Individuals often give a phone number when waiting for a table at a busy restaurant.

Now giving a phone number can begin the path to identity verification and credit prequalification for auto financing.

This week, FlexPath DXP launched VeriQual, which uses patent-pending technology to help users prequalify for real credit options by providing as little information as a phone number.

And that decision can be generated within seconds from the initial engagement of VeriQual, according to FlexPath CEO Tarry Shebesta, who said, “Wow is the response from dealers, lenders, and vendors who’ve experienced VeriQual.

“This is a fintech industry game changer,” Shebesta added in a news release.

FlexPath pointed out that many current credit prequalification services and digital retailing solutions require the user to input personal information such as their name, address, phone number, email and more to begin the prequalification process.

“This method is susceptible to identity fraud if you don’t confirm who is providing the information,” FlexPath said. “VeriQual helps mitigate identity fraud while making it easier and faster for consumers to get prequalified.

FlexPath also stressed that form abandonment is a critical problem when driving conversions, claiming that the form abandonment rate is a “staggering 76%, the highest rate of any industry.”

FlexPath explained most form abandonment is because of security concerns that require personal information.

VeriQual can enable more accurate data collection and help eliminate traditional form-fill abandonment, according to FlexPath.

FlexPath mentioned VeriQual uses soft-pull credit bureaus that are more consumer-friendly than a hard pull as it doesn’t affect their credit score and can avoid them being solicited for other finance-related products and services.

Keith McCluskey, owner of McCluskey Chevrolet, likes what he’s seen from the solution.

“We’ve seen a big increase in lead volume using VeriQual over other prequalification tools.” McCluskey said in a news release from FlexPath. “A third of those prequalified take a meaningful purchase action.”