It’s been a busy week of announcements by Equifax; first a solution launch with LexisNexis Risk Solutions tailored specifically for the auto finance space. Then on Friday, Equifax joined with online sales lead generator Black Book Activator to develop Black Book Activator eCredit, a new customer-facing credit scoring solution available to the dealer community and online vehicle shoppers.

Executives explained the Black Book Activator eCredit solution can provide vehicle shoppers on dealer websites with free access to their Equifax Risk Score; what’s considered to be a key measurement designed to educate consumers to help better understand their vehicle finance options and monthly payments based on their credit score. 

The companies insisted the solution can provide a simple process that can deliver the user’s Equifax score instantly and privately. The credit scores are not shared with any third parties, including the dealer.

Equifax and Black Book highlighted the ease of use of this service speaks to consumers growing concerns around identify theft and fraud that can occur as a result of sharing sensitive personal information.

Unlike many other services, which require a consumer’s Social Security number, date of birth and/or other sensitive personal information, the service asks only for a user’s name, address and answers to a two-question, multiple-choice quiz. The process is designed to ask user-specific questions, which is geared to help ensure that the right score is delivered to the correct person.

And because the score is requested by the consumer, it does not adversely affect future credit scores, according to Mike McFall, president of Black Book Activator Division.

“Our testing and consumer feedback have shown that car shoppers want access to their credit scores as they are making buying decisions, but until now, there hasn’t been a simple, non-intrusive way for auto shoppers to get an instant, accurate score without sharing a lot of detailed information,” McFall said.

“Working closely with Equifax, we've created an easy plug-in for dealers, and a truly risk-free way for consumers to gain insight about which vehicles might make the most sense for their budgets, moving them one step closer to purchase,” he continued.

Before mentioning dealers who are already seeing benefits, Equifax vice president of dealer services John Giamalvo pointed out the value proposition for stores this solution can present.

“Both Black Book Activator and Equifax are focused on innovation and customer service,” Giamalvo said. “Black Book Activator eCredit is a unique solution that will engage online customers and help enable smoother, better informed transactions for both buyer and seller.” 

Frances Looper, who is the Internet manager for Love Chevrolet in Columbia, S.C., was among the first to test the new service.

“We are always excited to try things that make it easier for our customers to shop online,” Looper said. “We focus heavily on digital and this fits right into our plan because most people are hesitant to give their Social Security number for anything they do online, but they want a score to be smarter shoppers. This gives them both.

“As a bonus, users don't leave our site to get the information, and they don't feel as if their privacy has been compromised. It makes everything friendlier," she added. 

Frank Vargas, Internet manager at Planet Dodge in Miami acknowledged that customers are savvier today as they have “high expectations and dealers who step up with information like credit scores are more likely to engage them and make a sale.”

In light of the belief that everyone is pressed for time, Equifax and Black Book shared one more dealer’s experiences with the tool that aimed at making the process of qualifying customers much easier and quicker.

“These clients were invisible shoppers before this,” said Patrick Silva, who is marketing and operations manager of Mel Rapton Honda in Sacramento, Calif. “We weren’t seeing enough leads before and this has helped to bring in more.” 

Black Book Activator eCredit will be showcased this weekend throughout the NADA Convention & Expo in Las Vegas at booth No. 1661C.