What Is A Credit Pulling Software?

In countries like the United States and Canada, your credit score is an essential matter in finances. Loans are, after all, still a handy leveraging tool when properly used. Credit managers are also curious about the lender’s credit score because it indicates whether someone can pay loans on time. 

Loan managers probably receive a lot of applications all day. Some applicants are brave enough to just lie about their credit scores. After all, no one can achieve the noble feat of checking the credit score of hundred people in a day, right? That is not the case with the help of Credit Pulling Software. 

What Is A Credit Pulling Software? 

A credit pulling software is a tool used by lenders to perform credit inquiries to possible loaners. This software expedites the loaning procedure because it can give tons of helpful information with minimal effort.  It is a part of the risk-minimizing system that most companies partake in to avoid applicants who would likely default on their loans. 

Good CPS would often provide other features to make credit inquiries quicker and easier. Some of the additional features included in a software bundle are identity verification, fraud alert, soft-pull reports, portfolio management, criminal records, identity theft, tenant flood report, and more. 

How Does It Work? 

If you’re a loan manager, you need software to pull credit from the three major credit bureaus in the country: Equifax, Experian, and TransUnion. It’s similar to the task of “pulling” a specific folder from the file cabinet. As long as the customer-provided information is correct, you can get a full credit report online within seconds. 

Take note: if you’re a loan applicant, you can access your credit score using the free credit reporting tool from Equifax, Experian, or TransUnion. However, Credit Pulling Software does this job automatically and more efficiently.  This is in addition to functional features provided, such as delinquent payment alerts. 

Additionally, what makes CPS very useful is its real-time delivery. Lending managers don’t have the luxury of time to collect credit data manually. They need to make accurate decisions as soon as possible. Because CPS uses automated real-time data reporting, it erases the risk of incomplete data. With more accuracy, the lending manager can make a better decision when accepting or rejecting loan applications. 

Who Is CPS For? 

Credit pulling software is usually for lending companies who need a faster and automated way to get credit scores and more. With the volume of applications that these companies receive per day, a CPS is essential for running the business smoothly. 

Although manual credit checking is available on credit bureau’s sites, it will take more effort to get information from a single application. Hence, getting a CPS integration in your system is vital to cater to more debtors.

There is a lot of credit-pulling software available in the marketplace. Each software suite will offer other extra features to save time and add productivity. Thankfully, CPS API providers do offer demos for businesses who are interested in getting their products. 

What Kind Of Data Can You Access Using A CPS? 

A CPS has access to numerous customer data, not just credit scores. You can also receive information about income scores, and verification, asset verification, and business credit reports (if the person is a business owner.) Information about bankruptcy and lien reports is also accessible via a CPS API. 

If you don’t use a system or API yet, you might want to consider web-based APIs. Instead of system integration, you can use a CPS product in a cloud platform accessible via a web browser. 

 

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