Following this announcement, the white-labelled, no-code API will allow banks and financial institutions to offer their clients the ability to report alternative credit scoring data from their primacy checking accounts to credit bureaus in order to optimise the manner in which they build their credit profiles.
The Inspire Federal Credit Union is the first client of Bloom+, with TransUnion collaborating with Bloom Credit in order to be the initial receiver of the data. In addition, the financial institution is expected to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
The Bloom+ product was developed in order to provide the bridge between a customer’s bill payment history and getting that information, accurately and safely, to the credit bureaus. The product originates anywhere a bank or credit union wants to engage with their clients, a process that enables them to connect their primary account and choose the types of payments they want to build credit with, including utilities, rent, and telecommunications.
At the same time, Bloom+ verifies that these payments are valid and accurate, while also furnishing them to the credit bureaus where they end up on the customer’s core credit file. By servicing their clients’ best interests and engendering trust, banks, financial institutions, and credit unions will have the possibility to improve deposit retention, as well as increase lending opportunities.
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