WECOSIGN Creates New Software to Evaluate Credit-Challenged Applicants for the Rental Housing Market

SANTA ANA, Calif., Sept. 24 /PRNewswire/ -- (OTC Bulletin Board: WECS) (www.wecosign.com) -- CIO Carlos Padilla announced today that WECOSIGN will begin using their own proprietary software to evaluate rental applicants with poor credit scores. "We've worked hard over the past two years to develop this software, and we're excited to implement it starting in early November," says Padilla. "We'll use the program in cooperation with our vast network of apartment and rental homes, and it's certain to be a great tool to help both property managers and qualified applicants."

Since their inception, one of the main challenges facing WECOSIGN has been their ability to evaluate rental applicants using methods that go beyond traditional credit scores. The success of WECOSIGN depends on the company's ability to determine which applicants are victims of simple and unintentional credit problems, while conversely identifying those "red-flag" applicants with a history of irresponsible behavior and poor credit. "In analyzing different segments of the rental population, we found certain patterns that surfaced among both groups," explains Padilla. "By analyzing thousands of applicants over a two year period, we were able to determine which behavioral patterns could provide us with the information we need to find reliable tenants."

There is a significant advantage to WECOSIGN's method of evaluation when compared with traditional credit score assessment. "No one analyzes behavioral traits in the same way that we do, and it's becoming increasingly important to look beyond the numbers," says Padilla. A FICO score of 700 traditionally means a qualified applicant, but that magic number has become more and more difficult to reach in this economic climate. "A very large segment of today's population  is restricted by their sub-standard credit scores, and it's one of the factors that is choking the growth of our economy. The economy can't get moving again if people can't find a place for their families to live," explains Padilla. "This business has been a real eye opener for all of us to see how much people are struggling. We want to help them, and we don't want to see families forced to live with relatives, or worse, living out of their cars."

Padilla is excited about WECOSIGN's new proprietary software that can help determine, "who will pay their rent, and who won't," simply by plugging in certain variables. "We're here to offer property managers and owners a way to find stable tenants," says Padilla. "This new software is a way for us to confidently recommend applicants that might have a checkered credit history."  WECOSIGN is expected to make its software commercially available in the upcoming months.

SOURCE WECOSIGN Inc.