Think of the amount of times you’ve heard these lines from customers looking to buy a vehicle but they have soft credit histories. “But I’ve made my rent payments every month. Same with my Verizon contract. Why is my credit still bad?”
A recent TransUnion survey showed consumers still are largely confused about what affects their credit score and what is included in their credit report. In fact, nearly half of all consumers falsely identified rental (45 percent) and cell phone (47 percent) payments as those that directly affect their score.
However, as many dealers and finance companies already know, TransUnion pointed out these financial commitments are not regularly reported to credit bureaus.
While consumers who frequently review their credit report incorrectly identify some aspects of it, TransUnion discovered consumers who rarely or never review their credit report have an even higher level of confusion.
Among survey respondents who reported checking their report in the last 30 days, half mistakenly believe their full employment history (55 percent) and income level (41 percent) are included in their reports.
“Our survey found that there is significant confusion about what types of payments and other information are included in credit scores and reports,” TransUnion senior vice president Ken Chaplin said.
“As credit reports have a significant influence on consumer credit and lending options, it’s important to debunk the credit myths so consumers can have a clear understanding of what affects their score,” Chaplin continued.
Surprisingly, TransUnion noticed even consumers who characterize their credit as “excellent” or “good” had trouble identifying credit report factors.
Among those who characterized their credit as “excellent,” 49 percent mistakenly thought rental payments are included in their report, yet currently they are not regularly reported to credit bureaus in the same way that auto and mortgage payments are reported.
According to the survey findings, there are several noteworthy points of confusion about what affects a credit score and what information is included in credit reports, as follows:
— Pay raises: Nearly half (48 percent) of respondents who’ve checked their credit report in the last year incorrectly believed an increase in income improves their score.
— Credit inquiries: 40 percent of respondents who’ve never checked their report are unsure how it affects their score, and 20 percent who checked their report in the last year mistakenly believed checking their report would decrease their score.
— Paying down debts: 61 percent of those who checked their report in the last 30 days erroneously believed paying off debts from late payments automatically increases their score.
— Trended information: 70 percent of those who’ve checked their report in the last year incorrectly assumed that it reflected recent changes or trends in their finances over time.
To help consumers better understand their credit score and report, TransUnion is helping to debunk the following six myths:
Myth No 1: Your score drops if you check your own credit.
Fact: Viewing your credit report counts only as a “soft inquiry” and doesn’t change the score. “Hard inquiries” by a finance company or creditor, though, can slightly lower your credit score.
Myth No. 2: I should close old or inactive accounts to help my credit score.
Fact: This might actually have the reverse effect of lowering your credit score because it can shorten the measured duration of your credit history.
Myth No. 3: Paying off a negative record means it’s taken off your credit report.
Fact: Generally, negative records like collections or late payments will remain on a credit reports for up to seven years.
Myth No. 4: Co-signing doesn’t mean you’re responsible for the account.
Fact: If you open a joint account or co-sign a loan, that borrower will be held legally responsible for the account, meaning activity on the joint account as well is displayed on the credit reports of both account holders’ reports.
Myth No. 5: Making on-time rental, utility and cell phone payments helps my credit score.
Fact: While outstanding rental, utility and cell phone debt that has gone to collections can negatively affect scores, generally, on-time payments are not regularly reported to credit bureaus.
Myth No. 6: My credit score reflects recent changes or trends in my payment behavior.
Fact: Historically, credit scores have not incorporated trended credit information, meaning they are a moment-in-time glimpse at consumer risk.
However, TransUnion recently launched CreditVision, a new scoring model that incorporates an expanded view of payment data and up to 30 months of history on each loan amount.
“Credit scores play a significant role in determining credit terms and rates, so we encourage all consumers to take an active role in understanding their credit” Chaplin said.
“An easy way to maintain a vigilant eye on credit is to subscribe to a credit monitoring service like TransUnion’s, which can help consumers regularly check their score and get instant alerts about any potential fraud,” he went on to say.
For more information about TransUnion’s credit monitoring service, visit www.transunion.com/personal-credit/credit-management/credit-monitoring.page.
Dialogue involving the three largest credit bureaus and attorneys general resulted in a strategy the data and information providers contend will improve the consumer material finance companies leverage during the underwriting and buying process for vehicle installment contracts.
The Consumer Data Industry Association (CDIA) said on Monday that Equifax, Experian and TransUnion created the National Consumer Assistance Plan, which is designed to enhance their ability to collect complete and accurate consumer information and provide consumers more transparency and a better experience interacting with credit bureaus about their credit reports.
The plan was announced after cooperative discussions and an agreement with New York Attorney General Eric Schneiderman.
“The National Consumer Assistance Plan we are announcing today will enhance our ability to offer accurate reports and make the process of dealing with credit information easier and more transparent for consumers,” CDIA president and chief executive officer Stuart Pratt said on behalf trade association representing the consumer data industry, including the three national credit reporting agencies.
“While we are pleased that the most recent comprehensive study by the Federal Trade Commission showed that credit reports are materially accurate 98 percent of the time, we are always looking for ways to improve our procedures, and this consumer assistance plan will allow us to do that,” Pratt continued.
“While all three nationwide credit bureaus have been and continue to operate in compliance with the applicable federal and state laws, we have never hesitated to go beyond the letter of the law to voluntarily improve the existing credit reporting environment,” he went on to say.
During discussions over recent months, CDIA noted the New York Attorney General and other state attorneys general allowed the credit reporting agencies to collaborate on what officials called an “unprecedented” manner to share industry best practices and develop a plan that will offer consistent and meaningful benefits to consumers.
The National Consumer Assistance Plan focuses on enhancements in two primary areas: consumer interaction with national credit reporting agencies and data accuracy and quality.
Consumer experience highlights include:
— Consumers visiting www.annualcreditreport.com, the website that allows consumers to obtain a free credit report once a year will see expanded educational material.
— Consumers who obtain their free annual credit report and dispute information resulting in modification of the disputed item will be able to obtain another free annual report without waiting a year.
— Consumers who dispute items on their credit reports will receive additional information from the credit bureaus along with the results of their dispute, including a description of what they can do if they are not satisfied with the outcome of their dispute.
— The credit reporting agencies are focusing on an enhanced dispute resolution process for consumers that are proven victims of identity theft and fraud, as well as those involved in mixed file situations.
CDIA mentioned the data accuracy and quality highlights include:
— Medical debts won’t be reported until after a 180-day “waiting period” to allow insurance payments to be applied. The credit reporting agencies will also remove from credit reports previously reported medical collections that have been or are being paid by insurance.
— Consistent standards will be reinforced by the credit bureaus to entities that submit data for inclusion in a credit report (data furnishers).
— Data furnishers will be prohibited from reporting authorized users without a date of birth and the CRAs will reject data that does not comply with this requirement.
— The credit reporting agencies will eliminate the reporting of debts that did not arise from a contract or agreement by the consumer to pay, such as tickets or fines.
— A multi-company working group will be formed to regularly review and help ensure consistency and uniformity in the data submitted by data furnishers for inclusion in a consumer’s credit report.
“The current work done by the nationwide credit reporting agencies creates a market that is fair and focused on the needs of more than 200 million credit-active consumers in the United States,” Pratt said. “The National Consumer Assistance Plan will make their credit reporting experience simpler and more transparent.”
Pratt went on to mention the National Consumer Assistance Plan will build on other steps the credit bureaus have made in recent years to improve consumers’ ability to resolve issues related to credit reports.
In 2013, the companies launched a process under which consumers can upload documents digitally to dispute how their lenders have reported their accounts to the credit bureaus.
CDIA indicated implementation of the consumer assistance plan will begin over the next few months.
In addition to the announcement Monday, the association pointed out dialogue continues with additional attorneys general, and further announcements could be made in coming months.
“Credit reports touch every part of our lives. They affect whether we can obtain a credit card, take out a college loan, rent an apartment, or buy a car — and sometimes even whether we can get jobs,” Schneiderman said. “The nation’s largest reporting agencies have a responsibility to investigate and correct errors on consumers’ credit reports. This agreement will reform the entire industry and provide vital protections for millions of consumers across the country. I thank the three agencies for working with us to help consumers.”
CreditMiner, a solution provider that supplies the technology and ability to pre-qualify and pre-screen automotive consumers on Experian, TransUnion and Equifax credit bureau platforms, created a new partnership this week with Credit Bureau Connection.
Officials highlighted the integration within the BASISâ‚‚ and CreditMiner platforms stemming from the partnership created a full credit report and compliance suite for all of CreditMiner's dealer partners.
CreditMiner explained the BASISâ‚‚ platform is designed to be a fully transparent, agnostic F&I tool that can bring finance to the front of the vehicle transaction. The tool is also geared to allow the dealer, consumer and finance company to have a fully transparent, consultative vehicle installment contract process, ensuring the dealer is able to land the consumer in a finance package that best suits the buyer’s needs.
More importantly, the company added the BASISâ‚‚ platform can allow for the entire finance transaction to occur without the need for the consumer’s Social Security number or date of birth.
CreditMiner vice president of sales and marketing Don O’Neill contends this proprietary patent pending software and process is set to “revolutionize” the way vehicle transactions are executed.
"This partnership has cemented our commitment to providing a fully compliant, forward-moving sales and F&I platform to dealers across the country. We feel confident that the BASISâ‚‚ platform is not just a market disruptor, but will in fact change the way vehicles are sold and financed,” O’Neill said.
“One of the main benefits for the dealer in the BASISâ‚‚ platform offering is the extraction of risk in housing key identifiers on its servers and workstations,” O’Neill continued. “Now, we are able to provide the dealer with a full credit and compliance suite from the leader in credit report and compliance solutions in the retail automotive vertical. To say we are excited about this partnership, is an understatement.”
Credit Bureau Connection president and chief executive officer Mike Green described what the partnership means to his company.
“We are extremely excited and proud to be a part of CreditMiner's revolutionary platform,” Green said. “The synergy and forward thinking mentality of our two companies will combine this innovative sales process with the most advanced credit report and compliance suite available to dealers.”
CreditMiner’s newly appointed vice president of corporate affairs Ken Luna commented about the development, too, adding, “The power of CreditMiner and BASISâ‚‚ is that we give the dealer back the power of the negotiation, by removing the guesswork of what the prospect can actually purchase. Now, we can add a full back-end finance solution to their pedigrees.”
Officials from 700Credit recently formed an integration partnership with High Performance Credit Systems (HPCS) to create a solution for interactive, subprime credit decisions.
The companies explained the agreement will allow 700Credit dealers access to a fast, accurate, and compliant deal flow between the desk and finance. The HPCS analytical approach can detect and identify respective customer credit profiles, while presenting specific finance company options to maximize each dealer's performance, greatly reducing — if not eliminating — subprime deficiencies.
The partnership will also enable the dealer's access to credit reports, compliance and prescreen products from within the HPCS system.
“This agreement with HPCS allows 700Credit to continue offering dealers the critical credit tools they need to quickly and accurately evaluate consumer credit information, and as importantly, perform necessary compliance functions,” 700Credit managing director Ken Hill said.
“The results we've seen from the beta dealers so far have been truly amazing, with dealers reporting increases in sales and gross as a result of using this tool,” Hill continued.
This solution includes 700Credit's compliance dashboard tool, which dealers can utilize to view critical compliance information on one easy-to-read screen. This permits the dealer to proactively monitor their store’s efforts as they relate to mandatory federal compliance regulations.
“We’re very excited about this partnership because it will significantly streamline dealers' workflow and stimulate more subprime credit business, while concurrently reducing if not eliminating common dealership subprime deficiencies,” High Performance Credit Systems founder Gary Dirstine said.
“We’re pleased to deliver a system that saves time and reduces costs, so our dealerships are better able to pursue these customer opportunities,” Dirstine added.
Officials also mentioned 700Credit is offering HPCS customers preferred, pay-as-you-use pricing for its credit reporting, compliance services and prescreen products.
To learn more about 700Credit, visit www.700Credit.com and to learn more about HPCS, visit www.hpcredit.com.
As the Consumer Financial Protection Bureau calls on financial services companies of all kinds to provide more free access to consumer credit scores, Hyundai Capital America expanded its partnership with FICO this week.
Officials from Hyundai Motor Finance and Kia Motors Finance explained the move made them one of the first captive auto finance companies to provide free FICO scores to all of their customers as part of the FICO Score Open Access program.
Now, all Hyundai Motor Finance and Kia Motors Finance customers can opt in via the HMF and KMF website and mobile platform. Participating customers are able to view their free FICO Score from HMF and KMF when they log into their account.
In keeping with the company’s “Go Paperless” efforts, the scores will only be available online.
The FICO score will be updated on a quarterly basis, and customers will continue to have access to their free FICO score for one year after their retail finance or lease contract is paid off.
Last year, HCA became the first captive auto-finance company to offer free FICO scores to customers, focusing exclusively on participants in the company’s college grad program. Hyundai Capital America senior vice president of sales and marketing Larry Frankel explained the latest step represents a major expansion of the program, and an increased commitment to helping customers stay informed and empowered when it comes to their financial health.
“We’re proud to be a leader amongst the captive auto-finance companies in providing free FICO scores to all of our customers,” Frankel said. “From applying for a loan to returning a lease, we’re committed to making the financing process an easy and positive experience for our customers.
“This program enables us to add transparency on top of convenience,” he continued. “It’s a great tool that helps us further demonstrate to our customers that we are focused on building long-term relationships and serving their auto-financing needs for years to come.”
The move made by these captives continues a string of auto finance companies offering free credit scores. Early last month, President Obama highlighted the decision made by Ally Financial to offer its auto finance customers free access to their FICO score as a means to better understand their credit health.
Obama mentioned the development during an event at the Federal Trade Commission highlighting the administration’s BuySecure initiative, which was launched last year to safeguard Americans’ financial security.
And when CFPB director Richard Cordray offered prepared remarks during the bureau’s Consumer Advisory Board Meeting on Feb. 19, much of his presentation focused on how important regular credit score availability can help consumers.
“As public awareness grows and spreads, people also will likely want to learn more about how to improve their credit scores and build their credit profiles in ways that will make them better managers of their financial affairs and more attractive candidates for credit. This is a win-win both for consumers themselves and for financial service providers,” Cordray said. “In the past, too many people were unaware of the importance of their credit standing until it was too late: after a credit application had been denied or identity theft had already caused extensive damage.
“Although credit scores provide just a partial picture of one’s finances, making the scores available to consumers for free will help prompt busy Americans to review their credit standing and take action accordingly,” he continued. “An improved credit score will open up much greater access to credit and render the available credit more affordable than before. That will translate into a direct and substantial improvement in their financial lives.
“To better understand people’s perspectives on their credit scores, we have been conducting focus groups with consumers from a diverse set of demographics across the country,” Cordray went on to say. “We are quite interested to learn about consumers’ experiences in checking their credit report or credit score and what motivates them to do it.”
In addition to providing customers with online access to their FICO scores, Hyundai Motor Finance and Kia Motors Finance indicated they will also provide the top two factors currently affecting the customer's individual FICO scores as well as online access to educational content designed to help customers understand their credit score.
“We applaud Hyundai Capital America for being an early adopter of the FICO Score Open Access program,” said Jim Wehmann, executive vice president of scores at FICO.
“This step will provide more borrowers across the country with the tools and information they need to more fully understand how to manage their financial health and build a strong financial foundation for the future,” Wehmann added.
On the heels of FICO renewing an agreement with TransUnion, the predictive analytics and decision management software company announced this week that FICO Score 9 is available now at Experian for U.S. credit grantors to use for testing and validation.
FICO said the product will be available in full production in April. Officials highlighted FICO Score 9 features analytic enhancements that have increased the score’s predictive power, enabling finance companies to approve millions more consumers in the same score ranges, expanding lending at the same level of risk.
The company went on to explain this new version of the FICO Score introduces a more nuanced way to assess collection information that appears on a consumer's credit report, bypassing paid collection agency accounts and differentiating medical from non-medical collection agency accounts. FICO indicated this capability can help to ensure that medical collections have a lower impact on the FICO Score, commensurate with the credit risk they represent.
Jim Wehmann, executive vice president of scores for FICO, emphasized that the company’s credit analytics make FICO Score 9 more predictive of a consumer’s likelihood to repay debts than other credit scores.
Wehmann added that FICO Score 9 also represents a significant step forward in the assessment of consumers with limited credit histories — so-called "thin files." This development can help finance companies safely grow their lending portfolios.
“FICO Score 9 reaffirms our position as the clear leader in consumer credit scoring and risk management,” Wehmann said. “Our scores are used by 90 percent of the top lenders in the U.S. because they trust the FICO Score to help them manage risk and optimize credit decisions.
“Credit grantors that use FICO Score 9 are advancing their ability to create profitable, responsible growth. We are thrilled that FICO Score 9 is now available at all three major U.S. credit bureaus,” he went on to say.
FICO Score 9 will be followed by industry-specific FICO Scores, which will start becoming available in spring.
To learn more about FICO Score 9, visit www.fico.com/en/campaigns/ficoscore9/.
FICO and TransUnion Renew Agreement to Provide FICO Scores to US Financial Institutions and Businesses
In other company news, FICO renewed multi-year agreement to provide FICO Scores to the U.S. banking community. TransUnion will continue reselling FICO Scores and provide FICO access to its consumer data for the purposes of developing and marketing new analytics that will meet the changing requirements of businesses.
As part of the new agreement, FICO will be able to sell FICO Scores based on TransUnion credit data to lenders and third-party resellers. Consumers will continue to have access to their FICO Score based on TransUnion credit data at www.myfico.com.
FICO Scores based on TransUnion credit data will also be available to consumers through third parties.
“Responsible lending growth requires strong management tools,” Wehmann said. “The FICO Score is a market leader in consumer credit risk assessment.
“Our enduring relationship with TransUnion ensures that we can continue to provide lenders and consumers with powerful tools for understanding credit risk,” he added.
The latest Equifax analysis of the subprime auto finance industry triggered memories of when auto finance leader Lou Loquasto first began his professional career. Not only did Equifax call the subprime auto space “sound,” but analysts also found data that clearly backed up the claim, which they shared in a report titled, Subprime Auto Loans: A Second Chance at Economic Opportunity.
Equifax determined that over a three-year time period, those consumers with deep subprime credit scores that originated a subprime auto loan showed, in aggregate, a significant increase in their credit score.
In fact, analysts highlighted those consumers improved their credit score by a median of 52 points, which is a 62.5-percent improvement over the median score change of the group that did not take out a loan.
Even more telling, Equifax noticed those consumers who took out a subprime auto loan were four times more likely than those who did not to have improved their score to a level above 640, moving them out of the subprime segment.
The data trends prompted Loquasto to say, “I started my career sitting across the loan desk from thousands of nonprime families in need of a vehicle — each of them having a story about circumstances that resulted in their less than perfect credit score.
“It was rewarding to watch these customers diligently make the most of these second chances and see a high percentage graduate to a prime credit standing — empowering them to take full advantage of their newfound financial well-being,” he added.
With only a few short years separating today from the depths of the Great Recession, report authors — Equifax chief economist Amy Crews Cutts and deputy chief economist Dennis Carlson — acknowledged it is natural and prudent to be skeptical of the recent increase in subprime auto lending.
“Nevertheless, it is imperative that this curiosity be answered with data and not anecdotes, particularly given the benefit our analysis shows that subprime auto lending brings to those consumers who exited the recession with blemishes on their credit,” Crews Cutts and Carlson wrote. “And when the data available today is examined, it becomes clear that there is no definitive evidence that suggests an auto subprime loan bubble similar to the housing bubble is forming.
“This does not mean that we have eliminated all risk from consumer auto lending, but the new tools and technology available today, along with heightened awareness of what contributed to the housing bubble formation, enable lenders to better manage risk, and contribute to a very different subprime auto lending market today,” they continued.
Subprime auto finance naysayers likely will point to the latest data from the Federal Reserve of New York, which reported this week that auto loan delinquencies for the entire credit spectrum ticked up to 3.5 percent in the fourth quarter. That reading is up from 3.1 percent a year earlier.
“Without question, vigilance is the watchword,” Crews Cutts and Carlson wrote. “We must closely monitor the lending environment for indications of changing conditions. However, without access to quality and reputable subprime lending, borrowers will seek alternative, less dependable sources of credit — which could ultimately hurt them.
“In a world where there is a great deal of consternation regarding the stagnation of the middle class, subprime auto lending can provide help to consumers with less than perfect credit so they can improve their financial standing — and their future,” they continued.
The Equifax economists also rehashed points they made in a report released last summer, reiterating that there is not a subprime auto finance “bubble,” and comparing vehicle installment contracts to mortgages is like comparing, “apples and oranges.”
Crews Cutts and Carlson said, “The auto industry’s success wouldn’t be what it is today if it weren’t for the responsible, solid subprime loans made to the many Americans in need of a car to get to their jobs or take their children to school.
Lenders now have better tools, more data and enhanced technology available to them to make sounder and safer decisions,” they continued. “While we should all continue to remain vigilant, we can confidently say that subprime auto lending is currently performing well, it’s not growing as quickly as prime lending, and our data does not suggest that a bubble is forming.”
CreditMiner, a technology solution that can provide the ability to pre-qualify and pre-screen automotive consumers on Experian, Transunion and Equifax bureau platforms, recently finalized an integration with customer contact management, CRM and dealership software provider ELEAD1ONE.
The companies highlighted that now dealers can pre-qualify consumers online or pre-screen in-store to instantly receive a vast array of pertinent and permissible data. This data includes real-time auto enhanced bureau scores, the five most recent auto loans, consumer payment histories, hard credit inquiries, APR, balance and terms, along with cosigner indicators and revolving debt data.
The ELEAD1ONE system can pull soft credit in real time across various locations of its platform, including the desk log, service marketing, data mining and retail service management solutions. Dealers can gain quick and valuable insight to match the right vehicle to the right customer based on their credit ability and payment or loan needs.
The platform also can provide customers a far more efficient and pleasurable buying experience.
“The partnership between ELEAD1ONE and CreditMiner is an exciting one. We now have the ability to pass or fail the customer’s credit based on their established business relationship with the dealership,” said Bill Wittenmyer, partner of ELEAD1ONE, a division of Data Software Services.
“The data they provide and the speed at which it is put into our clients’ hands is unmatched,” Wittenmyer said. “That, combined with the award-winning ELEAD1ONE platform, provides dealers a negotiating edge and consumers a quicker path to the sale and overall better buying experience.”
CreditMiner vice president of sales and marketing Don O’Neill added, “The power of CreditMiner is that we give the Dealer back the power of the negotiation, by removing the guesswork of what the prospect can actually purchase, and more importantly, the ability to provide the consumer with an unmatched buying experience, removing the common adversarial relationship between buyer and dealer.
“The synergy of data is what excites us about this partnership,” O’Neill went on to say. “ELEAD1ONE has perfected the model of customer relationship management, and we feel that the addition of our technology closes the loop for dealers to truly take their sales and profitability to a whole new level.”
700Credit, which provides credit, compliance and prescreen products and services exclusively to the automotive industry, recently formed an integration partnership with DealerClick, a leader in automotive software solutions.
Officials said this agreement will allow DealerClick dealers seamless and secure access to credit reports, compliance and prescreen products from within DealerClick Systems.
“This agreement with DealerClick allows 700Credit to continue offering dealer's critical credit tools they need to quickly and accurately evaluate consumer credit information, and as importantly, perform necessary compliance functions,” 700Credit managing director Ken Hill said.
“Another important aspect of this partnership is that DealerClick dealers can perform more of their tasks from within the DealerClick DMS instead of having to toggle to different systems and/or websites to complete them,” Hill continued.
This solution includes 700Credit’s Compliance Dashboard tool, which can allow dealers to view critical compliance information on one easy-to-read screen so they can proactively monitor their dealership’s efforts as they relate to mandatory federal compliance regulations.
“We're very pleased with this partnership because it will significantly streamline dealers' workflow as well as allow them to save money on credit, compliance and prescreen products,” DealerClick officials said. “We’re happy to offer a service that saves time and steps for our dealerships.”
Furthermore, 700Credit is offering DealerClick customers preferred, pay-as-you-use pricing for its credit reporting, compliance services and prescreen products.
To learn more about 700Credit, visit www.700Credit.com and for more details about DealerClick, go to www.DealerClick.com.
CreditMiner recently reached an agreement with Equifax to give the credit inquiry tool access to the Prescreen of One service, an Equifax solution for individual, real-time prescreens that can help consumers by letting them know they are qualified for financing and enhance business prospects for dealers and finance companies.
In addition to the deployment of Prescreen of One, CreditMiner and Equifax indicated they will continue to develop innovative solutions in data and technology,
“CreditMiner created this real time space, allowing dealers a real-time solution to access consumer credit data that changes the face and profitability of any retail automotive dealership utilizing the tool. The fact that we were able to establish this relationship speaks volumes as to compliance and functionality of the tools we currently offer,” said Don O’Neill, vice president of sales and marketing at CreditMiner.
“Our goal has always been to provide a solution to dealers that not only increases sales efficiency and profitability, but that lowers their burden of compliance risk,” O’Neill continued. “With a suite of products that adds Equifax data and allowed usage scenarios, we feel it positions us to dominate the space, not just lead it.”
CreditMiner, DeskMiner and ServiceMiner can allow dealers to pre-screen candidates and provide consumers who pass the credit filters, firm offers of credit through its proprietary, patent-pending technology in both vehicle sales and service function areas.
“Our dealers realize that knowledge is power, not just to hold gross, but to be able to provide the consumer with a faster, more efficient, pleasurable buying experience. With DeskMiner, we put the tools into the manager’s hands to provide consumers valuable, effective offers.” O’Neill said.
“For example, knowing when to initiate a sale in the service lane with an offer for a loan based on the consumer’s current real-time credit profile is important,” he added. “If a consumer is made aware they can obtain financing that either lowers monthly payments or reduces overall finance charges, they are more likely to engage.”
With Prescreen of One, Equifax does not require a dealer to collect a Social Security Number or a date of birth. This process can provide dealers with access to prescreened offers, without having to collect, handle or store their consumer key identifiers, reducing data security risk.
“Having access to CreditMiner has given our sales a measurable boost by speeding up the process of qualifying consumers and penciling deals to fund,” said Rodney Back, general manager from Dave Edwards Toyota in Spartanburg, S.C. “Most importantly, with the addition of Prescreen of One, we’ll have Equifax data to make the offers that suit our customers best, moving the vehicle delivery process along more efficiently.”
Gary Hughes, general manager of automotive services at Equifax, added, “We’re proud that CreditMiner has chosen to deploy our Prescreen of One solution within ServiceMiner and DeskMiner. Dealers everywhere want fast and convenient access to prescreened financing offers to best meet the needs of their customers, and DeskMiner provides just that.
“With ServiceMiner powered by Prescreen of One from Equifax, the dealership service team can now reflect a more complete view of the consumer’s purchase consideration, as opposed to a partial view that may impact that sale or consumer later in the purchase funnel. In today’s retail environment the understood value by the consumer is the fuel that drives satisfied and successful decisions,” Hughes went on to say.
For more information on CreditMiner, visit www.ecreditminer.com or call (877) 213-7042.
