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Aaron Pantoja

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Financial Power to the Consumer

Why is it that when applying for a home, car or bank loan we have to submit an obscene amount of paperwork that is scattered everywhere? Let me rephrase, I know WHY we have to do this but why do we have to go through a grueling manual process to gather all of this paperwork? I already fill out paper documents when I apply for a job, do my taxes, open a bank account or apply for a credit card. Not to mention the credit agencies already have all of my paperwork stored digitally.

The idea I have is one which would solve the problem I have with gathering all my paperwork manually. I would like to create a web application which would extract tax information, bank information and credit information to allow any consumer to have this information available to them immediately. Not only is this information available but the web application will analyze the data and inform the consumer of the possibilities to receive any type of loan or credit they’re looking for without having to submit an application (and a hit to their credit) first. Any feedback on this idea whether it be recommendations for modifying or implementing is appreciated.

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  • Nov 19 2012: I don't believe that the idea is to take away all of the security questions but rather create a service that makes this more simplified for the consumer. Paperwork or no paperwork; if someone wants to steal your identity then they are going to do it no matter what the process.

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