How to find the right lending API for you

Finding the right lending API can seem like a daunting task. The truth is that companies need access to important consumer data in order to make the best decisions regarding their clientele. For any company that deals with loans or investments, this type of information is crucial. Even companies that deal with property, such as property rentals, need to have access to a potential client’s credit history.

A credit report is a powerful way to obtain information about a potential client’s financial history and responsibility. For some companies, this is a vital part of their success because the client’s ability to manage the investment well is very important. While access to credit reports is nothing new, there are many advantages to having an in-house lending API that can give your team and the client instant access to credit scores and more.

Having an in-house option to run credit reports and other important consumer data reports can be a huge advantage. It means you no longer have to rely on third-party services to obtain this vital information and you can differentiate yourself from the competition.

If you’re wondering how to find the right lending API for your business, here are some tips to keep in mind.

The first is the first

The first thing you should do when looking for a lending API is to make sure the service you get to run the consumer data you need comes from the three major lending bureaus. Data pulled from Equifax, Experian, and Transunion gives you and your team the most complete and robust view of a customer.

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Your business should never be put at risk by the possibility of a bad investment. In many ways, this should not be an area of ​​risk that you or your company should be willing to take on. Therefore, getting data from these three loan bureaus is the best way to get the data you need to make the best decision possible.

All the information you need

When a lending API uses technology that allows you to have quick and reliable access to vital information. While it is important to obtain a prospect’s credit report, there is other important customer data that can also help give you and your team a more complete view of the prospect. Reports such as income verification, income scoring models, self-employment verification, lien data reports, and business identity reports should be accessible through the lending API of your choice.

Customer service and compliance are crucial

Here’s the thing: When it comes to getting your own in-house lending API, you’re always faced with the choice of turning to third-party options instead of using an in-house tool. This could involve requesting these reports before allowing your clients to have a query or directing them entirely to a third party.

By having the option for this type of reporting service on your website or app, you are reducing conflicts between your company and the right customers. While this may be appealing, it is something that should not be taken lightly. When it comes to handling important consumer data, there are many factors to consider and compliance is crucial.

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The Fair Credit Reporting Act, or FCRA, requires protection of your customers’ credit data and can be a hurdle to overcome and a lot to keep up to date. These rules governing compliance are strict, and the results of making compliance-related mistakes can be costly. It is essential to work with a lending API that not only simplifies and streamlines this information, but also offers professional guidance for compliance.

Using a company with enterprise-grade customer support that can offer security against complications with compliance is crucial to having a successful lending API.

Client access

While it is possible to get a consumer data report for your team, having this option available for your client can set your company apart from the competition. Allowing your clients to access their own reports through an easy-to-use widget that’s embedded on a website or mobile app is key.

Customers have more options now than ever, so giving them the opportunity to rate from the convenience of your website or mobile app will be something they will appreciate.

Easy and fast integration

When looking for the perfect lending API, look for an option that can integrate into your current ecosystem. This means an API and a team capable of integrating this service into the tools you and your team currently use. This can help optimize your company’s use of credit reporting software and mitigate the learning curve.


Finding a lending API can help take your business to the next level and give your teams the valuable information they need. With these tips, you’ll be able to find the right lending API for your business and your customers.

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Read more Author: Alex Jones Alex has gained experience as an entrepreneur and real estate investor. He helps several business owners expand their businesses and guides them to achieve the success they desire. He also writes to help all aspiring entrepreneurs belonging to any industry, from real estate and healthcare to information and technology.

Categories: How to

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