Credit Decision

Maximize collections success with instant credit and fraud verification

ExtendCredit.com's loan servicing software provides an integrated instant credit and fraud verification service using a leading independent credit-reporting bureau. Our instant credit and fraud verification service provides you with real-time information on your applicant that enables you to make an informed decision about the applicant's credit worthiness.

The verification service combines the predictive data from several powerful credit reporting products and provides one easy to understand score for credit risk and one for fraud risk. A credit risk score of "A" signifies the best rating, while an "E" score is the worst. A credit fraud risk score of "low" would offer the lowest risk of fraud, while a "high" score signifies the highest risk of fraud. Tie the credit and fraud scores to the credit terms you offer to manage repayment risk and maximize collections success.

Automatically generate required compliant forms and documents

If you decide to decline credit based on this information, ExtendCredit.com automatically generates a compliant "denial of credit" letter to give to the applicant as well as displays a toll free telephone number for the applicant to call to better understand their credit and fraud scores.

Once you approve the applicant for credit, ExtendCredit.com automatically generates a FCRA compliant promissory note pre-populated with the approved credit terms for the applicant. ExtendCredit.com stores the promissory note with the applicant's information so that it can be retrieved at any time. Also, signed promissory notes can be scanned and stored within ExtendCredit.com as well. Have your own document templates, no problem since ExtendCredit.com provides you the ability to upload and use your own lending documents instead of ours.
The automated process is completed by ExtendCredit.com creating the borrower's account in the system, scheduling the first payment date and amount, and generating a welcome email that is sent to the new borrower explaining the terms of the approved payment plan and providing contact information if questions arise.