CONYERS, Ga., December 5, 2022 /PRNewswire/ — Novae, LLC, a black-owned financial technology company, last month announced the rollout of its new AI-driven personal credit software. Called myNovaeDisputes Manager, the software works by first linking users’ credit reports to the three major credit bureaus, then uses algorithms to automatically take optimized actions to identify issues that could impact a user’s credit profile. the user.
The myNovaeDisputes website offers training on credit and the best ways to increase your score while saving money. But where it really shines is its automated challenge feature.
Over the years, major media outlets have repeatedly sounded the alarm about the alarming rate of errors in users’ credit bureau reports. According to a survey 2021 According to Consumer Reports, 1 in 3 Americans have at least one error on their official credit report. Even more alarming, the percentage of credit reports containing errors has been steadily increasing growth for more than a decade, and this trend shows no signs of reversing.
At worst, credit report errors can see account holders denied home loans, leases, auto loans and even jobs due to derogatory marks on their credit reports over which they have no control. . This is because the derogatory mark has already been addressed but was not updated properly by the office, or was never under the account holder’s control to begin with.
People with common names are more likely to suffer from accidental cases of mistaken identity leading to someone else’s credit information impacting their report. Identity theft, in which malicious actors intentionally take lines of credit in a stranger’s name after stealing their credentials, can also happen to anyone.
Until now, users seeking to dispute elements of their credit reports were often forced to choose between hiring qualified professionals to put in hours of work on their behalf or attempting to navigate the murky and frustrating world of credit disputes. CEO of Novae Recce McCambry hopes that software like this can provide a third option, where many disputes can be pursued by AIs operated by ordinary consumers instead of requiring valuable time and significant financial investment to resolve.
Those familiar with the credit bureau dispute resolution process know that it can be exhausting and can often seem futile. Disputing different types of errors requires sending separate and specialized types of dispute letters. To achieve results, this process often involves waiting months for replies from the offices, then sending more specialized letters to escalate the dispute when it is not resolved properly the first time.
This is where myNovaeDisputes Manager comes in. The software automatically assesses potential errors on users’ credit report, identifies the right type of dispute letter to send, and begins a process of preparing letters to send and monitoring changes to credit reports based on successes. disputes.
Until legislative changes make it easier for users to trust the accuracy of their credit scores, perhaps AI can help lift the burden of the struggle for accuracy from the shoulders of millions. of Americans who may already be struggling financially. Thanks to companies like Novae, consumers have the opportunity to potentially overcome these challenges.
For more information, visit www.myNovaeDisputes.com.
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SOURCE Novae LLC