Upturn, a US startup incubated by BBVA, has officially launched, offering a free online tool that simplifies and streamlines the process of disputing inaccuracies on people's credit reports.
There are over 250 million credit files in the US and 22 million people are rejected for credit every year, often without a clear explanation, prompting many to complain. Inaccurate credit reports are the second most common complaint filed with the Consumer Financial Protection Bureau every year.
San Francisco-based Upturn is aiming to solve the problem by giving people greater insight and control into their credit report data, helping them solve errors through an online "self-care" portal.
Founded in 2017 by Rod Ebrahimi, former CEO of personal debt and credit management software company ReadyForZero, Upturn was incubated in BBVA´s New Digital Businesses unit - which backs disruptive financial services start-ups.
Says Ebrahimi: “The current system for identifying, disputing, and resolving credit report errors is too difficult. Monitoring a credit score is not enough; the underlying credit report is ultimately what matters. We created Upturn to enable consumers to take control of their credit history and ensure that their credit report is always as accurate as possible.”
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