A Secretary of State API, like the one offered by Cobalt Intelligence, acts as a direct pipeline to the official records of businesses registered in each U.S. state. By leveraging this API, lenders can retrieve a wealth of information, including:
- Business Name and Entity Type: Verify the legal name and structure of a business, ensuring you're dealing with a legitimate entity.
- Registration Date and Status: Determine the age of a business and whether it's in good standing, active, or dissolved. This information is critical for assessing longevity and operational stability.
- Principal Address and Registered Agent: Obtain the official business address and the designated contact person for legal and regulatory matters.
- Officer Information (in some states): Access details about the company's officers, including names and titles, to gain further insights into the business's leadership structure.
- Filing History and Documents: Retrieve historical filings, including articles of incorporation, amendments, and annual reports, to track changes and gain a comprehensive view of the business's journey.
Beyond Secretary of State data, Cobalt Intelligence's API also offers access to:
- Specialized Court Records: Search for court judgments in New York and Miami-Dade, revealing potential financial distress or legal entanglements.
- UCC Filings: Identify existing liens and security interests filed against a business, providing insights into its financial obligations and potential risks.
- Contractor Licensing Data: Verify the licensing status of contractors in key states like California, Texas, New York, and Florida, ensuring compliance and professionalism.
Read How 1West Used Cobalt Intelligence's Secretary of State API to Improve Business Lending
Customization Options for Enhanced Due Diligence
Recognizing the diverse needs of alternative lenders, Cobalt Intelligence's API offers several customization options to tailor the data retrieval process:
- Real-Time vs. Cached Data: Choose between real-time data, pulled directly from the Secretary of State upon request, or utilize Cobalt's database cache for faster retrieval of commonly searched businesses.
- State-Specific Filtering: Focus your searches on specific states or jurisdictions, optimizing relevance and reducing processing time.
- Normalized Data Fields: Leverage standardized field names across all states, simplifying data integration and analysis.
Document Retrieval (where available): Access primary source documents directly through the API, eliminating the need for manual retrieval from individual state websites.
Advantages of Cobalt Intelligence's API for Alternative Lenders
- Real-Time Accuracy: Obtain the most up-to-date Secretary of State data, eliminating reliance on outdated information and reducing underwriting risk.
- Increased Efficiency: Automate manual verification processes, reducing turnaround times and freeing up valuable resources.
- Seamless Integration: Integrate effortlessly with existing lending platforms and workflows through a user-friendly API and SDKs.
- Enhanced Risk Management: Identify potential red flags early in the underwriting process, such as inactive business status or adverse court judgments.
- Improved Fraud Detection: Verify business legitimacy and prevent fraudulent applications by accessing reliable, primary-source data.
- Tailored to Alternative Lending: Focuses on the specific data points and functionalities crucial for alternative lenders, unlike generic business data providers.
- Fuzzy Matching Logic: Handle variations in business name spellings and entity types, ensuring accurate results even when dealing with incomplete or slightly inaccurate information.
See Cobalt Intelligence Documentation
By harnessing the power of Cobalt Intelligence's Secretary of State API, alternative lenders can:
- Make faster and more informed underwriting decisions.
- Reduce fraud risk and operational inefficiencies.
- Gain a competitive edge through data-driven insights.
- Focus on core business activities, leaving the data heavy lifting to the experts.
Contact Cobalt Intelligence today to unlock the full potential of real-time Secretary of State data for your alternative lending business.