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Credit report fraud is on the rise, and so is the dollar amount taken from the average American each passing year. In 2020, a total of 34% of all fraud reports to the FTC claimed money was stolen, scammed, or hijacked from their accounts after conducting internet transactions in the form of prizes, sweepstakes, lotteries, or telephone and mobile services according to an FTC report in February of 2021. 

From the locks on our cars to the passwords of our bank accounts, we seek to protect and preserve our most valuable assets and information. As new technologies advance, so do the means of infiltrating them. To better maintain our personal security, Multi-Factor Authentication (MFA) measures are implemented to secure the sensitive data we leave on the web.

Accurate client information in the hands of brokers and lenders is as necessary as the means of obtaining it. This cyclical demand creates a need for protected and streamlined information from credible sources in the world prequalification services.

Sensitive data and information is constantly shared across the web each second of every day. Businesses, lenders, and individuals alike can benefit from added compliance obligations and verification procedures to avoid common red flags and fraudulent activity.

In our modern digital age, information is readily available at the click of a button. Deciding what information is pertinent to your business and consumer can be the difference between a positive or negative experience for everyone involved.

Check out the benefits of choosing to start with a soft pull credit check for your clients.

If you’re looking for ways to make your business more efficient here are three great reasons to consider implementing an API into your lending qualification capabilities.

Giving out loans to customers can be a stressful process if you don’t have the right tools in your belt, especially while you’re trying to minimize your risk as a lender.