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Bank data in credit application
Bank data in credit application

Why Does Mynt AB Need Your Bank Data to Decide on Your Credit Application?

Leila avatar
Written by Leila
Updated over 2 months ago

Applying for credit is an important decision for businesses, and for Mynt AB to offer a fair and accurate assessment of your application, we need access to your bank data. Below, we explain why this is necessary and how it benefits you as a customer.

More Accurate Credit Assessment

Traditional credit evaluations often rely on historical data from credit reporting agencies. This information can be outdated or incomplete, leading to a less precise assessment. By analyzing your current bank data, we gain a realistic view of your business's financial health and can tailor credit decisions based on your actual ability to repay.

Faster Decisions and a Smoother Process

By connecting your bank data to our system, we can automate a significant portion of the credit evaluation. This reduces the need for manual processing and shortens the turnaround time for your application. The result? You receive quicker responses and can access financing when you need it.

A Fairer Credit Evaluation for All Businesses

Traditional credit evaluations can disadvantage newer businesses or those with limited credit history. By analyzing actual transactions and cash flows, we provide a more equitable assessment of your business’s financial position, regardless of its age or prior credit score.

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