700Credit blends Insight Score for Auto from Equifax into dealer tools
The credit reports, compliance solutions, soft pull, identity verification and fraud detection platforms from 700Credit became more robust this week courtesy of the addition of Insight Score for Auto from Equifax.
Designed to help expand access to credit for consumers seeking to finance a vehicle, 700Credit recapped the Insight Score for Auto is an industry-specific credit risk score that combines consumer credit information from Equifax with alternative data not included in traditional credit reports such as telecommunications, pay TV and utility payment history.
“We are very pleased to offer the Insight Score for Auto to our customers. This unique proprietary scoring approach enables dealers to uncover new prospects that may be new to credit or those who may be rebuilding their credit histories, with the potential to expand your auto prospect pool up to 16% compared to a generic risk score,” said Ken Hill, managing director of 700Credit.
“Dealers will find an improvement in the customer experience through more competitive, personalized offers and improved decisioning,” Hill added in a news release.
The Insight Score for Auto product will be available for use by 700Credit’s more than 21,000 dealerships across the country to better score vehicle shoppers with thin credit files, potentially moving them from un-scorable or subprime into near prime or prime offers, which could help more consumers secure auto financing.
“We highly value the partnership with 700Credit and are excited to see their dealer customers now have the opportunity to use Insight Score for Auto and leverage Equifax differentiated data to enable a better customer experience,” said Lena Bourgeois, senior vice president and general manager of automotive services at Equifax U.S. Information Solutions.
“One of the biggest hurdles in the auto industry is affordability — which is particularly challenging for those that may be new to credit or those who may be rebuilding their credit histories,” Bourgeois went on to say.