Calling it “the next step forward to help(ing) consumers take control of their financial lives,” Doug Lebda, CEO and founder of LendingTree, announced the launch of the new LendingTree personalization platform.
The platform incorporates LendingTree’s VantageScore 3.0, credit scoring technology designed for the post-financial crisis era. VantageScore is a tri-bureau credit scoring model that can generate credit ratings for more than 30 million more consumers than with traditional methods.
Peer comparisons and credit education are also components of the platform, giving users a level of transparency to the credit-scoring process. And by integrating users’ financial accounts, LendingTree’s personalization platform gives consumers the ability to see an analyze their overall credit profile, as well as spot opportunities to save money.
The key is LendingTree’s ability to leverage its network of banks, peer-to-peer lending platforms, and other credit and financial institutions to provide users with insights into how their behavior affects their credit profile. It also is easier to provide consumers with cost-saving offers that are more relevant and more likely to be used.
A leading online lender, LendingTree has facilitated more than 30 million loan requests and more than $200 billion in closed-loan transactions. The company is headquartered in Charlotte, North Carolina, and was founded in 1996. LendingTree demoed its mobile app at our spring conference in San Jose this year. See a video of the company at FinovateSpring 2014 here.