To help banks speed up the processing of consumer loans, Creative Solutions Group Inc. has introduced Loan Connection, a phone-based loan approval system.
Atlanta-based Creative Solutions' chairman and founder, Charles Goetz, was previously senior vice president of strategic planning at Citicorp. Loan Connection is similar to Mortgage Connection, a loan approval product that Creative Solutions developed.
Mr. Goetz said the product will also help automobile dealers better serve their customers during periods when banks are closed.
To use the Loan Connection service, the person requesting credit first answers 14 questions on a worksheet. These questions include standard queries about income, credit, and job history.
The customer service representative or dealer then inputs the answers into the Loan Connection service by phone using voice prompts. After the representative hangs up the phone, the Loan Connection electronically transmits customer data to a credit bureau of scoring. The data are then evaluated against the institution's scoring policies.
Ms. Sullivan is a freelance writer based in New York.