FormFree has been granted Patent Number 10,769,723 for its proprietary 'Systems and Methods for Electronic Account Certification and Enhanced Credit Reporting' by the United States Patent and Trademark Office. The patent is expected to cover FormFree's technology, which analyzes direct-source financial data to determine a consumer's ability to repay any type of loan, offers a more accurate and comprehensive measurement of ability to pay (ATP) than traditional credit scoring.

The announcement underscores FormFree's focus on creating technologies that enable a more financially inclusive U.S. economy.

"This patent is another important milestone in strengthening our intellectual property position. Nearly 50 million Americans — disproportionately including the poor and minorities — lack a credit score and cannot obtain mortgages or other lending products," said FormFree Founder and CEO Brent Chandler. "FormFree understands that every consumer has a quantifiable ability to pay, not just those with a 720 or higher credit score. We are reimagining credit scoring with a new framework that provides a more complete understanding of what a person can actually afford than merely reviewing their repayment history."

Added Chandler, "Our multi-dimensional analysis of ability to pay allows lenders to instantaneously understand risk and make better credit decisions. It also democratizes lending by putting control of the process in the hands of borrowers, making it easier for consumers to seek out financial institutions that want their business."

The issued patent validates the innovation and novelty in FormFree's technology. FormFree was founded in 2008 by former Wall Street executive Brent Chandler. The company's pioneering work in bringing direct-source data analytics to the U.S. mortgage market has earned it six appearances on the HousingWire Tech100 list of the housing economy's most innovative companies, among other accolades. FormFree's AccountChek® and Passport™ solutions are used by thousands of lenders and millions of consumers each year.