Credit Bureau Connection Expands Soft Pull Credit Report Offerings by Adding TransUnion's Prequalification and Instant Prescreen Products
Online, August 3, 2016 (Newswire.com) - Credit Bureau Connection (CBC), the industry leader of credit report and compliance solutions, announced today the addition of TransUnion's Prequalification and Instant Prescreen soft pull credit products to its product suite. CBC provides a complete web-based front-end credit screening system tailored for franchise and independent automotive dealers, as well as integration with many of the industry's leading software solutions. CBC provides a full array of credit report and compliance solutions.
Mike Green, President and CEO of CBC, stated, "We are excited to build on our long-term partnership with TransUnion by adding these highly desirable soft pull credit solutions to our robust suite of product offerings."
Consumer and dealer needs are changing the automotive finance process, and soft pull credit reports bring many advantages to both consumers and dealers. More consumers than ever are financing their vehicle purchases, benefiting from lower interest rates and longer terms to finance. Also, consumers today are more aware of their credit situation and the impact of traditional hard pull credit reports on their credit score.
Credit Prequalification meets a market need creating a competitive advantage along with an improved consumer experience. CBC and TransUnion's credit Prequalification offers easy integration, proper disclosures, and no impact on the consumer's credit score. A Prequalification report can be obtained without the need for the consumer's SSN or DOB. Consumers are more likely to provide their basic information when only a minimal amount is requested, and when a soft inquiry is pulled prior to starting a full credit application. This allows dealers to offer real-time finance options to prequalified applicants based on their actual credit score. This is a consumer consent-based solution, is fully FCRA compliant, and does not require a firm offer of credit to be provided.
Instant Prescreen is a powerful soft pull solution that can be utilized at the point of sale, in the service drive, as part of an equity mining solution, and other applicable situations. Different from Prequalification, Instant Prescreen is not initiated by the consumer, but by the dealership when a consumer may potentially be in the market for financing. Similar to Prequalification, an Instant Prescreen can be performed without an SSN or DOB and does not impact a consumer's credit score, but a firm offer of credit must be provided to the consumer if they meet the dealership's lending criteria.
"Prequalification is an important component of the consumer auto purchase journey and we are pleased to provide this essential suite of solutions to CBC," said Steve Chaouki, executive vice president of TransUnion's financial services business unit.
About Credit Bureau Connection (CBC)
Credit Bureau Connection is the leader in credit reports and compliance solutions for automotive, motorcycle, power sports, and RV dealers; along with a vast network of lenders, brokers, and integrated software partners throughout the automotive industry. CBC sets the standard with superior customer service, state-of-the-art software, comprehensive data security, and high-end servers and hardware, all managed in the most secure and redundant data centers in the industry. CBC is a distinguished reseller for all three credit reporting agencies: Experian, TransUnion, and Equifax, maintaining long-term good standing relationships with all three. CBC's forward-thinking business and technology approach is the driving factor in the companies' substantial growth year after year for over a decade. For additional information, visit: www.creditbureauconnection.com
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