Startup Quizzle Aims to Disrupt Credit Industry
Start-up Quizzle was built on Chairman Dan Gilbert's idea that people need help navigating the credit world. Quizzle functions as a educational tool as well as a financial budget tool.
In an interview with Benzinga, CEO Todd Albery said, "Moving to Detroit made us all a little nervous, but now we are comfortable with the area. We go out for dinner at the many restaurants and catch a game at Comerica Park. We are changing the economy from a muscle economy to a brainy economy."
Quizzle started purely as a mortgage manager. The company was founded on the premise that most customers tend to apply for a mortgage and then stick it in a drawer for 30 years while they could have been maneuvering in the market for a better rates and refinancing instead.
More recently, the Quizzle toolbox has expanded to include credit reports, credit score information, home value estimates, home loan recommendations and a budget planner. The site can help the customer pay off debt and improve their credit score.
In addition, the site does not ask for your Social Security number or your credit card numbers. This may attract consumers, considering the recent swamp of reports of ID hacking on sites like LinkedIn (NASDAQ: LNKD), Yahoo (NASDAQ: YHOO) and Amazon (NASDAQ: AMZN).
Albery said that Quizzle is a company that would respond to every email, survey feedback and customer questions. It can also be used to regulate existing mortgages and provide advice on the best moves based on the current market.
Discussing what he sees as Quizzle's competitors, Albery said, "Credit.com, Creditkarma.com and Creditsesame.com in the credit space. Those companies tend to focus on your credit score, not on your credit report. Only Quizzle gives you the entire credit report and score for free on the internet. The credit report tells you how you got to that credit score."
Quizzle is expected to branch out and offer new products. Customer feedback has indicated that debt solutions are in high demand, according to Albery. He said Quizzle will oblige these customer by offering additional credit and debt solutions.
In terms of what companies might want to acquire Quizzle, Albery said, "Any company who would want to acquire a data and technology company. Anyone who would want to understand the data that goes into a credit report and improve the data on that report."
Quizzle is not opposed to becoming an acquisition target and will be building a private label that can be bought or used by other companies, added Albery
Albery advised other start-ups, "Don't start out too broad, start small. Streamline the process and then expand. Slowly introduce new products. Sometimes you have to throw things into the mix and see what sticks. Keep the products that are profitable and trim the rest."
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