CreditPort allows financial institutions and
lenders to accept applications, pull credit reports, and manage loans online through the Internet.ExtranetWorks Corporation is an early adopter of the new TU40 format, and anticipates a high amount of
interest in the CreditPort service for submitting consumer applications and receiving credit bureau data in a Y2K compliant format.
"This is an important step for lenders because it quickly solves the Y2K
problem for credit reporting," says Mike Grigsby of Portland, Oregon based ExtranetWorks Corporation, makers of CreditPort.
Grigsby points out that many organizations, especially financial
institutions, are not yet Y2K compliant. "We're seeing quite a number of banks and credit unions looking for replacement solutions to older systems rather than convert systems they may be replacing in a few
years anyway."
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.
By providing an organized workflow, error detection, and the elimination of
redundant data entry, CreditPort streamlines the entire credit and loan process. For lenders, CreditPort automates the credit decisioning process.
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. To use Trans Union's TU40 Y2K compliant format, users must subscribe to Trans Union's service. CreditPort is also available for
license as an Intranet software application for financial institutions who want to offer financing to their dealer channel or have multiple sites that work with financing.
