Novae Releases the First A.I. – Self Driven Personal Credit Software!

Black-owned fintech company Novae, LLC announced last month the rollout of its new AI-self driven personal credit software. Called myNovaeDisputes Manager, the software works by first linking to users’ credit reports with all three major credit bureaus, and then uses algorithms to automatically take optimized steps to identify issues that could be impacting the user’s credit profile.

myNovaeDisputes’s website features credit education and the best ways to raise one’s score while saving money. But where it really shines is its automated dispute feature.

Major news outlets over the years have repeatedly raised alarms about the alarmingly high rate of mistakes on users’ credit bureau reports. According to a 2021 investigation by Consumer Reports, 1 in 3 Americans have at least one error on their official credit reports. Even more alarming, the percentage of credit reports containing errors has been steadily growing for over a decade, and this trend shows no sign of reversing.

At their worst, credit report errors can see account holders denied home loans, leases, car loans, and even jobs over derogatory marks on their credit reports that they have no control over. This is because the derogatory mark has either already been addressed but not updated correctly by the bureau, or was never within the account holder’s control to begin with.

People with common names are more likely to suffer accidental cases of mistaken identity leading to someone else’s credit information impacting their report. Identity theft, in which malicious actors intentionally take out credit lines in the name of a stranger after stealing their identifying information, can also happen to anyone.

Up until this point, users seeking to dispute items on their credit reports were often forced to choose between hiring skilled professionals to put in hours of labor on their behalf, or attempting to navigate the murky and frustrating world of credit disputes themselves. Novae CEO Reco McCambry hopes that software like this can offer a third option, where many disputes can be pursued by AIs operated by everyday consumers instead of requiring valuable time and significant financial investments to address.

Those familiar with the credit bureau dispute process know that it can be exhausting, and can often seem futile. Disputing different types of errors requires sending distinct, specialized types of dispute letters. To get results, this process often involves waiting for months at a time for responses from the bureaus and then sending more specialized letters to escalate the dispute when it isn’t resolved properly the first time.

That’s where myNovaeDisputes Manager comes in. The software automatically assesses potential errors on the users’ credit report, identifies the correct type of dispute letter to send, and begins a process of preparing letters to send and monitoring for changes to the credit reports based on successful disputes.

Until legislative changes make it easier for users to trust that their credit scores will be accurate, perhaps AI can help take the burden of fighting for accuracy off the shoulders of the millions of Americans who may already be facing financial hardship. Thanks to companies like Novae, consumers have an opportunity to potentially overcome these challenges.

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