Readyforzero: Helping users out of debt problems

Recently, a new application Readyforzero system released only April, has helped users to deduct 42 million of dollars in credit card debt, which is very good news for the debt-plagued people, then how the system can help users solve the problem of repayment, Here's a look.

Cool company

Although everyone does not want to be a creditor bizhai debtors, but sometimes it is inevitable to act as a worried debtors. In the United States, university graduates R Odebrahimi to pay their way out of debt, but came up with an interesting entrepreneurial idea, using Internet tool management to help debtors effective debt.

His company, called Readyforzero, not only won the angel investment, but also received a Polaris 4.5 million dollars in a round of financing in June 2011, with Citi VCs involved.

to repay the "forced" entrepreneurial ideas

As with many newly graduated college students, Rod Ebrahim I, who graduated from the United States, is heavily indebted. His girlfriend is also in the same boat with him and needs to repay the student loans he had signed earlier. So two people developed a spreadsheet detailing the repayment plan.

When they use this spreadsheet, a sudden epiphany: how to repay the debt, but not only their problems, many people have a headache. And debt repayment, in fact, can be solved by technical means, this is not the perfect opportunity for Silicon Valley to start a business?

As a result, financial problems have led E Brahimi to develop a financial software that allows people to manage and consolidate their debt information, resulting in better credit histories and less total interest.

To this end, he founded the company readyforzero.com in February 2011. The company is headquartered in San Francisco, which is designed to help users manage their own debt. From the beginning of entrepreneurship, Ebrahim I also won the popular incubator Combinator.

Anonymous balance management, optimizing repayment policies

R Eadyforzero the way to help users manage their debt, unlike traditional debt management and credit card consulting services, which collects user account credentials (including user names and passwords), from credit card companies, The borrower and the mortgage provider obtain the user's balance and payment information. Users submit their own revenue information, the company to provide the best repayment plan. What

has to say is that Readyforzero's "behind the scenes" is an anonymous set of balance management systems. The beauty of it is that users can manage and consolidate their debt information to get better credit histories and less total interest. Users can also associate their credit cards, and the software will analyze the money they need and give the best repayment strategy.

This is not a big idea, but it has a huge market, and in the United States, the total amount of debt owed is up to $800 billion trillion. 5000 of them have started using the service, and 20% of them are often used.

EbRahimi said his hope is not to take full control of the user's account management, but to give consumers some tools they might use to get them to manage their debt. The company's data confirm that the approach works: its users pay off only half of the rest of the debt.

Let future creditors trust you with the money.

Later, Readyforzero also released a public snapshot feature, which makes the site no longer just a record site.

This feature allows people to provide their own lenders with their credit status. In this data collector, people's names are replaced by customer numbers, and the information itself is packaged by anonymous URLs. The data it provides includes the total balance of cards that all users have associated with, as well as the balance and interest rates for each card. The

feature is designed to make it easier for users to get loans by proving they are good borrowers. Now this function is only a prototype, it will also include more cash flow information.

Ebrahimi said: "We want to return control of the information to the user so that they can make better use of their information." "He believes that users are willing to use this function to improve their financial situation, even if some people doubt whether such functions constitute a violation of privacy."

Readyforzero hopes that there will be more borrowing and lending in the future. E Brahim I believe that if the information is sufficiently public Dede pseudo original acquisition, it will later be lenders competing for borrowers, not the other way around. "We've been working to get people to stop obsessing about debt," he said.