How does credit score bidding work?
Consumers or borrowers can initiate the process by issuing a Request For Bid (RFB). Example # 1 John and Susie Public have an average credit score of 730 and they need to buy a house. They would submit their credit score to the borrowers exchange and initiate a (RFB) request for bid for lenders. Based on the monetary value of their credit in the marketplace the borrowers should demand the best loan rates as well as the best overall loan package from bidding lenders desiring to secure business with the borrower. Example # 2 Bill and Mary Public have an average credit score of 695 and Bill wants to buy a new fishing boat. They would submit their credit score to the borrowers exchange and initiate a (RFB) request for bid for lenders. Based on the monetary value of their credit in the marketplace the borrowers should demand the best loan rates as well as the best overall loan package from bidding lenders desiring to secure business with the borrower.
