Great Credit Is What Will Get You The Loan You Need
A bank may put you through a series of prescreens before you are approved for a line of credit
. Sometimes this means reports performed without the clients knowledge. Most of us have received prescreen flyers in the mail letting us know that we have been approved for a $5,000 dollar credit limit or that we are able to afford this fancy car or that expensive home. They gain the knowledge that you are pre-approved via your credit report. Whether or not you are buying a car, house or looking for
small business lending, you need spot-on
automated decisioning.
There has to be a prescreening process that occurs before banks or any other credit house will lend to a potential buyer. It is a companies right to do some deep digging in order to feel comfortable trusting a person before they loan out money to just anyone.
How Does a Company Get My Credit Information?
A bank or a creditor will ask a consumer reporting company for a list of people in a companys database that fall into category of a certain credit score. With this list of information that shows who has a solid rate of credit, companies will send out advertisements endorsing their product to a person or persons who fall into that category. By showing a consumer that they are already pre-qualified, they will be more interested in learning more about the product or service. And prescreening is a way for banks or credit lenders to feel secure about trusting you that you will pay back the money. Also- when you receive several offers in the mail, this is a way for you to compare rates and see what the market is before you jump into buying a fixed rate mortgage or enter into a new business franchise.
Due to the computer and the internet age, insurance agencies and car dealerships can perform instant prescreens and instant credit decisioning at an amazing rate. Before businesses trust a buyer with a mortgage or an expensive car purchase, they can find out a credit score of a buyer within seconds instead of days or weeks, speeding up the purchasing process. Businesses now connect with large risk decisioning organizations who aid in the process of fast credit reports. These risk decisioning agencies are connected to thousands of banks and credit lenders electronically, speeding up the rate a company will approve or reject your credit score for a loan.
The electronic age has changed the way we apply for home loans as well as small business loans. With these risk decisioning organizations, a person wanting to see if they qualify for small business lending can apply and see if they qualify in less than 5 minutes! After all the documents are filled out, they are entered into a system that provides us with information that reveals the results of credit score and appraisal, loan type, payment flexibility, pricing all within real time.
If you are looking for small business lending assistance, an online risk decisioning organization that is connected to thousands of banks and lenders can let you know almost immediately if you are qualified. Now that the credit decisioning is automatic, you will be able to know instantly if you are able to start measuring the windows for the drapes, or reconsidering your small business options!
by: Jason Ausmus
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