Human Resource

The Problem

We envision an America where everyone can gain access to the opportunities and financial products and services they need to fully participate in the US economy. For us, this means supporting community lenders because they are gatekeepers to economic development.  

Nearly every fundamental building block to achieving financial well-being is impacted by one’s criminal history, which also impacts their credit score. And while there is insufficient data to articulate the impact of having a record on banking outcomes there is anecdotal and tangential evidence to show how a record keeps a person locked into low-to-moderate income (LMI) jobs and where entrepreneurs with conviction histories can’t grow their businesses. These limitations often lead to being unbanked or underbanked..

The products and services that CDFIs provide create pathways to mainstream banking. This is  a win-win for people, communities, and you. 

The Problem

Though African Americans and Hispanics make up approximately 32% of the US population, they comprised 56% of all incarcerated people (2015)
By having millions of people locked out of the workforce the US economy loses $78-87 billion in GDP every year 
Having even a minor offense on your record leads to a 42-69 point reduction in traditional credit score risk models
A criminal record resulted in reductions in auto loan financing of between 24-25% and declines in mortgages of 14-16%

Community lenders have a common goal of serving LMI communities while managing their resources and risks. The need to identify qualified candidates and attract customers while having actionable information to assess them is critical to expanding your products and services to individuals living with records. 

Has your team struggled to understand how to specifically serve individuals living with records?
Are you concerned that your loan committee will struggle with approving loans for individuals living with records?   
Do you find yourself feeling like a standard background check or credit score isn’t helpful, but neither is time spent in additional interviews or doing online searching?
We’ve felt this pain, and have a solution. 

The Solution

The Problem: Old screening metrics and processes overlook excellent consumes and talent
Traditional scoring is based on previous reportable financial activity (credit, loans, payments) and can prevent qualified talent from getting hired due to lack of context, leaving excellent talent underutilized. The way a new generation works and lives no longer applies and for those with a record, their personal credit is deeply impacted 
It is for this reason that the Bank on 100 Million team has partnered with our platform partners to offer an exclusive opportunity for community lenders seeking strategic technical assistance, deal flow/customer development as well as access to R3 Score’s evaluation tool, which is a background check that meets a credit score. To learn more about this offer in particular you can join now. 
Join Now

Data-driven scoring designed to unlock new valuable employees and customers

Our products are based on multi-factor algorithms with more than 11 holistic inputs assessing character, capacity, and continuity of choice. R3 Score helps you more effectively and efficiently identify talent and consumers while driving community impact. We make it easier for you to get a clear picture of who a person is today by blending static and trending behavior data to deliver a score and nuanced report, enabling institutions like yours to more successfully serve this specific market segment.

How it Works

  1. After creating a corporate account, your team will be able to establish “ordering managers” who are eligible to request a unique R3 Score for a loan seeker
  2. The Ordering Manager logs into our customer portal and provides the contact information of the loan seeker who needs an R3 Score 
  3. Our processing team reaches out to the loan seeker in order to request a standard background check and conduct a 5 - 10min interview to gain additional insights 
  4. With this data, our algorithms go to work to produce our Basic and Advanced Score within 2-3 business days
  5. The Ordering Manager receives the completed R3 Score via our secure file transfer system, the files remain valid for 90 days 
  6. Your team can now incorporate this new information into your existing underwriting or hiring process.

Financial Inclusion & Economic Empowerment

  1. After creating a corporate account, your team will be able to establish “ordering managers” who are eligible to request a unique R3 Score for a loan seeker
  2. The Ordering Manager logs into our customer portal and provides the contact information of the loan seeker who needs an R3 Score 
  3. Our processing team reaches out to the loan seeker in order to request a standard background check and conduct a 5 - 10min interview to gain additional insights 
  4. With this data, our algorithms go to work to produce our Basic and Advanced Score within 2-3 business days
  5. The Ordering Manager receives the completed R3 Score via our secure file transfer system, the files remain valid for 90 days 
  6. Your team can now incorporate this new information into your existing underwriting or hiring process.

Interested in our service now?

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get a free quote

Financial Inclusion & Economic Empowerment

We are excited to officially invite you to sign up for the special offer to receive implementation support and access to R3 Score today! 
Join Now

R3 score Customer Sign Up

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With R3 Score, you can…  

  • Gain customer or candidate insights
  • Grow your business
  • Expand your community impact 

Not ready to sign-up today but still interested? Contact us.

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