This through a partnership with CreditSense
CreditorWatch, a commercial credit reporting bureau, has partnered with CreditSense, a bank transaction data analytics and affordability insights provider, to enable business lenders to ascertain within minutes whether a borrower can afford to repay a loan.
The partnership comes at a time when lenders are under pressure to provide loan approvals quickly, so they can onboard good customers and expand their business. Now, they don’t have to wait hours, or even days, to manually complete the required – and numerous – due diligence checks, including loan affordability assessments.
“By partnering with Credit Sense, we expand our end-to-end credit risk management capabilities to help our lending customers conduct necessary due diligence tasks quickly, in a cost-efficient and user-friendly way” said Patrick Coghlan (pictured above), CEO at CreditorWatch.
“We know our lending customers are under pressure to meet customer expectations or they risk losing out to competitors who have a smoother application experience and the ability approve their application faster.”
“We help lenders quickly assess a customer’s ability to afford a loan in just minutes instead of hours, thereby reducing application abandonment rates and improving customer satisfaction,” said Lucas Daoud, Credit Sense head of business infrastructure. “We achieve this by removing friction from the income and expense verification process.”
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