Have you ever been interested in making a big purchase (house, car, home-remodel loan, etc.) only to be told by the salesperson you would first have to apply for the loan and fill out a full credit application just to find out what your monthly payments would be? Well, if that frustrates you as a borrower, or if that is you as a lender, this brief article is for you.
iSoftpull, a national software company located here in Carlsbad, is making a splash in the financial technology market. iSoftpull has partnered with data providers: Equifax, TransUnion, and FICO Score, to speed up lending and provide a better experience for borrowers and lenders alike.
Imagine you’re shopping for a car; you go to Car Country Carlsbad; find a model you’re interested in and want to know how much the monthly payments will be. While this sounds like a simple ask, most of us know that’s not the case. The dealer most likely will require you to sit down and fill out extensive paperwork and a full credit application, just to get you a payment quote. Correspondingly, businesses face a similar frustration. They spend time and resources pursuing a deal, only to find the client was never qualified to begin with.
How does iSoftpull’s technology help? Here is the short and skinny: with just a borrower’s name and address (no social security required), and the borrower’s written permission, iSoftpull’s software delivers businesses their borrowers’ full credit report and exact FICO Score, instantly, with a soft pull. This revolutionary software enables the lender to get an accurate appraisal of their customer’s credit, without having their customer fill out a complete loan application.
iSoftpull provides a solution to the ageold method of transacting large purchases. Their software is an easy-to-use tool that enables businesses to review a borrowers’ credit, with minimal information. iSoftpull helps expedite the sales process, equipping both borrowers and lenders with the necessary data to make clear and informed decisions.
In 2017, the company’s founders, Dan Daniel and Justin Fay, set out to develop software that would facilitate the need to make this resource available to all businesses, not just lenders. iSoftpull currently processes over 1,000,000 credit checks per year for their small business customers, and its goal is to make soft pulls the norm. Just like Door Dash revolutionized food delivery, Uber revolutionized taxi services, Dan and Justin plan on disrupting the lending space by making soft pulls the first step in every loan across America!
Today, iSoftpull continues to grow, with the company slated to launch an updated version of their software at the beginning of 2022. Their software release and subsequent versions will integrate with leading technology providers such as Sales Force, Hubspot, WordPress, and Shopify, among others. Additionally, their application offers APIs for those businesses wanting custom developer integration. The company’s software is more than a mechanism that simply checks credit, but rather a robust technology solution to a universal problem that affects both business and consumers alike.
Forcing a potential borrower to fill out a full credit application to find out if they’re qualified is a big problem! At the same time, if a business has 100 prospects they are working, how do they know which ones have a good credit condition? That’s another problem! After all, how much time and money do businesses spend on deals that never have a chance of closing? At its core, iSoftpull believes in solving problems, because problems create opportunity.