Lending Tree is an online business platform that serves various financial needs of clients in the United States. The main function of this platform (Lending Tree) is to connect borrows to potential loan operators and help them shop around to find the best loans rates and terms that fit their specific financial needs. The program allows borrowers to shop for the most optimal insurance, loans, credit cards, and deposit accounts. Potential borrowers can also compare auto and educational loans in the platform. Let us know ‘What Credit Bureau Does Lending Tree Use?’.
What Credit Bureau Does Lending Tree Use?
When pulling your credit scores, Lending Tree uses VantageScore 3, a version that was created by the three major credit bureaus i.e. Equifax, Experian, and Transunion to provide their borrowers with a recent credit score when they apply for a loan. Lending Tree also uses Fair Isaac Corporation ( FICO credit scores) to pull credit scores information for borrowers who want to access mortgage or auto loans.
How Does Lending Tree Operate?
Lending Tree offers a wide variety of financial services such as mortgage loans, personal loans, and many more. The following are the steps of applying or requesting for a loan;
- First, the potential borrower submits a loan application request on the Lending Tree online platform.
- Next, provide information regarding the type of loan you are in the market for such as business loans, personal loans, auto loans, and many more.
- You also provide other information about your debts (if any), income, assets, etc., and your social security number which they use to pull your credit scores.
- Lending Tree matches your profile to potential loan providers. The information provided by potential borrowers is not a formal application but rather a request.
- Your information is relayed to lenders who in turn decide on whether or not to make a loan offer based on their standards.
The borrower receives offers from lenders, and the Lending Tree platform allows you to compare the options and rates provided If you choose an offer that is when you put a formal application to the lender.
The Merits And Demerits Of Using The Lending Tree Platform
Lending Tree offers quite a few benefits to borrowers;
- One of the advantages of Lending Tree is that it is a convenient platform for use by potential borrowers. Due to their wide range of selection of lenders, it makes it easy to choose the right lender that fits your needs.
- It saves time and one does not have to go through the hassle of filling out too many separate applications or making phone calls, one can get quotes from just one application request.
- Lending Tree offers potential borrowers a platform where they can shop, compare loan offers and choose the most convenient for them.
- There are no charges involved when using the platform.
While using this platform one may encounter some drawbacks Here are some of the demerits of using Lending Tree:
- Lending Tree customers end up getting overwhelming messages, phone calls, and emails from potential lenders pitching their loan offers.
- Another disadvantage is that not all mortgage lenders and other loan options are present on this platform. This means you might choose a good offer but still miss out on a better offer out there.
- Sometimes it becomes difficult for the customer to compare loan options since the loan offers come separately with different APRs, rates, terms, conditions, and other details which may be overwhelming for the borrower to pick out the best option.
What Type Of Financial Solutions Does Lending Tree Offer?
Lending Tree offers borrowers a wide selection of financial services. Here are the services offered:
- Loans- borrowers can browse all types of loans that they want from this platform. Lending Tree offers the following types of loans; personal loans, business loans, student loans, student loan refinance, and debt consolidation loans.
- Mortgages- whether a borrower wants to purchase or maintain a home, land, and any other real estate property, they can find mortgage loans from this platform. The types available in this platform are mortgage rates, cash-out refinance and refinance rates.
- Auto loans– if you are looking to purchase a car and do not have the cash to buy, Lending tree helps you browse the best auto loans in the market.
- Financial help– lending tree also offers financial help services to borrowers such as insurance, debt relief, and credit repair services.
The Lending tree uses the three major credit bureaus i.e. Equifax, Experian, and Transunion to provide their borrowers with a recent credit score when they apply for a loan. Lenders applying for a personal loan are required to have a credit score of 600 to qualify for a loan.
Frequently Asked Questions
- Are users charged any service fee when using Lending Tree?
The Lending Tree platform does not charge its users any fee to get matched up to potential lenders.
- What credit score is required by Lending Tree?
Each lender on the Lending tree platform has different qualifications, but when applying for a personal loan the minimum credit score required is 600. Although borrowers with a high credit score of 670 or higher have a high chance of acquiring a loan compared to those with poor credit scores.