Bloom Credit provides innovative solutions for credit reporting and data access empowering financial institutions to offer comprehensive credit services

Bloom Credit joins a dynamic and diverse group of industry-leading companies committed to establishing crucial industry standards that enhance access, transparency, consumer protection, and regulatory compliance

Washington, D.C. (July 22, 2024) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today announced the addition of Bloom Credit as its newest member. Bloom Credit, the leading API platform modernizing credit data reporting, furnishing and scoring, is democratizing financial services and creating access to credit. They will join a rapidly growing group of responsible innovators collaborating to serve consumers without compromising on consumer safety.

“Providing the greatest number of people in the U.S. with access to credit requires financial services innovation which ensures credit data that is accurate and can provide a holistic profile,” said Phil Goldfeder, Chief Executive Officer of the American Fintech Council. “Bloom Credit is changing the financial services ecosystem by safely and efficiently simplifying and broadening the type of credit data that lenders can consider, opening a world of opportunity for consumers who have historically been left out. We are excited to welcome Christian and his team and add their important voices to the chorus of companies changing the future of finance. ”

Bloom Credit offers a comprehensive platform that enables fintech companies and innovative banks to deliver robust credit services, improving their ability to serve consumers and partners effectively.

“We are leveling the playing field for fintech companies and banks of all sizes who want to safely and seamlessly access and furnish accurate credit data and maximize credit optionality for consumers,” said Christian Widhalm, CEO of Bloom Credit. “Understanding the holistic credit picture of a consumer creates additional financial products and responsible tools to enable consumers pathways to greater financial health. We thank the American Fintech Council for their tireless support and advocacy on behalf of responsible innovators changing the status quo and we look forward to collaborating with the growing membership.”

Bloom Credit’s platform provides APIs for data access (credit inquiries) and furnishment (credit reporting). The data access APIs allow clients to order complex credit data products with a straightforward, bureau-agnostic API, and to receive data in a standard, normalized format. Bloom’s furnishment APIs enable the reporting of consumer and business tradeline data, with industry-leading data quality, supported by an extensive validation process. The furnishment APIs also support consumer-permissioned data and are the foundation upon which turnkey financial inclusion solutions for banks and credit unions are built.

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative BaaS banks. Our mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

About Bloom Credit    

Bloom Credit is an API platform designed to modernize the infrastructure of the credit data ecosystem, including the enablement of real-time credit reporting, improvement in reporting accuracy, and expansion of the breadth of alternative consumer- permissioned data (CPD) provided to determine credit scores. Bloom Credit empowers its customers to launch and grow new classes of credit products by leveraging access, reporting and alternative CPD in a fraction of the time it has traditionally taken, leading to the development of important applications which can improve consumers’ creditworthiness. Learn more at www.bloomcredit.io