Two firms finalized an integration this week to make individuals’ credit scores more readily accessible earlier in the vehicle-sales cycle to help dealers and finance companies.
CoreLogic, a global provider of property information, insight, analytics and data-enabled solutions, announced that CoreLogic Credco integrated its Three-Bureau PreQual credit report and score solution on eLEND Solutions, an automotive technology company specializing in online and in-store credit and finance solutions.
The companies indicated the integration of the prequalification solution can give CoreLogic Credco customers who use eLEND instant, single-source access to a consumer’s credit report and FICO score from all three national credit bureaus — Experian, TransUnion or Equifax.
The Three-Bureau PreQual solution from CoreLogic Credco is a soft inquiry credit report and score that can provide dealers with an efficient, inexpensive and convenient way to prequalify potential buyers earlier in the sales cycle. The solution leverages a soft inquiry as opposed to a traditional credit report’s hard-pull, so a consumer’s credit score is not negatively impacted.
“We are excited to make our new Three-Bureau PreQual solution seamlessly available to all of the auto dealers currently using eLEND,” said Colby Park, senior leader of automotive credit solutions for CoreLogic. “We have found that dealers like the solution because it allows them to effectively manage their credit reporting costs while efficiently pre-qualifying prospective car buyers earlier in the process.
“Consumers benefit because, unlike a traditional hard-pull credit report and score, it doesn’t negatively impact their credit score when it matters most — like when they are shopping for a car and trying to understand their eligibility for financing. It’s a win-win,” Park continued in a news release.
Pete MacInnis, chief executive officer at eLEND Solutions, added, “We’re dedicated to providing tools that help auto dealers sell cars faster to improve their profitability and the consumer experience.
“Adding access to soft inquiry credit pulls through Three-Bureau PreQual will help set our auto dealer network up for future success by increasing speed and transparency within the sales cycle. Quickly providing access to additional insights into consumers’ credit standing, without impacting their credit score, will benefit consumers and auto salespeople alike,” MacInnis went on to say.
The Three-Bureau PreQual credit report and score are currently available by contacting CoreLogic Credco Specialists at (800) 694-1414 or via email at email@example.com.
For more information about the Three-Bureau PreQual credit report and score from CoreLogic Credco, visit credcoservices.com/credit-services/three-bureau-prequal-solution.