About float

Provides a platform for credit unions to report on-time payment behavior from rent, utilities, and subscriptions to major credit bureaus, improving member credit scores by an average of 45 points in under a month. This enables financial institutions to increase loan approvals, uncover "hidden prime" members, and deepen member relationships without altering existing underwriting processes.

```xml <problem> Credit unions often struggle to accurately assess the creditworthiness of members, particularly those with limited credit histories or who are new to credit. Traditional credit scoring models may overlook consistent on-time payments for recurring expenses like rent, utilities, and subscription services, leading to inaccurate risk assessments and missed lending opportunities. This can disproportionately affect low-to-moderate income individuals and those with thin credit files. </problem> <solution> Float provides a platform that enables credit unions to report members' on-time payment behavior for rent, utilities, and subscriptions to major credit bureaus, thereby enhancing their credit profiles. By incorporating these alternative data sources, Float helps credit unions gain a more comprehensive view of a member's financial responsibility. This leads to improved credit scores, increased loan approval rates, and the identification of previously "hidden prime" members who may have been overlooked by traditional scoring methods. The platform integrates seamlessly with existing systems, requiring no changes to the credit union's underwriting processes. </solution> <features> - Automated reporting of on-time rent, utility, and subscription payments to major credit bureaus (Experian, Equifax, and TransUnion). - White-label implementation requiring no dedicated IT support or code changes. - Secure, end-to-end encryption and industry-leading data privacy/protection practices. - Compliance with all relevant regulations for identifying and reporting member payments. - Member portal for tracking reported payments and credit score improvements. - Integration with existing credit union systems and workflows. - Identification of "hidden prime" members through enhanced credit scoring. </features> <target_audience> Float primarily targets credit unions seeking to improve member credit scores, increase loan approvals, and deepen relationships with their member base, particularly those serving low-to-moderate income communities. </target_audience> <revenue_model> Float generates revenue through a subscription-based model, charging credit unions a recurring fee for access to the platform and its reporting capabilities. </revenue_model> ```

What does float do?

Where is float located?

float is based in East New York, United States.

When was float founded?

float was founded in 2024.

Location

East New York, United States

Founded

2024

Employees

4 employees

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float

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Executive Summary

withfloat.io 100+

Founded 2024 – East New York, United States

Funding

No funding information available.

Team (<5)

No team information available.

Company Description

Problem

Credit unions often struggle to accurately assess the creditworthiness of members, particularly those with limited credit histories or who are new to credit. Traditional credit scoring models may overlook consistent on-time payments for recurring expenses like rent, utilities, and subscription services, leading to inaccurate risk assessments and missed lending opportunities. This can disproportionately affect low-to-moderate income individuals and those with thin credit files.

Solution

Float provides a platform that enables credit unions to report members' on-time payment behavior for rent, utilities, and subscriptions to major credit bureaus, thereby enhancing their credit profiles. By incorporating these alternative data sources, Float helps credit unions gain a more comprehensive view of a member's financial responsibility. This leads to improved credit scores, increased loan approval rates, and the identification of previously "hidden prime" members who may have been overlooked by traditional scoring methods. The platform integrates seamlessly with existing systems, requiring no changes to the credit union's underwriting processes.

Features

Automated reporting of on-time rent, utility, and subscription payments to major credit bureaus (Experian, Equifax, and TransUnion).

White-label implementation requiring no dedicated IT support or code changes.

Secure, end-to-end encryption and industry-leading data privacy/protection practices.

Compliance with all relevant regulations for identifying and reporting member payments.

Member portal for tracking reported payments and credit score improvements.

Integration with existing credit union systems and workflows.

Identification of "hidden prime" members through enhanced credit scoring.

Target Audience

Float primarily targets credit unions seeking to improve member credit scores, increase loan approvals, and deepen relationships with their member base, particularly those serving low-to-moderate income communities.

Revenue Model

Float generates revenue through a subscription-based model, charging credit unions a recurring fee for access to the platform and its reporting capabilities.