Bloom Credit Launches Consumer Permissioned Data Service Bloom+ with Inspire Federal Credit Union As Its First Client
Bloom Credit has launched Bloom+, a white-labeled, no-code API service that allows banks and credit unions to help customers build credit profiles using alternative data. Inspire Federal Credit Union is the first client, with TransUnion as the initial credit bureau collaborator. Bloom+ enables consumers to report bill payment history from their primary checking accounts to credit bureaus, potentially benefiting the 45 million Americans who are 'credit invisible'.
The service aims to bridge the gap between customers' payment histories and credit bureaus, allowing lenders to use alternative data like utility payments as a measure of creditworthiness. This innovation follows Bloom Credit's recent accolades, including Best of Show at FinovateSpring and the 2024 Data Innovation Award from Tearsheet.
Bloom Credit ha lanciato Bloom+, un servizio API senza codice e con marchio personalizzato che consente a banche e cooperative di credito di aiutare i clienti a costruire profili di credito utilizzando dati alternativi. Inspire Federal Credit Union è il primo cliente, con TransUnion come collaboratore dell'agenzia di credito iniziale. Bloom+ permette ai consumatori di segnalare la storia dei pagamenti delle bollette dai loro conti correnti principali alle agenzie di credito, beneficiando potenzialmente i 45 milioni di americani che sono 'invisibili al credito'.
Il servizio mira a colmare il divario tra le storie di pagamento dei clienti e le agenzie di credito, consentendo ai prestatori di utilizzare dati alternativi come i pagamenti delle utenze come misura di solvibilità. Questa innovazione segue i recenti riconoscimenti di Bloom Credit, tra cui Best of Show at FinovateSpring e il 2024 Data Innovation Award di Tearsheets.
Bloom Credit ha lanzado Bloom+, un servicio de API sin código y de etiqueta blanca que permite a bancos y cooperativas de crédito ayudar a los clientes a construir perfiles de crédito utilizando datos alternativos. Inspire Federal Credit Union es el primer cliente, con TransUnion como el colaborador inicial de la agencia de crédito. Bloom+ permite a los consumidores informar su historial de pagos de facturas desde sus cuentas corrientes principales a las agencias de crédito, beneficiando potencialmente a 45 millones de estadounidenses que son 'invisibles al crédito'.
El servicio tiene como objetivo cerrar la brecha entre los historiales de pago de los clientes y las agencias de crédito, permitiendo a los prestamistas usar datos alternativos como los pagos de servicios públicos como medida de solvencia. Esta innovación sigue a los recientes reconocimientos de Bloom Credit, incluidos Best of Show at FinovateSpring y el 2024 Data Innovation Award de Tearsheet.
Bloom Credit는 Bloom+를 출시했습니다. 이 서비스는 코드 없는 화이트 라벨 API로 은행 및 신용 조합이 고객이 대체 데이터를 사용하여 신용 프로필을 구축하도록 도울 수 있게 합니다. Inspire Federal Credit Union이 최초의 고객으로, TransUnion이 최초의 신용 평가 기관 협력사입니다. Bloom+는 소비자가 자신의 주요 체크 계좌에서 청구서 지불 이력을 신용 평가 기관에 보고할 수 있도록 하여, 신용이 없는 4,500만 미국인에게 잠재적인 혜택을 제공합니다.
이 서비스는 고객의 지불 이력과 신용 평가 기관 간의 격차를 해소하는 것을 목표로 하며, 대출 기관이 신용worthiness의 척도로 공공요금 지불과 같은 대체 데이터를 사용할 수 있도록 합니다. 이 혁신은 Bloom Credit의 최근 수상 경력인 Best of Show at FinovateSpring 및 2024 Data Innovation Award에서 발췌하였습니다.
Bloom Credit a lancé Bloom+, un service API sans code et en marque blanche permettant aux banques et aux coopératives de crédit d'aider les clients à construire des profils de crédit en utilisant des données alternatives. Inspire Federal Credit Union est le premier client, avec TransUnion comme le premier bureau de crédit partenaire. Bloom+ permet aux consommateurs de signaler leur historique de paiements de factures depuis leurs comptes courants principaux aux bureaux de crédit, bénéficiant potentiellement à 45 millions d'Américains qui sont 'invisibles au crédit'.
Ce service vise à combler le fossé entre les historiques de paiement des clients et les bureaux de crédit, permettant aux prêteurs d'utiliser des données alternatives telles que les paiements de services publics comme mesure de solvabilité. Cette innovation suit les récentes distinctions de Bloom Credit, y compris Best of Show at FinovateSpring et le 2024 Data Innovation Award de Tearsheet.
Bloom Credit hat Bloom+ eingeführt, einen white-labeled, codefreien API-Dienst, der Banken und Kreditgenossenschaften ermöglicht, ihren Kunden beim Aufbau von Kreditprofilen mithilfe alternativer Daten zu helfen. Inspire Federal Credit Union ist der erste Kunde, wobei TransUnion der erste Partner in der Zusammenarbeit mit der Kreditagentur ist. Bloom+ ermöglicht es Verbrauchern, die Zahlungshistorie von Rechnungen aus ihren Haupt-Scheckkonten an Kreditagenturen zu melden, was potenziell den 45 Millionen Amerikanern zugutekommt, die 'kreditunsichtbar' sind.
Der Dienst zielt darauf ab, die Lücke zwischen den Zahlungshistorien der Kunden und den Kreditagenturen zu schließen, sodass Kreditgeber alternative Daten wie Versorgungszahlungen zur Beurteilung der Kreditwürdigkeit nutzen können. Diese Innovation folgt den jüngsten Auszeichnungen für Bloom Credit, darunter Best of Show at FinovateSpring und den 2024 Data Innovation Award von Tearsheet.
- Launch of Bloom+, a new service to help consumers build credit profiles using alternative data
- Partnership with TransUnion, a major credit bureau, as the initial data receiver
- Potential to serve 45 million 'credit invisible' Americans
- Recent industry recognition: Best of Show at FinovateSpring and 2024 Data Innovation Award
- None.
Insights
Bloom Credit's launch of Bloom+ represents a significant innovation in credit reporting. By allowing consumers to report alternative credit data, it addresses the important issue of "credit invisibility" affecting
The collaboration with TransUnion, a major credit bureau, adds credibility and immediate impact to this initiative. For Inspire Federal Credit Union, the first client, this could lead to increased member acquisition and retention, as well as higher loan volumes. However, the success of Bloom+ will depend on widespread adoption by financial institutions and acceptance of alternative data by lenders in their underwriting processes.
The launch of Bloom+ taps into a growing trend of financial inclusion and alternative credit scoring. With approximately 45 million Americans being "credit invisible," there's a substantial untapped market. This innovation aligns with increasing regulatory focus on financial inclusion and could potentially disrupt traditional credit scoring models.
For banks and credit unions, Bloom+ offers a competitive advantage in attracting and retaining customers, especially among younger demographics and underserved communities. The no-code API makes implementation accessible for smaller institutions. However, success will hinge on consumer awareness and willingness to share financial data, as well as the broader lending industry's acceptance of these alternative credit indicators.
Bloom+'s white-labeled, no-code API represents a significant technological advancement in the credit reporting space. Its ability to seamlessly integrate with existing banking systems and verify payment data accuracy addresses key technical challenges in alternative credit scoring.
The platform's flexibility in allowing consumers to choose which payments to report is a user-centric feature that could drive adoption. However, ensuring data security and privacy will be crucial, especially given the sensitive nature of the financial information being shared. The scalability of the system will also be tested as more financial institutions adopt the service. Overall, Bloom+ has the potential to accelerate the digital transformation of credit reporting, but its long-term success will depend on its ability to maintain data integrity and security at scale.
Newest Bloom Credit innovation gives banks and credit unions a tool to help their customers build credit profiles; TransUnion® is first major credit bureau collaborator
“Banks and credit unions want to help their customers to build better financial health. If you’re making regular bill payments on time, you should be able to leverage that data to initiate or build your credit profile,” said Christian Widhalm, CEO of Bloom Credit. “We’re pleased to introduce Bloom+ which provides the bridge between a customers’ bill payment history and getting that data, accurately, to the credit bureaus.”
Approximately 45 million Americans are “credit invisible” with little or no credit history and may experience higher borrowing costs because they can’t access mainstream credit rates or products. Lenders, however, are increasingly receptive to using alternative data, such as regular utility payments, as a measure of creditworthiness.
"Today, more than ever, the communities we serve need access to affordable credit," said Jim Merrill, CEO of Inspire Federal Credit Union. "Bloom Plus gives our members and the communities we serve the critical ability to demonstrate their creditworthiness in new ways."
Bloom+ originates anywhere a bank or credit union wants to engage with their customers, allowing them to connect their primary account and to choose the types of payments they want to build credit with including rent, utilities, and telecommunications. Bloom+ verifies these payments are valid and accurate and furnishes them to the credit bureaus where they end up on the consumer’s core credit file. By serving their customers’ best interests and engendering trust, banks and credit unions can improve deposit retention and increase lending opportunities.
“At TransUnion, we know that consumers want to play a more active role in their financial journeys. The consumer permissioned data reporting that Bloom+ enables, provides a more holistic view into financial obligations millions of consumers meet every month and may not be reflected in traditional credit data. It’s a huge step forward in driving more confident lending and empowering consumers,” said David Goldberg, senior vice president at TransUnion.
The launch of Bloom+ comes on the heels of Bloom Credit being named Best of Show at this year’s FinovateSpring, a high profile fintech event attended by executives in banking, finance and technology and winning the 2024 Data Innovation Award from financial media platform Tearsheet. Bloom Credit also was recently inducted as the newest member of the American Fintech Council, a non-profit devoted to expanding inclusivity and transparency in the nation’s financial system.
For more information about Bloom Credit and their new consumer-permissioned data innovation, please visit www.bloomcredit.io.
About Bloom Credit
Bloom Credit is an API platform designed to modernize the infrastructure of the credit data ecosystem, including enabling real-time credit reporting, improving reporting accuracy, and expanding the breadth of alternative consumer-permissioned data (CPD) provided to determine credit scores in a fraction of the time of existing methods. Bloom Credit empowers customers to launch and grow new classes of credit products and to develop important applications to help improve consumers’ creditworthiness. Bloom Credit was named a Finovate Best of Show fintech and winner of Tearsheet’s 2024 Data Innovation Award. The company is also a member of the American Fintech Council dedicated to promoting an inclusive and transparent financial system. Learn more at www.bloomcredit.io.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
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Media
Jeanne Yurman
jeanne.yurman@archiegroup.com
Dave Blumberg
dblumberg@transunion.com
Source: Bloom Credit
FAQ
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