Bloom Credit Adds Business Credit Reporting to Platform

Launch of new service will help clients report business tradelines to the major credit bureaus to enhance business profiles and mitigate risk for lenders

NEW YORK, NY / ACCESSWIRE / December 11, 2023 / Bloom Credit, an API platform that is leading innovation for the credit data ecosystem, announced the launch of a new service that enables the reporting of business tradelines to Equifax and Experian. Deserve, a mobile-first credit card issuing platform and existing client of Bloom Credit, will be among the initial partners to utilize this new credit reporting service.

In today's competitive business landscape, access to credit is important for enterprises of all sizes. However, the current state of business credit reporting falls short, with limited data available to assess creditworthiness. Bloom Credit's platform expansion addresses this shortfall, recognizing the importance of accurate and comprehensive credit data for businesses.

"We believe that businesses deserve the opportunity to build a robust credit history," said Christian Widhalm, CEO of Bloom Credit. "The inclusion of business credit card payment data in credit reports is a major step toward making that a reality. By collaborating with our partners and major credit bureaus, we aim to create a more accurate and comprehensive underwriting process, enabling businesses to access the credit they need to thrive and grow."

Bloom Credit's new service introduces a powerful way for businesses to establish and improve their credit profiles. By reporting business credit card payment history to Equifax and Experian, Bloom Credit empowers corporate entities to showcase their responsible financial behavior, such as making on-time payments. This enhanced data reporting contributes to more accurate credit assessments, resulting in greater access to credit and favorable terms for businesses.

"The reporting of credit data for business cards is increasingly important to our card issuing partners," said Ankit Rambhia, Director of Product Management at Deserve. "Bloom Credit has streamlined our reporting process by providing a seamless unified integration for reporting both consumer and business information to the credit bureaus. This efficiency has significantly enhanced our ability to contribute precise and reliable information to the credit bureaus and help our clients report accurate business credit data with confidence."

For more information about Bloom Credit and its new service, please visit www.bloomcredit.com.

About Bloom Credit

Bloom Credit is an API platform company modernizing the infrastructure for the credit data ecosystem, including the enablement of real-time credit reporting and improvements in credit reporting accuracy. Bloom Credit empowers customers to launch and grow new classes of credit products and services in a fraction of the time it has traditionally taken, enabling important applications which can improve consumers' creditworthiness. Bloom Credit is headquartered in NYC. www.bloomcredit.com

About Deserve

Deserve Inc. is a mobile-first credit card platform and issuer processor built on a cloud-native and API-enabled architecture, which allows partners to offer superior personalized experiences for cardholders. We partner with financial institutions, fintechs, lenders, and merchant co-brands. Deserve Inc. is a venture-backed fintech headquartered in Palo Alto, California. www.deserve.com

Contact Information

Teagan Kapadia
Operations Analyst
teagan.k@bloomcredit.io
929-220-2111

SOURCE: Bloom Credit