In this episode of the Thoughtful Entrepreneur, your host Josh Elledge talks to the President and founder of Trackstar, Clint Lotz.
Trackstar is a consumer advocate brand. It tackles problems in the space uniquely by building software that helps people help people. Specifically, they innovate the loan space. They saw an opportunity to put state of the art technology into the hands of lenders – they wanted consumers to be protected from false negative credit reporting by giving lenders data that’s fast, efficient, and accurate. Clint shares that there are many false negative reports floating around the American credit system, and Trackstar can build software to identify these false reports so that someone’s credit isn’t ruined.
Clint also talks about how difficult it is as a consumer to identify and report these damaging false reports. For the most part, it’s an entirely manual process and it’s tedious and time consuming. Trackstar tackles this issue and allows for these types of checks and balances to be available quickly and efficiently.
Josh and Clint also explore where Trackstar fits into the industry more holistically. He shares that most credit bureaus listen to their consumers, but their data is almost always inaccurate. They don’t seek to improve the quality of their data, Clint shares, and they’ve been aware of this for a long time. At the end of the day, this bad data and these errors are bringing consumer credit scores down. It’s a major issue, but it doesn’t improve their bottom line, so little has been done to address it. Who uses Trackstar’s tech? Those on the customer experience team are often the first to consider using this type of advanced data technology. Those who take charge of the customer journey are the number one candidates that Trackstar will connect with; they care about their consumer’s experience, which makes the investment in this technology all the more attractive. Clint shares that he believes lenders should do more than just lend money; they should invest in making the consumer journey fair, easy, and equitable.
Trackstar identifies errors on credit reports and they are looking to work with personal, mortgage, auto, and other types of lenders. They also work with online aggregators who work with multiple lenders to extend their reach across the board. If you’re a lender or aggregator, there’s likely a big data oversight occurring somewhere in your business. Trackstar will help you serve your existing client base now – and actually add something positive, and in protection of the consumer, to the lending space.