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Passport® by FormFree is Transforming the Lending Industry with a Radical Alternative to Credit Scores

kokou adzo



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Are you looking for a loan with a bad or no credit score? You’re not alone. Millions of Americans either don’t have credit or have too little credit to borrow money.

The banking and finance industry has long been dictated by credit scores, and now companies like FormFree are offering a new and innovative way to evaluate borrowers and expand opportunities and access to capital. Say goodbye to any and all biases when obtaining a loan with FormFree’s brand-new Passport® system.

For decades, marginalized communities have been subject to unfair disadvantages within the credit-scoring realm, leaving prospective borrowers at a crossroads between a tremendous hill to climb or a path of defeat. Fixing or acquiring a reputable credit score can take years, especially for those in underdeveloped locations throughout the U.S.

The fix? A lending revolution that puts the power back in the hands of consumers, allowing them flexibility when controlling their financial DNA. FormFree is giving minorities, women, and other individuals subject to biases a chance to receive the money they rightfully deserve.

And the process couldn’t be more simple.

Who is FormFree?

FormFree is a HousingWire TECH100™ company based in Athens, Georgia, that aims to democratize lending for all people without bias. They also help lenders understand credit risk with their FormFree Exchange(FFX®), connecting lenders with high-intent and financially-vetted borrowers.

The company recently announced various groundbreaking products and services that alter the norms of money lending. This includes a brand-new Passport system, allowing prospective borrowers to find lenders without a credit score. To do so, they’ve released their patent-pending credibility system for borrowers named RIKI™, short for Residual Income Knowledge Index.

How Does FormFree Put the Power Back in the Hands of Borrowers?

While credit score still holds firm as the leading factor in determining the credibility of a borrower, investor, or small business owner, it’s not without its fair share of biases. These disparagements have left marginalized individuals in a stalemate, increasing denial and interest rates and lowering loan amounts. This leaves millions of Americans unable to obtain loans or with an undesirable loan, with much of the fault at the hands of algorithmic systems implemented in the early years of credit scoring.

FormFree instead seeks a future where credit score has no say in obtaining a loan. To make this a reality, their new Passport system allows individuals with low or no credit scores to apply for loans.

Passport makes it easy to sign up and get noticed by lenders. Prospective borrowers simply need to create an account, link their financial and banking records, and obtain what is referred to as a Medallion, which is generated from FormFree’s patent-pending RIKI™ system.

RIKI™ and Medallion: A New Way to Showcase Credibility

The primary objective of RIKI™ by FormFree is to uncover loan opportunities by determining an individual’s Ability-to-Pay (ATP), which is denoted by their Medallion. While Medallion may sound a bit like a credit score, it stands alone as a completely different approach to money lending as it considers an individual’s entire financial scope.

These alternative credit factors for determining a Medallion include rent payments, residual income history, banking statements, and other factors that steer clear of biases existing in credit scoring. Prospective borrowers share data directly from financial institutions, which remains completely anonymous throughout the process.

Also, FormFree’s Passport system does not sell your data or share it with any lenders until the loan-seeker has found a suitable fit. This establishes a sense of privacy that hasn’t existed in previous systems.

How Does RIKI™ Help Lenders?

RIKI™ expands the information lenders use to underwrite loans; with more data available, there is a lower risk. These widened credit parameters also allow lenders to offer more competitive loans to marginalized individuals unfairly ignored by FICO.

Ability-to-Pay democratizes data to close the wealth gap for low-to-middle-income families. As a result, lending becomes more fair and inclusive to those with a systemic disadvantage.

The scoring system also makes lending more efficient, as lenders can explore new opportunities in their database with existing customers for future loans. This establishes trust between lender and borrower and expedites the process of any subsequent deals. Finally, with API-driven access, lenders can provide loans with minimal technical efforts. No more jumping through programming hoops or being stunted by difficult digital processes.

Why is Revamping the Money Lending Industry a Win for the United States?

Revamping the money lending industry marks a transformative shift with numerous benefits for the United States. Traditional credit scoring has long been a barrier for millions of Americans, limiting their access to loans and perpetuating financial disparities.

By challenging the conventional reliance on credit scores, FormFree's innovative approach democratizes lending and addresses systemic inequalities. This endeavor aligns with the broader national goal of creating economic inclusivity and providing equal financial opportunities to all citizens.

This shift towards a more comprehensive and inclusive evaluation method empowers borrowers and positions the United States at the forefront of global financial innovation, demonstrating a commitment to fairness and economic empowerment.

FormFree's initiatives signify more than technological advancement; they represent a crucial step toward closing the wealth gap, establishing financial resilience, and creating a more equitable financial landscape for individuals and communities nationwide.

How Can Prospective Borrowers Get Started With FormFree?

Joining the lending revolution with FormFree is as easy as downloading the app, creating an account, and awaiting the release of the Passport and RIKI systems. Individuals can reserve a spot in line, granting them hasty access to lenders when the systems become public.

In the meantime, those interested in using FormFree can simplify the process by evaluating and organizing their financial records and bank statements. This way, they’ll significantly quicken the process when prompted to input this information into their FormFree account.

Additionally, prospective FormFree users can visit the company’s website to stay in the loop with any new updates, news, press, and important information regarding Passport and RIKI.

Kokou Adzo is the editor and author of He is passionate about business and tech, and brings you the latest Startup news and information. He graduated from university of Siena (Italy) and Rennes (France) in Communications and Political Science with a Master's Degree. He manages the editorial operations at

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