Credit data solution provider Bloom Credit has become the newest member of the American Fintech Council (AFC), the industry association representing responsible fintechs and banks. Bloom Credit is an API platform modernising credit data reporting, furnishing, and scoring, and hopes to democratise financial services and improve access to credit.
Bloom Credit offers a comprehensive platform that enables fintech companies and innovative banks to deliver robust credit services, improving their ability to serve consumers and partners effectively.
The data solution platform provides APIs for data access (credit inquiries) and furnishment (credit reporting), enabling clients to order complex credit data products with a straightforward, bureau-agnostic API, and to receive data in a standard, normalised format.
Bloom’s furnishment APIs also enable the reporting of consumer and business tradeline data, supported by an extensive validation process. The furnishment APIs also support consumer-permissioned data – an important aspect of financial inclusion solutions.
“We are levelling the playing field for fintech companies and banks of all sizes who want to safely and seamlessly access and furnish accurate credit data and maximise credit optionality for consumers,” explained Christian Widhalm, CEO of Bloom Credit. “Understanding the holistic credit picture of a consumer creates additional financial products and responsible tools to enable consumers pathways to greater financial health.
“We thank the American Fintech Council for their tireless support and advocacy on behalf of responsible innovators changing the status quo and we look forward to collaborating with the growing membership.”
Broadening accepted credit data types
“Providing the greatest number of people in the US with access to credit requires financial services innovation which ensures credit data that is accurate and can provide a holistic profile,” said Phil Goldfeder, CEO of the American Fintech Council. “Bloom Credit is changing the financial services ecosystem by safely and efficiently simplifying and broadening the type of credit data that lenders can consider, opening a world of opportunity for consumers who have historically been left out.
“We are excited to welcome Christian and his team and add their important voices to the chorus of companies changing the future of finance.”
A standards-based organisation, AFC aims to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.
