Finding the right lending API can seem like a daunting task. It’s true that businesses need access to important customer data in order to make the best decisions about their clientele. For any company dealing with loans or investments, this type of information is essential. Even property businesses, such as rental properties, need access to a potential client’s credit history.
A credit report is a powerful way to gain insight into a potential client’s history and financial responsibility. For some companies this is a vital part of their success as the customer’s ability to manage the investment well is very important. While accessing credit reports is nothing new, there are many benefits to having an internal lending API that can give your team and client instant access to credit scores and more.
Having an in-house option to run credit reports and other important consumer data can be a huge advantage. This means you no longer need to use third-party services to get this vital information and can stand out from the competition.
If you’ve been wondering how to find the right lending API for your business, here are some tips to keep in mind!
First the most important
The first thing to do when looking for a lending API is to make sure the service you’re getting to run this consumer data you need comes from the three main lending bureaus. Data from Equifax, Experian and Transunion gives you and your team the most complete and powerful view of the customer.
Your business should never be threatened by the possibility of a bad investment. In many ways, this should not be an area of risk that you or your company should be willing to take. Therefore, pulling data from these three lending offices is the best way to get the information you need to make the best possible decision.
All the information you need
When the lending API uses technology that gives you quick and reliable access to vital information. While pulling a prospect’s credit report is important, there is other important information about the customer that can also help you and your team get a more complete view of the prospect. Reports such as Income Verification, Income Score Models, Self-Employment Verification, Lien Information Reports, and Business Identity Reports should be available through the Lending API you choose.
Customer service and compliance are key
Here’s the thing, when it comes to getting your own internal lending API, you’re always faced with the option of going through third-party options instead of bringing an internal tool. This might look like requiring those reports before allowing your clients to consult, or directing them entirely to a third party.
By having an option for this type of report service on your website or app, you reduce the war between your company and the real customers. While this can be attractive, this is something that should not be taken lightly. When dealing with important consumer data, there are many factors to consider, and compliance is key.
The Fair Credit Reporting Act, or FCRA, enforces the protection of your customer’s credit information and can be a hurdle to overcome, but also a lot to keep track of. These rules governing compliance are strict and the results of compliance errors can be costly. Working with a lending API that not only simplifies and streamlines this information, but also offers professional compliance guidance is critical.
Using a company with enterprise-grade customer support that can offer security from compliance complications is critical to a successful Lending API.
Access to customers
While it’s possible to get a consumer data report for your team, making this option available to your client can set your business apart from the competition. Allowing your customers to access their own reports through a user-friendly widget integrated into the website or mobile app experience is critical.
Customers now have more options than ever before, so they’ll appreciate giving them the opportunity to qualify with your website or mobile app.
Simple, fast integration
When looking for the perfect lending API, look for an option that can be integrated into your current ecosystem. This means an API and a team capable of integrating this service into the tools you and your team currently use. This can help simplify the use of credit reporting software in your business and ease the learning curve.
Conclusion
Finding an API to borrow can help take your business to the next level and give your teams the valuable insight they need. With these tips, you can find the right lending API that’s perfect for your business and your customers.
Read more Author: Alex Jones Alex gained experience as an entrepreneur and real estate investor. He helps various business owners expand their business and guides them to achieve the success they desire. He also writes to help all aspiring entrepreneurs belonging to any industry ranging from real estate, healthcare to information and technology.
Categories: How to
Source: HIS Education