RICHMOND, Va., Aug. 5, 2021 /PRNewswire/ -- Launching today, fin-tech platform CredEvolv revolutionizes the path to achieving and maintaining good credit, offering millions of consumers a path to financial stability. CredEvolv's mission is to turn "no" in to "not yet" by breaking down the barriers to credit equity and guiding consumers seeking improved credit on a journey to sustainable, lifelong credit well-being.
Through the acquisition of Get Credit Healthy, Inc. — a platform focused on single loan fulfillment – CredEvolv shifts to a strategy based on lifelong credit wellness. With the experience of Get Credit Healthy Founder, Elizabeth Karwowski, and banking and mortgage industry veterans, Jeff Walker and Steve Romano, CredEvolv tackles credit and lending inequity so that underserved, credit-challenged customers can be on a path to homeownership.
"Access to credit is a significant systemic social and economic problem; 1 in 10 Americans have no credit history and 26 million adults are 'credit invisible.' As a result, too many consumers struggle unnecessarily with disproportionate financial stress and too many lenders forego revenue and a critical opportunity to better serve their customers," said Jeff Walker, Co-Founder and Chief Executive Officer, CredEvolv. "CredEvolv was created to bridge that gap and offer a solution that not only puts consumers on a path to qualify for the initial loan they're seeking but sets them up for life-long credit health."
CredEvolv offers end-to-end credit support for consumers, while helping lenders retain clients and drive incremental revenue. CredEvolv's proprietary technology platform helps lenders and servicers connect borrowers with HUD-certified non-profit counseling agencies to provide credit remediation and education, as well as debt management services.
"Driving better outcomes for consumers doesn't have to be complicated or confusing," said Steve Romano, Co-Founder and President, CredEvolv. "With CredEvolv, we're marrying state-of-the-art financial technology with social responsibility to reduce the psychological and financial burden millions of individuals face and make it simple for them to get on a path to financial wellness, while also creating increased value and ROI for our partners."
CredEvolv leverages consumer permissioned data, proprietary analytics, and personalized credit coaching to guide the journey to credit well-being The cloud-based platform can scale to millions of transactions, while still providing a customized experience for users CredEvolv also ensures a fair assessment and approval process for loan applicants, ensuring no customer is discriminated against in the loan process.
"Denying a borrower for a loan is one of the most challenging conversations loan officers have to navigate because we often have no alternative to 'no' to offer hope to the borrower," said Kevin Peranio, Chief Lending Officer, PRMG. "Having to decline borrowers is not only a disheartening experience that does not fulfill our ultimate goal of helping individuals get into the home they want, but it also stops short our potential engagement with that borrower. CredEvolv gives us the opportunity to build relationship value and turn borrowers that are not quite ready yet for that initial loan into lifelong clients."
CredEvolv combines high tech with high touch for maximum effectiveness and accessibility. The platform is the only in-market credit solution provider that digitally connects all relevant stakeholders.
"No two borrowers are the same, and it's important that we approach each client relationship as such," said Sherri Hunter, Director, James Valley Housing, a HUD-certified nonprofit and CredEvolv partner agency. "The CredEvolv educational content and credit-related offerings are customized to address the unique circumstances of each individual consumer. This is where empathy and efficiency come together to allow us to serve our clients in the best way possible."
The CredEvolv platform is a best-in-class program with a proven track record, helping tens of thousands of aspiring homeowners go from 'no' to mortgage approved in six months or less.
About CredEvolv CredEvolv breaks down the barriers to credit equity and guides individuals seeking improved credit on a journey to sustainable, lifelong credit well-being. CredEvolv's proprietary credit and debt management education platform allows lenders to transform consumers in need of credit education and remediation into qualified applicants and lifelong customers by connecting them with credit and debt management counselors. For more information visit CredEvolv.com.