Upload Credit Reports to Pave for a Complete View of Liabilities

We’ve launched a new integration that allows you to upload credit reports. Pave cleans, normalizes, and unifies credit reports with a user’s bank transaction data, allowing lenders to easily get a complete view of a borrower’s liabilities.

To date, Pave has been surfacing a user’s liabilities from their bank transaction history as well as debt aggregators like Method. However, while bank transactions provide valuable insight into a user’s debt payments, they don’t include information such as the original loan amount, the current and remaining balance, the APR, and more. 

Ingesting credit reports will allow us to unify a user’s loan payment history in bank data with the corresponding loan details from a credit report. 

Overall, the more data sources Pave can ingest about a user, the more complete and accurate their financial picture will be, since there is no single data source that captures all of a user’s cashflows, liabilities, and assets. 

Why this matters

  • Credit reports are the most common data sources lenders use to make risk decisions 
  • However, credit reports can be incomplete, inaccurate, and out of date
  • Ingesting credit reports allows Pave to unify a borrower’s bank transaction data and credit reports in order to return a more complete and updated picture of a user’s liabilities
  • Our Liabilities endpoint and dashboard allow lenders to see all of a user’s liabilities in one place 

Use Cases

  • Automate risk decisions: Streamline approvals, loan pricing, and loan amounts based on a user’s payment history, current loans, and delinquencies
  • Dynamically adjust credit limits: Identify if a borrower remains on track with their loan payments vs. waiting months for payments to surface in credit reports
  • Debt consolidation: Efficiently model different consolidation scenarios to offer users payoff options
  • Personalize refinancing offers: Monitor your users’ loan history and proactively offer loan refinancing options
  • Build debt management experiences: Allow your users to see all of their loans in one place. Recommend optimal debt payoff plans based on their cash flows and interest rates

Here are some FAQs to get you started.

Can I upload any credit report, or are there specific bureaus or resellers that Pave supports? 

Our integration supports credit reports from any bureau or reseller.

You can read more about uploading credit report data on our docs.

Do I need to format the data in a particular way, or can I upload it as is?

Most credit report data comes in XML format, which you can upload as is.

If you have credit reports in any other format, please reach out. You can read more about uploading credit report data on our docs.