An In-Depth Guide to Credit Report from Credit Checker’s lens: Everything You Need to Know
Understanding the credit report is not a Promethean task. Ain’t it? But understanding the core essence of it is important.
Is credit report important for the lending company and for the borrower?
A credit report is a thorough background of an individual’s borrowing history from different sources. It plays a major role in the lending industry. So, before lending money they check whether an applicant will be able to pay the debt. It is vital to the borrower as it can impact their valuable decisions of life like purchasing a house, car, or getting a loan. It helps mortgagor by providing credit score that helps in understanding current credit position.
Who needs a credit report?
Well, the answer is, just about any firm that uses the credit score to decide how likely the client will be able to pay the loan or default on a loan. It includes:
- Public and private sector banks
- Non-banking financial institutions
- Credit Unions
- Tenant screening companies
- Fintech industry
- Bankruptcy attorneys
- Housing counseling centers & Habitat of humanity
- Education centers
- Clean energy companies
The consumer requires it for financial power. It helps you to get the things you require like a loan or credit card. Better score guarantees loan and that also at a better rate, hence you emerge as a winner all the way. For an individual, checking credit report can also help them in detecting any identity theft and fraud.
How Salesforce’s native application Credit Checker helps in automating the loan process and make it easy and error-free?
One of the foremost thing lending companies do while authorizing the loan process is to check the credit score. It is crucial because the score helps the lending company to make a decision of whether to approve the loan or not. Since it is crucial, it should be done with accuracy and without errors. An accurate credit score can be pulled easily and instantly with the Credit Checker. Credit Checker makes the decision easy by automating the process which helps in improving productivity and saving time by eliminating unnecessary steps.
Credit checker is compatible with all Salesforce editions and customers can embed this application in any workflow without writing any custom code.
Credit Checker is one of the products of Cloud Maven,Inc known for providing scalable and customizable solutions. It is a fast and user-friendly application that pulls real-time credit data from major credit bureaus including Experian™, Transunion®, Equifax®, Work Number & LexisNexis®.
The application provides instant credit report (soft and hard pull), liens and judgement (LnJ), automated employment and income verification using worknumber which enables businesses make fast and accurate credit decisions. It is available on Salesforce AppExchange. Visit our website to find out more about Credit Checker.