Lendsqr has taken a bold step to make lending more secure and effective by offering a feature that allows lenders to link multiple credit bureau services. This innovative feature is a game-changer for the lending industry in Nigeria, where access to accurate credit information is vital for managing credit risk and reducing non-performing loans.
At Lendsqr, we understand that relying on a single credit bureau to assess the creditworthiness of borrowers is risky. No credit bureau can have all the data for bad borrowers, and relying on incomplete information can lead to wrong decisions that can be costly for lenders. Our multiple credit bureau feature is designed to address this challenge by giving lenders access to a wider pool of credit information.
With our feature, lenders can link credit bureaus of their choice, and our platform will pull data from all of them to create a comprehensive credit report for each borrower. This report will include information on the borrower’s credit history, outstanding loans, payment history, credit utilization, and other relevant data that lenders need to make informed credit decisions.
By using multiple credit bureaus, lenders can reduce the risk of lending to bad borrowers, and minimize the incidence of non-performing loans in their lending business. They can also identify borrowers who have good credit scores across different bureaus, which indicates a high level of creditworthiness and reduces the risk of default.
The benefits of our multiple credit bureau feature are numerous. It helps lenders to reduce credit risk by accessing a wider pool of credit information, make informed credit decisions based on comprehensive credit reports, identify borrowers with good credit scores across different bureaus, minimize the incidence of non-performing loans & enhance their lending business reputation by providing secure and reliable credit services.
Our multiple credit bureau feature is easy to use, and it’s available to all lenders on our platform. Lenders can choose the credit bureaus they want to link, and our platform will do the rest. The credit reports generated by our feature are completely secure, and only authorized users can access them.
In conclusion, our multiple credit bureau feature is a smart and innovative solution that has the potential to transform the lending industry in Nigeria. It offers lenders a more comprehensive and accurate way to assess the creditworthiness of borrowers and manage credit risk. We encourage all lenders on our platform to take advantage of this feature and provide their borrowers with the best credit services possible.
Get started with using Lendsqr, or configure this new feature on your loan products today as an existing lender!