In light of the ongoing dialogue involving affordability, 700 Credit recently announced a collaboration with Equifax for its QuickQualify web-based platform.
The provider of credit reports, compliance solutions and consumer pre-qualification products explained that QuickQualify Xpress utilizes Equifax identity data and uniquely differentiated data sources to automatically prefill applications, which can reduce keystrokes for a more frictionless customer experience.
Management at 700 Credit explained that QuickQualify Xpress asks only for a ZIP code and last four digits of the consumer’s Social Security Number before automatically populating the consumer’s demographic information.
In the mobile environment, 700 Credit noted that QuickQualify Xpress can help mitigate risk by authenticating the user’s identity before requesting further information.
“QuickQualify Xpress is a natural evolution of our soft-pull technology”, said Ken Hill, managing director of 700Credit. “Our QuickQualify platform was the first step in reducing the amount of data consumers need to provide before a soft-pull could be executed.
QuickQualify Xpress further minimizes the data required for pre-qualification, enhancing their experience with the platform,” continued Hill, who added that “80 percent of consumers are shopping from a mobile device before they enter the dealership. This tool makes it even simpler for a consumer to start the pre-qualification process.”
Other potential benefits to QuickQualify Xpress include:
* Helps mitigate risk by authenticating the user’s identity and mobile device in real-time.
* Reduces form abandonment increasing the number of leads to the dealer.
* Credit score and full soft pull credit report for the dealer.
“Generation Z has only known a digital world, and they are predicted to outnumber millennials this year,” said Lena Aksan, vice president of enterprise alliances at Equifax. “This collaboration with 700Credit will help dealers stay current with today’s buyers by simplifying digital interactions, providing instant identity results and minimizing the frustrations often associated with digital abandonment.
“Collectively, the convergence of data, analytics and technology can improve dealer outcomes across the digital interaction ecosystem,” Aksan went on to say.
For more information about 700Credit, visit www.700credit.com.