Both consumers and dealers likely want to know potential buyers’ credit standing in order to facilitate delivery, and a new product fueled by CoreLogic and Equifax rolled out on Wednesday aims to accomplish that objective.

Analytics and data-enabled solutions provider CoreLogic launched BuyerConnect; a solution powered by Equifax that can be posted on a dealer’s website to help convert anonymous web traffic into qualified leads.

BuyerConnect can allow consumers to receive a free Equifax Risk Score directly from a dealer’s website and instantly see if they likely meet minimum credit requirements for auto financing.

To start the credit scoring process, the consumer only enters their name, address, email and phone number — no social security number. This basic information is sent to the dealer as a lead generation tool, whether or not the consumer completes the process.

Once the consumer receives their score, they can decide if they want to send their credit score range to the dealer to facilitate the shopping and financing processes by simply consenting to share the information. This process posts a soft inquiry to the consumer’s credit report so there is no impact to the consumer’s credit score, according to the companies.

In addition, the dealer’s website administrator can attach information regarding the page where the customer engaged with BuyerConnect. This information can include what vehicle the consumer is interested in, what advertisement the consumer responded to, or information about trade-ins.

“As more and more consumers do their research online, automotive dealers need a tool that gives them a competitive advantage by helping them convert website traffic into showroom floor traffic,” said Andrew Price, vice president of transportation services at CoreLogic.

“BuyerConnect helps dealers not only better engage with these potential customers, but also verify the identity and credit range of prospects that visit their website, so they know they are contacting leads that are interested and super-qualified.”

Equifax vice president dealer services John Giamalvo, “With auto finance incentives at all-time highs, driving new-car sales and continuing to accelerate in used and CPO programs, CoreLogic’s BuyerConnect gives dealerships the ability to engage customers by offering them an Equifax Risk Score, which provides an early gauge of meeting those credit requirements.”