CHARLOTTE, N.C., July 23, 2014 /PRNewswire/ -- LendingTree, the nation's leading online loan marketplace, today announced the launch of its all-new personalization platform, providing consumers with completely free credit scores and analysis, access to monthly updates, detailed account insights and proactive, market-based offers to illuminate potential savings opportunities across multiple loan categories. This new platform is LendingTree's most significant innovation since the creation of the online loan marketplace concept 18 years ago.
"This is the next step forward for LendingTree to help consumers take control of their financial lives," said LendingTree founder and CEO, Doug Lebda. "We're able to give consumers a thorough review of their financial and credit accounts, with an analysis of their credit score and ongoing monitoring, in one convenient place. And when a consumer is ready to evaluate new loan options, there's no need to repeatedly fill out loan forms."
Once a free account is created at LendingTree, users are provided with their current credit score using VantageScore 3.0. Introduced in March of 2013, VantageScore 3.0 is the first credit score model to be built on post-recessionary data, and it has the ability to generate a credit score for 30-35 million more consumers than traditional credit scoring methodologies. The VantageScore model is a tri-bureau credit scoring model that is uniquely able to be deployed at all three national credit reporting companies (CRCs), Equifax, Experian and TransUnion, resulting in more consistent credit scores and less confusion among consumers.
The interactive account platform brings transparency to the user's credit profile, explaining important credit factors that generally determine consumer scores while examining which factors are most significantly impacting the user's personal credit profile at each point in time. LendingTree also benchmarks users' credit profiles against comparative norms, allowing them to see how they rank relative to other users of the similar ages and geographic locations.