Fri Jun 7, 2019
Author: RV News Staff
CoreLogic is offering RV and auto dealers a new way to prequalify potential buyers earlier in the sales process, without affecting the customer’s credit score.
The new Three-Bureau PreQual provides instant, single-source access to consumer credit reports and FICO scores from any of the three national bureaus, Experian, TransUnion and Equifax.
CoreLogic gives dealers information about potential buyers by using a so-called “soft pull” to access credit reports and scores. Because such inquiries are not shared with lenders, the consumer’s credit score doesn’t take a hit.
“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,” Colby Park, a senior CoreLogic leader, said. “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.”
After a potential buyer gives permission, dealers can access information and use it to help the customer better understand the credit for which they may qualify and explain the loan application process. It cannot be used to make a decision to approve or deny financing.
For more information, go to credcoservices.com.