New solution from CoreLogic Credco helps auto dealers efficiently pre-qualify potential customers via soft-pull credit reports and scores from all three national credit bureaus
Irvine, CA – CoreLogic®, a leading global provider of property information, insight, analytics and data-enabled solutions, recently announced CoreLogic Credco has launched its new Three-Bureau PreQual credit report and score solution for automobile dealers. The Three-Bureau PreQual solution from CoreLogic Credco provides dealers with an efficient, cost-effective and convenient way to prequalify potential vehicle buyers earlier in the sales cycle.
The new prequalification solution delivers instant, single-source access to a consumer’s credit report and FICO score from any of the three national credit bureaus – Experian®, TransUnion® or Equifax®. The CoreLogic Three-Bureau PreQual solution allows automobile dealers to quickly assess each consumer’s credit report and score earlier in the buyer journey. By leveraging a soft pull, as opposed to a traditional credit report’s hard pull, the solution does not negatively impact the consumer’s credit score.
“Having access to a low-cost credit report and score earlier in the sales cycle, that doesn’t negatively impact the consumer’s chances of successfully securing a loan, is critical,” said Colby Park, senior leader, Automotive Credit Solutions for CoreLogic. “Our Three-Bureau PreQual solution addresses these challenges by helping dealers build more efficiency into their sales processes, all while improving the consumer’s experience.”
With Three-Bureau PreQual, once automotive dealers obtain written consent, they can review a consumer’s credit report and FICO score and easily leverage the features of the product to help consumers better understand the credit for which they may qualify. The solution also helps dealers explain the process a consumer must follow to submit a loan application and the information a creditor will analyze to reach a credit decision.