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.
It is generally known that different loan originators have different evaluation methods for borrowers; for example
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.
of all loan applications received by your organization for loan consideration are thrown into the garbage can because the applicant is denied credit *
We also maintain complete confidentiality of your application data.
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;
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.