Data Retrieval and Accuracy
1. What makes Cobalt Intelligence unique in terms of data retrieval?
Real-time data retrieval makes Cobalt Intelligence unique. The process is streamlined to ensure that when you request data, you're getting the most current information available directly from the secretary of state databases. The data is so real-time that even if you are searching for a business that registered just an hour ago, the system will be able to find it.
2. Does Cobalt Intelligence offer historical data?
Cobalt Intelligence offers historical data snapshots for certain states. Wherever available, the API includes the history of the business data in its responses. However, storing historical data within their system isn't something they currently offer.
3. What unique feature does Cobalt Intelligence offer regarding source documents?
Cobalt Intelligence offers the ability to obtain primary source documents and screenshots in real-time, which is especially useful for underwriters who often rely on manual searches. This capability sets the Cobalt Intelligence API apart from competitors who may be serving data from a cache doing a search database.
4. How does Cobalt Intelligence ensure the reliability of real-time data?
The reliability of real-time data largely depends on the state databases. If they are down, the API can't access live data. In these cases, the API will turn to cache, which serves as a backup. The API always strives to provide the most accurate and current data, but sometimes it is limited by the states' own systems.
5. How does the API handle discrepancies in business names and addresses?
When dealing with discrepancies between the business names users submit and the official state records, the API finds issues related to business suffixes like 'LLC'. To tackle this, the API compares the submitted name directly with the state records.
6. What is the 'confidence level' indicator in the API?
The API has a 'confidence level' to quantify how closely the names match. An exact match scores a perfect 1, while less precise matches fall somewhere between 0 and 1, depending on how closely they match. This method gives users a clear idea of how accurate the match is.
7. How does Cobalt Intelligence update and maintain data accuracy?
The API's primary method for ensuring accuracy is to pull data straight from the states' records. They use a combination of caching and databases, aiming for monthly updates. While they don't cover every state, they estimate this process captures about 70-80% of businesses in the U.S. in their cache.
8. How does the API handle minor errors in names and addresses?
While the API doesn't auto-correct minor errors in names and addresses, it has a system in place for user-generated mistakes. For example, if there's unnecessary punctuation, the API will strip these elements and re-run the search. This approach significantly improves their chances of finding the right match.
9. How does the API ensure timeliness with slower state systems?
Dealing with states that have slower processing systems can be challenging. The API relies on the state's website for live data, so if they're slow, it affects the API response time too. Cobalt Intelligence's primary focus is to retrieve the data as quickly as possible and provide strategies to clients for dealing with these slower response times.
10. What is the average response time for data requests?
The response time for data requests varies significantly from state to state. Some are consistently quick, while others are slower. Cobalt Intelligence can provide detailed information on this, including a spreadsheet that outlines the response times and available fields by state, upon request.
11. How does Cobalt Intelligence handle processing speed considerations?
Cobalt Intelligence uses a technique called long polling for processing requests. If a request takes longer than expected, the API will issue a token, and clients can check back to see if their data is ready. They also offer the option of using callback URLs for more efficient processing.
12. How does the API ensure accuracy and timeliness of UCC data?
For UCC data, Cobalt Intelligence currently covers 11 states. The API first finds the business in the state's secretary of state records, then uses that verified business name to search the UCC data. This method ensures that the UCC data provided is accurate and directly corresponds to the state-registered business.
13. Does the API track changes or updates in UCC filings?
The API doesn't track historical changes or updates in UCC filings at the moment. It focuses on providing the most current information based on the data available at the time of the search.
Fraud Detection, Compliance, and Security
14. How does the API help identify types of fraud in underwriting?
The API checks the business registration with the secretary of state's website as a primary method of fraud detection. It can identify businesses that aren't actually registered or have expired or inactive status. The API is vigilant about catching discrepancies, especially if the business officer's information or addresses don't match.
15. How does Cobalt Intelligence update its fraud detection capabilities?
Cobalt Intelligence regularly consults with underwriters and integrates their feedback into the Secretary of State API system. They also embrace AI to enhance their fraud detection capabilities, as demonstrated in their YouTube videos.
16. Does the API provide alerts for suspicious activities?
As of now, the API is focused on returning data that users can review to make their own decisions. While it doesn't provide direct alerts for suspicious activities, the information it returns is instrumental in helping users determine whether to proceed with a particular business or not.
17. How does the API handle SSNs and EINs in data entry?
The API doesn't differentiate between SSNs and EINs during data entry. When a user submits a number, the API performs a verification check with the IRS. If the IRS confirms that the number matches the submitted business name, then the API returns a positive response.
18. How does Cobalt Intelligence safeguard SSNs and EINs confidentiality?
Cobalt Intelligence ensures these numbers are securely passed through the system without being stored or logged. Once these numbers are used for verification, the API returns the results and does not retain any of this sensitive data in the system.
19. How does Cobalt Intelligence ensure compliance with IRS standards?
When it comes to TIN verification, Cobalt Intelligence aligns strictly with IRS standards and regulations. Their system directly interfaces with the IRS for verification, ensuring that they meet all compliance requirements.
20. Can the API handle bulk TIN verifications?
Yes, the API can handle bulk TIN verifications efficiently. Clients can send a batch of TINs, and the API processes them swiftly, returning the verification results.
21. How does the API address mismatches or errors in TIN verification?
In cases where there's a mismatch or an error in TIN verification, the system simply returns a 'false' response, indicating that the TIN does not match the records. This clarity helps clients make informed decisions based on accurate IRS data.
22. What is the coverage of court data in the Cobalt Intelligence API?
Cobalt Intelligence primarily focuses on court data from New York State (NYS) and Miami-Dade County. These areas are crucial for their existing client base, which mainly consists of funders.
23. What are the limitations in accessing court data through the API?
Cobalt Intelligence's access to court data is confined to the jurisdictions they specialize in – NYS and Miami-Dade. If the information falls within these areas, the API can retrieve and return it.
24. How does Cobalt Intelligence handle updates in court record systems?
When court record systems change, Cobalt Intelligence adapts by updating their code to stay compliant. This ensures that the data provided is current and aligns with the latest system formats and requirements.
25. How quickly can the API identify new judgments filed against businesses?
The API operates on an on-demand basis for identifying new judgments. When a client requests information about a specific business, the API checks for any current judgments against it at that moment and also finds any historical judgments.
26. How does the API handle jurisdictions with limited digital judgment records?
In jurisdictions where digital judgment records are limited, the API relies on what's publicly available. Their current scope primarily includes the jurisdictions they specialize in, like New York and Miami-Dade. Outside of these jurisdictions, the API's ability to retrieve judgment data might be limited.
Integration, Customization, and Support
27. How does the API handle checks for foreign-registered businesses?
The API can identify foreign-registered businesses listed as foreign entities in most state databases. These entries typically include a field indicating the state of incorporation, which helps automate the checks for foreign registrations effectively.
28. Does Cobalt Intelligence handle international business verification?
Currently, Cobalt Intelligence's focus is on U.S.-based businesses. While the API can handle the complexities of verifying businesses that are foreign-registered in the U.S., extending the service to international business verification isn't in their immediate roadmap.
29. How does Cobalt Intelligence handle complex cases that require manual intervention?
In situations where the data is unclear or incomplete, the API flags these instances when it can't find the data or when the data returned doesn't meet the required clarity. In such cases, it's up to the underwriters to conduct further manual checks.
30. How easy is it to integrate the Secretary of State API with existing loan management systems?
Integrating the Secretary of State API with existing loan management systems is designed to be straightforward and user-friendly, even for those with basic coding skills. The primary challenge arises when integrating it with the user interface, as clients need to figure out how to display and process the incoming data.
31. What support does Cobalt Intelligence provide during integration?
Cobalt Intelligence has a nominal charge for assisting with API integration, but often waives this fee if clients sign up within a certain period. They focus on providing robust support – answering questions, responding to emails usually within the same business day, and even hopping on calls if needed.
32. What customization options are available within the API?
Clients are free to use the data they get back in any way that suits their process and that is legal. Cobalt Intelligence is open to discussing specific customization requests, though they find that most clients' needs are well met with the current capabilities of their API.
33. How does Cobalt Intelligence scale pricing with data request volume?
Cobalt Intelligence structures their pricing to be flexible and scalable. Clients can start with a base plan that includes a set number of requests per month, with the cost per request decreasing as the volume increases. They also offer discounts for annual plans.
34. How transparent is Cobalt Intelligence about costs and additional fees?
Cobalt Intelligence believes in transparency when it comes to costs. There are no hidden fees in their services. While they charge per lookup, they plan to introduce additional charges for more resource-intensive requests like screenshots. Clients are charged for each lookup, including TIN verifications and court case queries, even if a search doesn't yield results.
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