Archive for the ‘BUSINESS’ Category

How Complex is Integrating and Onboarding Credit Reporting Services?

Wednesday, October 7th, 2020

Are you wondering how to get started with using Credit Reporting Services (CRS)? This helpful guide will equip you with the information you need to learn how to use credit APIs with ease. Starting from the ground up, this guide covers the basics of integrating and onboarding CRS into your products, and introduces you to the key terms and concepts you need to know.

What is an API?

If you’re looking to integrate credit reporting APIs into your website or mobile app, it is essential to become familiar with APIs themselves – what they are, their uses, and how to use them. Anyone using websites or apps comes into contact with APIs all the time, but the term itself is not common knowledge outside of the programming world.

API stands for Application Programming Interface. APIs are tools used by programmers to expedite the process of developing a website or app. If you have ever seen a prompt on a website to “Sign in using Google” or “Sign in using Facebook,” you are looking at an API.

APIs save you and your company the trouble of developing a specific tool for your product from scratch. This is where third-party APIs come in. A third-party API is any API made for a website or app by a third-party developer – i.e. someone other than the website or app’s developer.

Third-party APIs are available for a variety of purposes. You can use one to implement a payment system into your website or app, add a sign-in function, or even give consumers access to credit reports. These consumer viewable credit APIs are an excellent addition to your product, as they allow a consumer the ability to conveniently access credit reports from within your website or app.

Third-party APIs are also useful for companies and businesses. Using APIs that can offer insight into consumer interactions with a product can benefit any company or business. Companies can use credit APIs to access consumer credit reports, as well as for numerous other purposes.

What is a Credit API?

A credit API is a tool within a website or app that gives companies or consumers access to credit reports and other credit reports and scores. Credit APIs are also used by companies and consumers to avoid fraud.

A good credit API gives users the ability to acquire full reports from the big three credit reporting agencies: Experian, Equifax and Transunion. These agencies collect credit information from users independently of each other, so it is essential that a credit API can provide reports from the different agencies.

Some credit APIs are designed to be used by businesses, whereas some are consumer viewable. Credit APIs for businesses will provide resources for fraud detection, identity verification, portfolio management, and more. Consumer viewable credit APIs provide users of your website or app with a means to check their own credit scores with ease.

If you want to include a credit reporting feature in your product, a third-party credit API comes in handy. This saves you time and effort, and leaves you with a reliable premade tool to integrate into your website. The alternative of developing a credit reporting tool yourself or hiring someone to develop one for you, is significantly more difficult.

Why Use a Credit API?

Credit APIs give you and your company access to consumers’ credit reports, allowing you to make fully informed decisions. In addition, using a credit API helps to protect you and your and your company from fraud.

Providing a credit reporting API to consumers as a component of your product is beneficial for multiple reasons. Giving consumers access to their credit reports through your product connects them with your service and gives them an opportunity to interact with your product in a way that benefits them.

In addition, implementing a well-designed credit API into your product conveys to consumers that excellence and reliability matter to you. Including convenient resources such as a consumer accessible credit API builds loyalty to your brand.

A third-party credit API can also be customized to be cohesive with your business’s branding. This makes the addition of the API to your app or website seamless. Ideally, a third-party API will look like an organic extension of the website, not something external.

Using an API to give consumers access to credit reports within your website or app is beneficial because it keeps the consumer connected to your website or app. Linking to an external credit reporting website disconnects you from the consumer and loses the opportunity to offer them a useful service within your brand.

Uses for Credit APIs

Credit APIs are extremely useful tools for numerous types of companies and businesses.

For consumer lending, CRS streamlines the consumer loan qualification process by accessing reliable data from multiple bureaus to help you take the guesswork out of lending so you can make the decisions that matter.

For car loans, CRS is helpful in the process of underwriting. An automotive lender can use CRS to gain a consumer’s credit report data, ensuring that the consumer is reputable and fit for a loan. An automotive lender can also use an API to verify a customer’s identity.

If you are a landlord, credit reporting services can help you make wise decisions with tenants. You can use a credit API to determine who you should allow to live at your properties. Credit reporting services allow you to find all the information you need to screen a potential tenant.There are numerous other fields where credit reporting services are immensely useful, including CRM developmentbankruptcy attorneys, and investor screening. Credit APIs come in different forms, with certain tools performing specific functions. To find out what credit API is right for you, assess your business’s specific needs and functions.

 

How Are Credit Reporting Services Implemented?

Implementing a credit API into your product may seem like a daunting task. Fortunately, the reality is that adding an API to your app or website is not too complicated. This is especially true in the case of the consumer widget, which is already pre-programmed to function, and all you need to do is add the code to your app or website.

When you add a credit API to your website, you are adding the API’s code into your site’s programming. The same goes for loading an API into an app. After you decide to proceed with a credit API, you’ll build out the credit API code into your website, and the credit API will function independently of any additional prompts or setup, as it is essentially a standalone program within your product.

A credit API can serve different purposes within your product. The process of implementing the credit API depends on what its purpose is for your company. If your goal is to gather credit information from consumers that will influence your decisions as a company, you will need to make sure you have all the prerequisites required for accessing consumer credit reports.

Credit APIs: Safe, Compliant and Streamlined

The setup process for using credit APIs involves a contract to ensure that prerequisites for accessing consumer credit reports have been met. This keeps your company’s use of credit APIs compliant, well-documented, and effective.

In addition, it is important to ensure that you have proper measures set up to protect consumers’ credit information. To protect users’ data in the event of a breach, a credit API should have security features in place. One of these features is IP restriction.

IP restriction prevents access to users’ data from any IP address other than the user’s own. If a data breach occurs, having IP restriction in place will protect your consumers’ data from being lost or stolen.

In addition, when using a credit API to access consumers’ credit reports, it is important to avoid storing this data in your system. Instead, you can access consumers’ credit reports using a reference number. This keeps the data out of your system but still accessible.

 In Summary

Implementing a credit API into your product requires some knowledge and work, but it ultimately streamlines the process of getting you, your company and your consumers the resources you need. By making use of credit reporting services, you and your business can develop rapport with consumers, and come to a greater understanding of your customer base.

Now that you are familiar with the basics of what credit reporting services are and how to implement them, you are ready to find the tools that meet your company’s needs. Credit APIs can take your website or app’s functionality to the next level and offer your company the resources necessary to make confident decisions.

Product Update 1: Consumer Credit Score & Monitoring Widget

Thursday, June 18th, 2020

Add consumer viewable credit score & report functionality to your products within minutes.

Simply set up your account with CRS and embed our iframe code into your website or mobile app, that’s all.

Add Credit Score & Report Functionality within minutes

Custom Branding

Our widget can be customised to represent the look and feel of your brand in order to strengthen the relationship between you and your customers.

Credit Score & Report

The widget includes the Vantage Score with the top four score factors and score history trend as well as a Real-time Credit Report upon enrolment with monthly refreshes.

Daily File Monitoring

You’ll be able to alert customers to key changes on their credit file in the form of One-Bureau credit file monitoring or Tri-Bureau credit file monitoring.

Product Update 2: ZoHo CRM Credit Data Integration

Thursday, June 18th, 2020

Integrate Credit Data from all three Credit Bureaus directly into your ZoHo CRM.

Easily collect, compare and analyze credit data all inside your ZoHo account.

Integrate real-time credit data & more

3 Credit Bureaus

Access to the three credit bureaus gives you all the information you need to manage the risks associated with extending credit and preventing fraud.

Loan Comparison

Our loan comparison calculator allows you to produce a custom branded loan comparison analysis. Sent your analysis directly to your customers from within ZoHo.

Loan Calculator

Our loan calculator allows you to select existing tradelines from the Credit Report or manually entered loan data for the comparison analysis.

Integrating Credit Reporting Services Into My Property Management Software: What’s the Timeline?

Tuesday, April 7th, 2020

As a property manager, it is incredibly beneficial to access potential tenants’ credit reports when going through the screening process. Tenant screening, a necessary part of any property manager’s application process, keeps you informed about each potential tenant’s eligibility for renting your property. The tenant screening process typically includes a credit check, which assesses the prospective renter’s credit score, as well as an assessment of any debt present on the potential tenant’s record–both critical pieces of information to help you as a property manager make the best informed decision to benefit your business.

3 Reasons to Use Credit Reporting Software for Tenant Screening

1. Credit Checks Made Easy

Tenant screening involves credit checks, which are made easy with the use of credit reporting APIs. Using APIs for credit checks allows you to easily access potential tenants’ credit data. Having an accurate representation of every prospective renter’s credit data is essential to the tenant screening process, and using reliable credit reporting software makes this possible by allowing you to perform a soft-pull credit report from Equifax and hard inquiry reports from the other two bureaus from within your property management software or CRM (customer relationship management) program.

2. Background Checks Simplified

Credit reporting software is extremely useful for property managers because it grants access to useful background check information, too. Through credit API services, you as a property manager can check renter’s criminal records. This gives you peace of mind about anyone renting from you, ensuring that you have comprehensive knowledge of each renter’s reputation.

In addition, credit reporting software can be used to check on prior renting history such as Eviction Reports. This gives you a sense of a renter’s reliability, as well as their commitment to previous rentals, helping you to make a confident, informed decision about gauging their eligibility and capability to rent from you. This information is included in the client’s credit report for easy access.

3. Perform Multiple Functions Quickly

As a property manager, it is essential to have a tenant screening process that is expedient and efficient. Instead of outsourcing credit and background checks which can expend extra time and energy, you can instead integrate a credit reporting API into your property management software or CRM.

Using credit reporting software for tenant screening means you have access to everything you need to get the job done all in one place. It’s the smartest, most convenient way to make decisions with confidence as a property manager.

Using Credit Reporting Software for Property Management: Where to Begin

It’s easy to wonder where to start with integrating a new piece of software into your work. If you already use ZoHo CRM, you’re in luck. Credit reporting software can be added to your CRM with ease as a ZOHO plugin. Integrating credit API services with your CRM means you will be able to access credit data from within the same program you already use for the rest of your responsibilities as a property manager.

A CRM is incredibly helpful for property managers, allowing for easy access to lead tracking and other helpful day to day operations. A property management CRM can even be programmed to automatically send emails to potential applicants.

Adding a credit API to your CRM can be done with custom specifications to accommodate the software you use. The length of this process can depend on what software you use, but integrating a credit API with your CRM is worth the effort. It turns your CRM into a multi-purpose program for background checking, lead tracking, obtaining credit data, and more.

Credit APIs can also be used to track leads by providing access to lists of potential renters to advertise to. This helps you as a property manager to know how to best market your property to potential renters by using data pulled by a credit API.

Covering the Prerequisites

Obtaining credit data from potential tenants requires the use of credit reporting software, which can be used independently or integrated with property management software or your CRM. However, there are a few prerequisites to make sure you have covered before you get started.

If you are starting out without a CRM, you can still integrate credit API services into your workspace. One of the first steps to take is ensuring that you have a permissible purpose to collect credit data. As a property manager, this is essential.

In order to compliantly collect credit reports from potential tenants, you must first have what is known as a permissible purpose to pull credit data. Permissible purpose is defined as the reason for pulling consumer credit data for use in screening investors, clients, renters, and others, based on the nature of your business.

Obtaining approval from the big three credit bureaus – Experian, Transunion and Equifax – is a key aspect of integrating credit reporting software into your workspace as a property manager. A big advantage of going through CRS is that you get access to all three credit bureaus with just one vetting process rather than having to get vetted by all three individually. There is no one specific bureau that is more reliable than the others. Credit reporting software gives you access to credit data from all three, giving property managers the ability to cross-reference credit reports to get the most accurate picture of the credit history and health.

In addition, each potential tenant must give you permission to run a credit check on them. Obtaining the prospective renter’s consent keeps your screening process compliant and keeps everything above board.

Integrating the Software

The integration process for credit reporting software depends on your current setup as a property manager.

If you are looking for a standalone program to run credit and background checks, a web-based credit API can be useful. A web-based credit API gives you access to credit reports, identity verification, background checking resources, and fraud detection without the use of a CRM or property management software.

If your goal is to integrate credit reporting software with the CRM or property management software you already use, you can do so through a custom setup. This integrates a credit API with the program you currently use, allowing you to use both property management and CRM features in tandem with credit reporting software.

Running Credit Checks and Making Decisions

Using credit reporting software to run a credit check involves interacting with a potential tenant and obtaining their consent. A prospective renter will fill out a form giving you the information necessary to run a backgroundgives  check and a credit check. With the potential tenant’s approval, you then can run checks. Some property managers will charge applicants a credit check fee. This allows the property manager to run a credit check without paying out of pocket to credit bureaus.

While all three credit bureaus can be accessed via an API, it requires significant effort in vetting and integration costs from each bureau. With CRS, all three products are integrated together into one vetting process.

If you are using a credit API in tandem with your CRM, you can use your CRM to send auto-generated responses to potential tenants after assessing their credit reports. This expedites the process of tenant screening and you more time to focus on other work.

Implementing New Features

Credit APIs can be equipped with a multitude of features to help you accomplish your specific goals.

If your aim is to use credit reporting software to build up your marketing strategy as a property manager, these specific tools can come in handy. It can be immensely helpful to add features to your CRM that allow you to pre-screen potential renters to check if they qualify for certain properties, and then automatically reach out to them if they do, further streamlining your day to day operations for a more efficient, productive way of doing things.

Making the Most of APIs

One of the best ways to integrate credit reporting software into your property management strategy is to keep improving your use of credit APIs. As you grow your business, look for new opportunities to make use of what credit reporting software has to offer.

Because there are multiple uses for credit APIs in property management, it is easy to use them without reaching their full potential in your work. Aim to get to a point where your use of credit reporting software as a property manager is beneficial for tenant screening, marketing and advertising, and managing the data of current renters.

As you continue to acquire new tenants, make use of credit reporting software to avoid rent defaults. Performing extensive background checks and obtaining credit data will give you the chance to gain a comprehensive assessment of each potential tenant before making a decision. This process is worth taking seriously, as you do not want to make the wrong decision and end up with an unreliable tenant. Thankfully, CRS can give you the information you need to accurately assess every potential tenant.

Make the most of your credit API by familiarizing yourself with each of its uses and features. This will ensure that you are using the software to its fullest potential to increase your productivity, efficiency and profit!