Negosentro.com | The Best in Credit Report API | Credit report API can be a great help if you frequently deal with financial transactions. It is also a great way to look at an individual’s credit reports without shuffling through too much paperwork. The API technology provides you with a combined, easy to read credit report that can be viewed online and physically. Credit report API provides you with a host of amazing features.
Sounds interesting, doesn’t it? Keep reading to find out some of the best features in a credit report API.
- It comes in more than 30 different formats
Credit report API is primarily a document that allows you to look at your client’s credit reports. These credit reports can come from several sources and can be of different kinds. For example, you may get a different credit report for income, personal expenditure, loans, and commissions. Hence you will have to potentially go through several excel sheets to get a good idea about your customer’s credit situation.
However, with the credit report API, not only can you look at all this information on a single file, but it will also organize the information for you in the way that is most convenient for you.
If it is easier for you to read charts than rows and columns, you can choose to format the report that way. Alternatively, if you like viewing graphs better than histograms, you can also opt for that option.
From different colors to templates to fonts, the credit report API is an entirely customizable way to assess your customer’s credit scores. It will make it a lot easier for you to judge who you can and cannot give out loans to. In addition, you can also share the credit report API with your team members so that they can chime in on the decision making process.
- It combines credit reports from several agencies
There are three federally recognized credit reporting agencies, Equifax, Experian, and TransUnion. All three of them provide different credit reports for individuals who pay their taxes. All three of them are super important in assessing an individual’s credit situation. Thus, if you are providing a loan, you will have to go through all of them.
One of the best features of the API is that it gathers information from all three of these crediting agencies and collects them into one document. This way, you will have a legally recognized credit report about your customer, which can eliminate any threat of a possible fraudulent claim.
Since the three credit reporting bureaus are federally recognized, they also come with their own advantages. Utilizing the API, you can now trace social security verification and criminal record. You can also go through a personalized background check of all your employees and customers to ensure safety.
- Best for business lending
Suppose your company provides loans for businesses that need capital. In that case, it must ensure that the business has a good enough credit history to pay off the loan. Many businesses gamble with loan applications where they hide some of the information from their credit reports. However, with the API, you can easily pick those gaps and ask for the complete data.
As you can see, the credit report API is an incredible document that has many great features. Not only does it ensure the safety of your business, but it also keeps your finances in check. This mode of credit reporting can lead to great client relations. It will sustain a healthy credit scoring for all lenders and loan applicants.