|The developer of a new system claims it helps originators turn declined applications into approved loans.
Recovery Strategy has been launched by Cogent Road, an announcement today said.
The system uses an automated proofreading process to instantly identify credit errors. Once an error has been identified, the file can be placed with a trained processor to resolve the credit issues, the statement said.
Cogent claims a new qualifying credit score can be provided within 48 to 72 hours.
The San Diego-based firm said one-in-five prospective borrowers has a credit report error.
"These 'recovered' applicants are positively impacted by a level of professionalism from the originator, which can yield additional word-of-mouth business," Cogent stated.
A second service, AVAIL, utilizes automation to help originators coach their prospects into better credit. Once the customer progresses through the program, an alert is sent to the originator indicating the prospect has reached a qualifying status.