Will not impact consumer credit scores as they shop for cars.
Atlanta, GA – Equifax and Credit Bureau Connection (CBC) are teaming up to offer auto dealers and lenders the ability to empower consumers with credit information with no impact to their credit scores during their initial car-buying journey.
Empowering car shoppers with credit information earlier in the shopping process has been found to be critically important for consumers, lenders and dealers. In fact, according to an Equifax survey of automotive consumers, not all consumers have equal knowledge of their credit. Prime Millennials (70%) and subprime Millennials (64%) are similarly likely to understand their credit situation; however, 78 percent of prime Baby Boomers (“Boomers”) are aware versus just 53 percent of subprime Boomers.
The data illustrates a great opportunity for auto dealers and lenders to help subprime consumers understand their credit score earlier in the online shopping process. This educational opportunity may help avoid surprises at the dealership, which can lead to lost sales and lower customer satisfaction.
“CBC is excited to include Equifax prequalification to our growing expansion of products and services,” says Mike Green, president and CEO. “We have been working very closely with Equifax to ensure we are delivering the highest quality and most effective product available.”
“Empowering consumers with a soft credit inquiry with no impact to their credit score can be paramount to ensuring they have an informed and successful car shopping experience,” said Lena Aksan, vice president, enterprise alliances, Equifax. “We’re happy to offer auto dealers and lenders this mutually beneficial offering through CBC.”
A soft credit inquiry check is a consumer-based offering and does not require a firm offer of credit to be provided.
Links:
Equifax
Credit Bureau Connection (CBC)
