Press Release

2.7 Million Americans Avoid Hard Credit Inquiries and safeguard their Credit Health - with Banks and CUs using FinTech CreditSnap powered Lending & Deposit platform

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Average Credit Score in the US remained at 714 consistently for the past 3 years. But the average consumer is always nervous what impact a new loan application may have on their credit score. Lower score can make or break a household as it can impact loan rates and loan amount eligibility adversely. Given this sensitivity, some banks and credit unions have taken their customers’ credit health seriously, and embraced a modern CreditSnap platform for both Lending and Deposits.
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In less than 4 years since inception, CreditSnap has reached this remarkable milestone of positively safeguarding 2.7 Million Americans’ credit health - by using Soft Inquiry to tell the customer what they can prequalify for, and not forcing a hard inquiry immediately.
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CreditSnap's innovative soft inquiry technology prevents negative impact on an individual's credit score, making it easier for them to access credit in the future. This cutting-edge technology has played a pivotal role in enhancing the credit health of over 2 million citizens by sparing them from the challenges associated with hard inquiries. And in doing so, CreditSnap not only alleviated significant financial burden but has also expedited the lending process by providing real time offers tailored to borrowers’ specific financial needs.
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"There is no better time than today to express our profound gratitude to our customers and partners. Together, we've achieved something truly extraordinary," says Deepak Polamarasetty, CEO of CreditSnap. "This milestone reflects our unwavering commitment to transforming the lending industry and making it more accessible and consumer-friendly."
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A remarkable aspect of this journey is that CreditSnap has never lost a bank or credit union customer, a testament to the trust and satisfaction that company’s financial institution partners have placed in its solutions.
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About CreditSnap 

CreditSnap is an advanced fintech platform for banks and credit unions, revolutionizing lending and banking processes. CreditSnap’s comprehensive loan management and account opening platforms come packed with features like Soft Inquiry Tech, Instant Document Signatures, Core System Integration, Strategic Cross-Sells, Instant eDeposit Capability and more to deliver a world-class banking experience. These solutions have been used to process more than a million transactions and produced exceptional results, driving financial institutions to experience a notable 20% to 40% boost in loan volume and deposit accounts. For more information, visit www.creditsnap.com or email at community@creditsnap.com.