OppLoans Teams Up with Experian®, Steady, and BillShark Furthering its Commitment to Social …

Experian Boost™* is a free to use, first-of-its-kind product that allows customers to potentially improve their FICO® Score with alternative data.

CHICAGO, Oct. 21, 2020 /PRNewswire/ — OppLoans, a leading financial technology platform that powers banks to help middle-income, credit-challenged consumers gain access to credit, announced three new partnerships with Experian®, Steady, and BillShark. These mission-aligned organizations support OppLoans’ commitment to help customers build a better financial path through more financial resources, education and support.

Experian Boost™* is a free to use, first-of-its-kind product that allows customers to potentially improve their FICO® Score with alternative data. Customers can connect their telecom and utility accounts as well as some streaming services to instantly impact their credit scores through on-time payments.

Steady puts the power of worker-focused data and technology tools into the hands of its members to help solve their increasing income challenges. Steady makes it easier for workers to fill their income gaps, gain insights into their income, and improve their overall financial well-being. To date, over 2.1 million workers have registered with Steady.

BillShark is the leader in the bill reduction marketplace, saving customers hundreds annually by negotiating lower rates on internet, mobile, pay tv, alarm, and other similar service bills and canceling unwanted subscriptions. No savings, no fees.

“OppLoans prides itself in delivering an exceptional customer experience and it is important that we help support customers who may be experiencing additional financial difficulties beyond credit access. By expanding the tools and education we provide through partnerships with Experian Boost™, Steady, and BillShark, we can deliver these valuable financial resources to customers easily and effectively through our platform,” said Natasha Anand, vice president of social impact, OppLoans.

As part of the company’s newly created social impact strategy, OppLoans focuses its efforts on mission-aligned partnerships that can directly help consumers mitigate additional financial difficulties and provide financial wellness education. OppLoans also partners with SpringFour, a fintech that connects customers to trusted financial resources to build financial wellness.

“All of our partners support our company mission to build financial inclusion and credit access and to help customers graduate to a better financial path,” adds Anand.

Founded in 2012, OppLoans, in partnerships with banks and its mobile-first platform, facilitates the issuance of small dollar loans to credit-challenged, middle income consumers who are turned away by traditional financial providers. Through its mission, OppLoans seeks to provide financial inclusion and credit access through the best available products and an unwavering service commitment to customers.

About OppLoans

OppLoans is a leading financial technology platform that powers banks to offer accessible products and a top-rated experience to middle income, credit-challenged consumers. Through our unwavering commitment to customer service, we help consumers who are turned away by traditional providers build a better financial path. The company has facilitated the issuance of more than 1 million loans and has served more than 550,000 customers. OppLoans has been ranked as an Inc. 5000 company for five straight years and named the eighth fastest-growing Chicagoland company by Crain’s Chicago Business. The company maintains an A+ rating from the BBB and maintains a 4.9/5 star rating with more than 12,000 online customer reviews, making it one of the top customer-rated financial platforms online. For more information, please visit www.OppLoans.com.

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

Media Contact: Wendy Serafin, vice president of communications – [email protected]

SOURCE OppLoans

Related Links

www.opploans.com

Trended Credit and Alternative Data Attributes Improve Dealer and Consumer Experience in Auto …

The roll-out of the first generation risk and pricing models used an industry-leading combination of TransUnion’s alternative, short-term lending and …

CHICAGO, Oct. 21, 2020 (GLOBE NEWSWIRE) — In times of economic uncertainty, financial institutions are looking for new and innovative ways to approve qualified customers. Auto finance lender Arivo Acceptance has leveraged TransUnion’s (NYSE: TRU) CreditVision solution suite to accomplish this feat and generate a significant uplift in both application volumes and capture rates for the subprime market – while also turning in some of the lowest loan losses in their industry.

In collaboration with TransUnion, Arivo has brought a fresh perspective to the subprime lending industry through two generations of machine learning platform models. The roll-out of the first generation risk and pricing models used an industry-leading combination of TransUnion’s alternative, short-term lending and trended credit data and resulted in a 40% increase in same-dealership volume, expanding Arivo’s already strong footprint in the subprime lending industry.

Arivo successfully deployed its second-generation machine learning risk and pricing framework with a broad set of TransUnion data in early 2020 – citing another 20% incremental increase in same-dealership application volume.

“There are many complexities to address in the subprime auto lending market including dealership stipulations, pricing and deal parameters to name a few. This analytics exercise yielded powerful results and underscored the success of models built by Arivo as well as the value of TransUnion’s trended and alternative data,” said Satyan Merchant, senior vice president and automotive business leader at TransUnion. “When a customer like Arivo is able to build models and leverage our data to address these factors, while also highlighting a proven track record and generating momentum in the subprime auto market, it is an exciting proposition for the industry as a whole.”

This approach is shaping the lending market and providing consumers with new economic opportunities. Consumers that have traditionally been regarded as higher-risk can benefit from the use of this data-fusion methodology and secure greater access to credit – often at lower interest rates. A deeper understanding of a consumer’s risk trajectory allows lenders to enhance pricing and risk decisions while increasing approval rates.

“The key to finding success with AI and machine learning methods in the credit risk space comes down to strong feature engineering, and the data you use,” said Robert Avery, CEO at Arivo. “By partnering with TransUnion, we have more tools at our disposal to help dealers provide better pricing, fewer stipulations and bring a more seamless lending experience to the subprime segment. As a result, we’re expanding our partnerships with our dealerships, while facilitating more same-day funded loans every day with fewer headaches for both dealerships and customers alike.”

For more information on improving risk decisions and alternative and trended credit data, please visit https://www.transunion.com/product/creditvision. The results from the case study with Arivo Acceptance can be found here.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company that makes trust possible in n safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

About Arivo Acceptance

Arivo is a subprime indirect auto lender, striving to deliver on their brand promise of Subprime Simplified™. With operations in 12 states and counting, Arivo continues to expand its operations by simplifying the subprime lending process through innovative technology, automation, and data-driven intelligence.

www.Arivo.com

ContactDave Blumberg

TransUnion
E-maildblumberg@transunion.com
Telephone312-972-6646

Chase 5/24 Rule: What You Need To Know (2020)

This is a page that’s part of Credit Karma’s older interface that isn’t otherwise accessible off the main site anymore, and it’s also the only part of the site …
In the interest of full disclosure, OMAAT earns a referral bonus for anyone that’s approved through some of the below links. These are the best publicly available offers (terms apply) that we have found for each product or service. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, hotel chain, or product manufacturer/service provider, and have not been reviewed, approved or otherwise endorsed by any of these entities. Please check out our advertiser policy for further details about our partners, and thanks for your support!The offer for the IHG® Rewards Club Premier Credit Card has expired. Learn more about the current offers here.

The major banks have all kinds of rules when it comes to approving people for credit cards. Probably the most well known of these rules — and also the most complicated to understand — is the Chase 5/24 rule.

In this post I wanted to take a closer look at how exactly this rule works, how you can check your 5/24 “status,” and the best strategy to take when applying for Chase cards in light of this.

You’ll want to understand the Chase 5/24 rule if you plan on applying for one of Chase’s popular cards, like the Chase Sapphire Preferred® Card or Ink Business Preferred® Credit Card.

In this post:

What is the Chase 5/24 rule?

The Chase 5/24 rule limits your ability to be approved for Chase credit cards, based on how many other cards you’ve applied for in the past two years. With the 5/24 rule, you typically won’t be approved for a Chase credit card if you’ve opened five or more new card accounts in the past 24 months.

Why does Chase have the 5/24 rule? Well, all credit card issuers have rules in place to attract new cardmembers. Given how generous sign-up bonuses are on many cards, they create certain rules and restrictions intended to encourage profitable consumer behavior.

While Chase has never publicly explained this, my assumption is that customers are more likely to be profitable if they fall under the 5/24 limit. Of course, there’s no perfect system, but it seems that Chase’s metrics suggest this is working, because the rule has been expanded significantly since it was first introduced several years ago.

Which cards are subjected to the Chase 5/24 rule?

Nowadays virtually all Chase cards are subjected to the 5/24 rule. When the Chase 5/24 rule was first introduced only certain cards were subjected to it, but in 2018 the rule was expanded to all Chase cards.

Some of Chase’s most popular personal credit cards (which are subjected to this rule) include the following:

Some of Chase’s most popular business credit cards (which are subjected to this rule) include the following:

Are business cards subjected to the Chase 5/24 rule?

This is a point that confuses people. As you understand by now, Chase’s 5/24 rule means that you won’t be approved for a Chase card if you’ve opened five or more new card accounts in the past 24 months.

There’s an exception, though — most business card applications (from Amex, Bank of America, Barclays, Chase, and Citi) don’t count towards the 5/24 limit. Why? Because business accounts opened with these issuers typically don’t show on your personal credit report.

However, if you want to be approved for a Chase business card, you’ll still need to be below the 5/24 limit, based on what’s counted.

To summarize:

  • Chase business cards are subjected to the 5/24 rule, meaning that you can’t be approved for them if five or more new card accounts show on your personal credit report in the past 24 months
  • When you do apply for a Chase business card, it won’t count as an additional card towards that limit (because it won’t show on your personal credit report)

In case that’s still confusing, let me give an example:

  • If you’re at 4/24 (based on four cards showing on your personal credit report) and you apply for a Chase business card, you’ll still be at 4/24
  • You could then apply for another Chase business card, and even if you’re approved for that, you’ll still be at 4/24
  • If you then apply for a Chase personal card, you’ll be at 5/24 (since the personal card shows on your personal credit report)

How do you check your Chase 5/24 status?

For some people it can be tough to determine if you’ve opened five or more new card accounts in the past 24 months. Furthermore, it’s not like Chase can tell you if you’re at the limit or not, given that the limit is based on your applications with all card issuers.

What’s the best way you can determine if you’ve surpassed the Chase 5/24 limit or not? My preferred way of looking it up is through Credit Karma. You can register for Credit Karma for free, which is an easy process.

You’ll just need to enter some personal information and then verify some security questions, all of which should take just a couple of minutes.

Once you’ve registered and are logged into your Credit Karma account, follow this link. This is a page that’s part of Credit Karma’s older interface that isn’t otherwise accessible off the main site anymore, and it’s also the only part of the site that will show you the accurate info you need.

This page will show your entire card history. On this page, click the “Open Date” button, which will sort all of these accounts based on when they were opened (if you push it twice you’ll see the most recent inquiries at the top, rather than at the bottom).

That will show you all the cards you’ve opened. For example, in my case, here are my most recent card openings:

  • I opened my most recent card on December 13, 2019
  • I opened my second most recent card on October 29, 2019
  • I opened my third most recent card on October 6, 2019
  • I opened my fourth most recent card on October 1, 2019
  • I opened my fifth most recent card on June 4, 2019

In other words, if I didn’t apply for any other cards, I would once again be under the 5/24 limit 24 months after June 4, 2019 (which puts me to June 2021).

It is worth noting that it can sometimes take a while for recent applications to show on your credit report, so if you’ve applied for a card in the past few weeks, it may not be on there yet.

Chase 5/24 rule FAQs

There are some further nuances when it comes to Chase’s 5/24 rule, so I think those are probably best addressed in the form of some frequently asked questions.

Are there exceptions to Chase’s 5/24 rule?

Nowadays there aren’t any major exceptions to Chase’s 5/24 rule. In the past being a Chase Private Client or getting a targeted offer was potentially a workaround, but that’s not the case anymore.

Do mortgages, loans, etc., count towards the 5/24 limit?

Chase’s 5/24 rule is based on having opened five or more new card accounts in the past 24 months. Other credit inquiries, including car loans, mortgages, etc., don’t count towards the 5/24 limit.

How long after falling under the 5/24 limit should you apply for a card?

I recommend waiting until the beginning of the following month after you fall under the 5/24 limit before applying for a card.

In other words, if your fifth most recent card application was on June 4, 2019 (as is the case for me), then 24 months from then would be June 4, 2021. However, I’d wait until July 1, 2021, to apply for a card, since often falling underneath the limit isn’t instant.

Does Amex have a 5/24 rule?

The 5/24 rule is specifically a Chase credit card approval guideline. Every card issuer has different restrictions on approving members for cards, though the 5/24 rule is only a factor when applying for Chase cards.

Does product changing a card affect the 5/24 limit?

There can be a lot of value to product changing or downgrading a credit card, since this allows you to preserve your credit history (which can be good for your credit score). If you do product change a credit card — whether a Chase card or not — does this count as a further card towards your 5/24 limit?

The answer is that it depends — if there’s a hard pull and/or your card number is changed, then it will typically appear on your credit report as a new account, and would count towards that limit. Meanwhile if there’s no hard pull and the card number stays the same, then generally it wouldn’t count as a card towards that limit.

Does being an authorized user on a card count towards the 5/24 limit?

If you’re the authorized user on someone else’s credit card, does that count towards the 5/24 limit? Unfortunately it usually does, at least in situations where you need to provide your social security number to be an authorized user. This can be a reason to minimize the number of cards on which you’re an authorized user.

Do charge cards count towards the 5/24 limit?

Yes, charge cards count towards the 5/24 limit, unless they’re business cards. For those of you not familiar with charge cards, some Amex cards are designated as such, and the distinction is that you have no set credit limit, and you have to pay your balance in full every month.

Since these cards still show on your personal credit report, they would count towards the Chase 5/24 limit.

Can you be added as a Chase authorized user if you’re over the 5/24 limit?

If you’re over the 5/24 limit you can still be added as an authorized user on someone else’s Chase cards. You just can’t outright be approved for your own Chase card.

What is the Chase 2/30 rule?

With Chase’s 2/30 rule, you will typically be approved for at most two personal Chase cards in a 30 day period (and you can typically be approved for at most one business card in that period). This is an additional restriction for Chase approvals, beyond the 5/24 rule.

Best Chase 5/24 credit card application strategy

With most questions about the Chase 5/24 rule (hopefully) answered, I wanted to provide some advice for the best approach to take towards credit card applications in light of this restriction.

Apply for Chase cards before other cards

While all major card issuers have application restrictions, Chase’s restrictions are the strictest when it comes to considering the cards you’ve applied for with other card issuers. As a result I’d recommend applying for Chase credit cards early on in your credit journey.

In other words, if you’re interested in cards from Amex, Chase, and Citi, pick up the Chase cards first.

Apply for Chase business cards before personal cards

If you’re interested in applying for both personal and business Chase cards, make sure you apply for business cards first. As explained above, while both personal and business Chase cards are subjected to the 5/24 rule, applying for a Chase business card doesn’t count as a further card towards that limit. That’s because a Chase business card won’t fully display on your personal credit report.

In other words, get the Ink Business Preferred® Credit Card before you get the Chase Sapphire Preferred® Card.

Apply for “hub” Chase cards first

There are so many great Chase cards, so it can be tough to choose which card to apply for first. You’ll want to be sure you get the “key” cards first, which can help you maximize the value of other cards, especially within the Ultimate Rewards ecosystem.

If you’re looking for a personal credit card strategy:

If you’re looking for a business credit card strategy:

Chase 5/24 rule bottom line

Chase has a lot of great travel rewards credit cards that are worth acquiring for anyone looking to maximize their credit card strategy. When it comes to being approved, the 5/24 rule is the most important restriction to understand. With this, you typically won’t be approved for Chase cards if you’ve opened five or more new card accounts in the past 24 months.

Hopefully the above answers any of the questions you may have about this rule, so that you can get the best Chase cards possible.

What has your experience been with the Chase 5/24 rule? Do you have any questions about the rule that I haven’t answered?

Impact Of Covid-19 On Credit Scores, Credit Reports & Credit Check Services Market 2020 …

… Demand By Top Vendors Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO, Credit Karma.

Dataintelo, one of the world’s leading market research firms has rolled out a new report on Credit Scores, Credit Reports & Credit Check Services market. The report is integrated with crucial insights on the market which will support the clients to make the right business decisions. This research will help both existing and new aspirants for Global Credit Scores, Credit Reports & Credit Check Services Market to figure out and study market needs, market size, and competition. The report provides information about the supply and demand situation, the competitive scenario, and the challenges for market growth, market opportunities, and the threats faced by key players.

The report also includes the impact of the ongoing global crisis i.e. COVID-19 on the Credit Scores, Credit Reports & Credit Check Services market and what the future holds for it. The pandemic of Coronavirus (COVID-19) has landed a major blow to every aspect of life globally. This has lead to various changes in market conditions. The swiftly transforming market scenario and initial and future assessment of the impact are covered in the report.

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The scope of the report has a wide spectrum extending from market scenarios to comparative pricing between major players, cost, and profit of the specified market regions. The numerical data is supported by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, and PESTLE analysis. The statistics are depicted in a graphical format for a clear picture of facts and figures.

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The Credit Scores, Credit Reports & Credit Check Services Market is divided into the following segments to have a better understanding:

By Application:

Private

Enterprise

By Type:

Credit Scores

Credit Reports

Credit Check

By Geographical Regions:

  • North America (USA, Canada and Mexico)
  • Europe (Germany, France, the United Kingdom, Netherlands, Russia , Italy and Rest of Europe)
  • Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India and Southeast Asia)
  • South America (Brazil, Argentina, Colombia, rest of countries etc.)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Nigeria and South Africa)

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Some of the prominent companies that are covered in this report:

Key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. Following is the list of key players:

Experian

Equifax

Trans Union

Identity Guard

IdentityForce

PrivacyGuard

Credit Sesame

MyFICO

Credit Karma

*Note: Additional companies can be included on request

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DATAINTELO has set its benchmark in the market research industry by providing syndicated and customized research report to the clients. The database of the company is updated on a daily basis to prompt the clients with the latest trends and in-depth analysis of the industry.

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