Published: Oct. 13, 2020 4:00PM MST
Salt Lake City UT: Today Integrated Lending Technologies, LLC (“ILT”), a leading provider of lending technology, announced that it has released to production a significant enhancement to the credit reports provided by its Allegro™ Lending Suite. The year 2020 has brought a number of unhappy developments that may significantly affect the credit of many people. In response, ILT has developed a new Debt Relief Adjustments (“DRA”) feature in Allegro™ that will provide lenders a complete and more accurate picture of an applicant’s credit profile. The DRA feature will detect Natural Disaster effects, Forbearances, Deferrals, Loan Modifications, Payment Plans and Ghost Payments in the applicant’s credit bureau report and then measure and display the information right in the Allegro™ credit report. The debt relief adjustments are displayed in an easy to read table with instantly accessible summarized information. This enables the lender to identify accounts that are receiving special accommodations and how that may affect the applicant’s overall creditworthiness. And, all current and future Allegro™ users will have access to the DRA feature for no additional charge.
“Seeing the awful and unavoidable disasters that have negatively affected almost everyone to one degree or another over the past few months, we recognized the need in the lending business for more information about how and to what extent these developments have affected individual credit profiles”, said Will McGregor, CEO at ILT. “We wanted to gather this data, to the extent it was available, from individual credit reports, organize it logically and accurately and put it into an easily read display. It sounds easy enough, but it required many hours of research, development and testing. But, because we knew our lender clients needed it and would be depending on it, we decided to make it available to all of them for no additional charge.”
The Allegro™ Lending Suite is a loan origination system utilized by credit unions, banks and finance companies. Allegro™ enables many types of dealers, vendors, service providers or their customers to send loan applications through Allegro™ to ILT’s lender clients for no charge to the application source. Allegro™ is integrated with other popular application platforms to maximize the number of applications received by Allegro’s lender clients. An automobile dealer or other loan application source can choose to use the Allegro™ platform or one of the other platforms integrated with the Allegro™ system.
About Integrated Lending Technologies, LLC
ILT has been providing innovative technology solutions for the lending industry since 2002. ILT’s flagship system is the Allegro™ Lending Suite, a Cloud-based loan origination system comprised of three modules, one for indirect lending, another for direct and a third for lifestyle lending. ILT’s systems were all designed by its current management who have many years of combined experience in the lending industry.
To learn more about Integrated Lending Technologies, visit www.allegroloan.com.