"eQualify Online" allows dealers to receive "soft pull" current credit data in a completely compliant process, with no impact on the applicant's credit score.
Online, September 21, 2015 (Newswire.com) - Credit Bureau Connection (CBC), the leader in credit reports and compliance solutions, today released the company's latest innovation to the automotive industry, eQualify Online. This powerful process allows consumers to initiate and submit a prequalification application through the dealer's website, or in person (without requiring a SSN or DOB). This allows dealers to provide real-time finance options to prequalified applicants based on their actual credit score. This "soft inquiry" request does not impact the applicant's credit score.
"Today's car buyers are much more aware of how an inquiry can affect their credit score." said Mike Green, CEO of CBC. "This industry changing prequalification process allows dealers to give back a sense of control to consumers while dealers gather the vital information needed to structure a deal; and that's a win/win for everyone."
Using eQualify Online before or during the qualifying stage of a deal makes sense over prescreening and traditional "hard inquiry" solutions in that it simplifies the compliance requirements and provides a higher level of transparency and awareness. eQualify Online provides proper disclosures to applicants and immediately stores electronic copies in CBC's proprietary eVault, providing a compliance audit trail for both buyer and dealer. In addition, prequalification "soft inquiry" credit data has a lower total cost than currently offered pre-screening tools.
"Imagine applicants receiving notice in real-time, YOU'RE PREQUALIFIED! This is an industry game changer," added Green. "With this first of its kind prequalification process, dealers have a greater opportunity to build trust and sell more cars, two things that are always a premium in the auto industry."
eQualify Online delivers current credit data and scores, allowing dealers to match applicants with finance options that meet their credit profile, before requesting a traditional credit report. This, in turn, increases approval rates to near 100% once the finance application is submitted.
About Credit Bureau Connection
Credit Bureau Connection is the leader in credit reports and compliance solutions for automotive, motorcycle, power sports, and RV dealers; along with a vast network of lenders, brokers, and integrated software partners throughout the automotive industry. CBC sets the standard with superior customer service, state-of-the-art software, comprehensive data security, and high-end servers and hardware, all managed in the most secure and redundant data centers in the industry. CBC is an authorized reseller for all three credit reporting agencies: Experian, TransUnion, and Equifax, maintaining long-term good-standing relationships with all three. CBC's forward thinking business and technology approach is the driving factor in the companies' substantial growth year after year for over a decade.