CreditPort unites consumers, retailers and finance companies on the Internet

January 7, 1999

Consumer Electronics Show, Las Vegas, Nevada | January 7, 1999 | ExtranetWorks^tm Corporation, the leader in Internet server technology for the finance industry, debuted CreditPort^tm, an Internet software product uniting buyers, sellers and lenders on the web.

CreditPort is a comprehensive solution for consumer finance, and includes the fundamental tools, like accepting applications, pulling credit reports, and automating credit decisions.

CreditPort is also the first Internet service allowing businesses to pull consumer credit information over the Internet.

"Consumer finance is a crucial, yet ignored, element of e-commerce over the Internet," says Mike Grigsby of ExtranetWorks Corporation. "Up to now, everyone's been focused on e-tailing and taking credit cards over the Internet.  By ignoring consumer financing, sellers are missing out on a traditionally huge segment of the consumer industry."

"CreditPort is a facilitator of communication between sellers and lenders using the Internet," explains Grigsby.  "Without it, smaller retailers lose deals to bigger distributors who offer financing, and finance companies struggle to grow their business."

By providing an organized workflow, error detection, and the elimination of redundant data entry, CreditPort streamlines the entire credit and loan process. 

Training is not required because the CreditPort software runs in the familiar Internet web browser.  Software and data is updated by the CreditPort server every time a connection is made, so maintenance is eliminated.

"The CreditPort server is the center of the system," explains Greg Gubrud, CEO of ExtranetWorks Corporation.  "Our servers are connected directly to the credit bureau and pulls credit reports nearly instantly." 

The server is also where the credit pool data is kept, allowing a transparent communication medium between sellers and lenders.  When a retailer uses CreditPort to put a customer's application into the credit pool, the finance company scans the applications for risk profiles that match their lending criteria, using CreditPort's decision support system.  Risky profiles may be offered less favorable loan rates than profiles with good credit. 

Gubrud points out that system security is crucial for financial applications.  CreditPort has multiple redundant security systems to prevent abuse.

 "Consumers who would otherwise be turned down for credit may be offered loans from finance companies specializing in credit risks," says Grigsby.  "The seller's business increases because they can finance products and services for customers they otherwise could not afford to do business with."

Grigsby adds that "Decision support systems for the credit industry cost upwards of $15,000 or more." CreditPort offers basic decision support as a service to finance companies. Complex DSS is also available, and can be customized by the financial institution or through ExtranetWorks Corporation's services division.

CreditPort runs on Netscape and Microsoft web browsers, and any operating system platform supported by them.  Sellers and lenders must sign up for membership to CreditPort to use the standard Internet service.  CreditPort is also available for license as an Intranet software application for distributors who want to offer financing to their dealer channel or have multiple sites that work with financing.