Lending companies

Creditor.AI helps lending organisations sell their turned-down loan applications to other lending institutions or buy denied applications from other companies. With Creditor.AI, lending organisations can run their businesses more effectively through optimization of marketing costs, while also gaining the possibility to buy leads that are verified from other organisations at lower prices than through ordinary customer acquisition channels.

Lending companies

It is generally known that different loan originators have different evaluation methods for borrowers; for example , not every lending company from California will be able to give a loan to New Yorkers – and the reason may be anything from the company’s business strategy, scoring models, or even state regulation restrictions. Not every lending institution is ready to give a loan to a person who does not have a FICO Score or whose score is too low, but there are some companies that are ready to pay for these leads, such as credit score repairing companies, for instance.

If you are a consumer lending company and qualified borrowers come to you from states that you do not serve, then you lose these customers immediately, because you cannot process their applications; with our platform you can resell his or her application to another consumer lending company that operates in their state. According to our data, such "unplanned borrowers" occur at every type of credit company; regardless of your specialization, Creditor.AI will help you gain an additional revenue stream from the sale of their applications.

The market for turned-down loan applications is huge. There are more than a billion such applications per year with a cumulative loan request of $5 Trillion US dollars – and this is only the US consumer lending market.

Using our platform, your company can easily sell your turned-down loan applications and monetize your unrealized traffic; at the same time, you can also buy rejected applications from other credit organizations at affordable prices.

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One of the advantages of Creditor.AI for banks can be the possibility of selling turned down applications to credit repair companies, which in turn, can attract new customers. Using such types of organizations, borrowers who had previously been turned down by banks will be able to increase their credit ratings, and in the long term, will remain loyal to your bank's brand. And even if the person does not become a client of your bank, he will recommend you to his friends and acquaintances. This is one of the many examples how usage of Creditor.AI can create a “win-win” strategy for many participants in the credit process – for the client, the bank and the credit repair company.

of all loan applications received by your organization for loan consideration are thrown into the garbage can because the applicant is denied credit *

Creditor AI

We also maintain complete confidentiality of your application data. For data exchange, we use SSL (Secure Sockets Layer) — a cryptographic protocol that uses asymmetric cryptography for authentication key exchange and symmetric encryption for confidentiality of orders.

Creditor.AI works with all types of loan products: from credit cards and payday loans to student loans and mortgages. At the same time, the principals of our platform are simple and clear. The turned-down application selling process is always just a simple method of loading data into the system, and the purchase process can be fully automated and customized to any needs of your company. In addition, we use artificial intelligence for better matching of credit profiles for maximum conversions.

The cost of attracting a single borrower is roughly $100 and even more for microlending organizations – yet every year the price grows more; the acquisition costs for some types of credit can be in the thousands of dollars.

Our research shows that out of 87% of rejected loan applications, about 10% of them are potentially qualified applications – thus it may be reasonable to approach other loan originators with slightly different risk management systems or business models. So, about one hundred million (10% * 1 000 000 000) applications for credit per year in the US are simply lost, and credit companies do not receive any revenue.

These numbers show us a huge unrealized potential, as well as many opportunities for credit companies, banks, lenders, credit repair companies, credit card companies and other lending market players. So do not lose the opportunity to increase the efficiency of your credit business, and join our network today.

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