Furnishment

Overview

The Furnishment API allows you to manage consumers, their accounts as well as activity on those accounts for furnishing to the credit bureaus at any configurable interval. This process also incentivizes the consumers to make payments regularly and build their credit.

You provide account statements for each of your consumers throughout the calendar month, and the Furnishment API will aggregate the data and create a furnishment submission to the credit bureaus. If an account produces more than one statement in a calendar month, the Furnishment API will take the most relevant (latest) statement available within the specified time range.

The following workflow diagram shows the process from creating consumers, accounts, and furnishing the statements.

Organizations create credit products. Organizations may or may not have customers for the credit products. When a customer is issued a credit product, a customer record is created and products are linked via the customer's account. Statements are submitted for each account within a reporting cycle and the payments from the account holders are included within the statement accordingly. Lastly, the organization can create a furnishment to submit to the bureaus, verifying all aggregated data before it is sent.

Endpoints / Models

During onboarding, Bloom Credit will work with you to set up products within the Furnishment API. After you set up a credit product, you can create consumers and accounts.

A credit product is used to create classes of accounts that share common characteristics. Typically a credit product is

• a type of loan
• a specific credit card line
• or a type of mortgage

A credit product will hold attributes that are common among a group of accounts. Each account must be associated with a credit product. With a credit product and a consumer, you can create an account. Once an account is created, you can start posting the account statements through the Furnishment API.

Credit Products

An Organization may offer a variety of products to its customers, each having its own unique characteristics.

When an organization signs a customer to one of its products, the outcome is the creation of a new customer ID and its related account(s). An account is an instance of a credit product and its relation to one or more consumers. A credit product can also be thought of as a grouping of accounts that belong to the same class.

For example, a customer has a home loan or a vehicle loan with the Organization named Sunset. When comparing the products, each loan might offer different features, interest rates, and other terms. All these are updated by the Organizations through Furnishement API.

When a customer applies for a loan, the credit of the customer is checked to see whether the customer qualifies for a loan, and then only the loan is approved.

Upon loan approval, Sunset signs a new customer, and a new account is created under the chosen product. A single customer may hold multiple accounts (i.e. credit cards, loans) at Sunset, each with the same or different credit product.

The customer must pay the amount based on the terms of the credit product and the payment information is furnished by the Organization through the Furnishment API.

Note: Bloom Credit helps you with onboarding by creating a credit product and adding consumers.
Once you have created the product, start with adding consumers and their accounts.

Consumer

A consumer is someone who holds one or more accounts with an Organization. For example, John Parker can have two home loans from Sunset bank. But each home loan will have a separate account number associated with it. There will be a single consumer record with the name John Parker and the two loan card accounts are associated with that record.

With the Furnishment API, you can create, update, retrieve, and delete the consumers.

The Furnishment API allows you to create all the required information about the customer. The required fields are:

• First name
• Last Name
• Address
• Date of Birth
• SSN

Note: To start using Furnishment API, you must create a consumer.

Once you have created a consumer, start making accounts.

Accounts

One consumer can hold multiple accounts. If a consumer has multiple accounts with the same product such as a home loan with the same bank, then all the accounts will have the same Consumer name but a unique account ID that provides consumer loan details, EMI payment history, and principal amount balance details.

You can push all consumers’ account details separately and their statements.

With the Furnishment API, you can create, update, retrieve, and delete accounts.

The account details include:

• Credit Product ID
• Primary Consumer ID
• Primary Address
• Primary Designation
• Branch Identifier
• Account Opened Date

Once you create an account, you can start furnishing statements. The statement includes:

• Customer details
• Account details
• Payment details

Note: You must create a credit product and a consumer before creating an account. A consumer can have many accounts.