwriting models for short-term, installment, direct auto and indirect auto lenders. Lenders see increases in their loan origination volumes, reduction in default rates and double-digit ROI. For more information, please visit https://www.trustscience.com/.

    About Inovatec Systems Corp.

    Inovatec Systems Corporation provides industry-leading, cloud-based software solutions for any financial institution, any type of transaction. All solutions can be brought together in a single seamless and branded platform that can be opened to external partners and customers. Capture any marketplace – full, robust ecosystem to drive the online customer/lead to you, streamline and facilitate the processes of crediting, auditing, funding and income verification for financing applications plus full servicing and portfolio analytics in the leading-edge LMS. For more information, please visit https://www.inovatec.com/.

    Press Contacts:

    Bryan Smith
    Inovatec Systems Corp. | VP, Sales & Marketing
    bsmith@inovatec.com
    (647) 269-9449

    Bryan Katis
    Chief Product Officer, Trust Science
    bryan.katis@trustscience.com
    (678) 468-7391

    Source: Trust Science

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