Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers could enter their information at Credible and be confident that they are getting the best interest rate for which they are qualified. With deep connections into many leading lenders they can provide this high level of confidence and therefore a better user experience.
They are now bringing this expertise to another vertical: mortgage refinancing. I caught up with CEO and founder Stephen Dash last week to talk about this latest move. He said the key differentiator at Credible is that they are the first company to ever give you actual rates (not the usual estimates) from multiple lenders in three minutes and they don’t share their customer’s data with any lenders until the customer is ready to pull the trigger. And then they will share this data with just one lender. Because they are integrated with the underwriting models of their lending partners they are highly confident that their customers will be approved once they pass this information along.
This is all about user experience. Stephen said that customers today do not want to be spammed by multiple lenders all vying for their business. They want a partner who will sort through the different options available and recommend the best one. They are also the first marketplace to allow customers to go end to end so borrowers can close their chosen loan without leaving the Credible marketplace.