Credit Miner Integration Saves Dealers Money and Improves Results
As automotive dealers, we all know and share in the frustration of selling a customer on the benefits of a high-end model, then spending the money to pull a credit report only to find out that the customer will never qualify for financing. At that point, it may be too late to downsell the customer on an affordable used model. By the same token, with the high cost and intrusive questions required to pull a credit report, it doesn’t make sense to pull reports on casual prospects or customers who are not ready to commit.
That’s where your Credit Miner integration will pay off!
Credit Miner is a one-of-a-kind software developed specifically for auto dealers who want to pre-screen and approve customers using TransUnion credit scores without impacting the comsumer’s credit score or credit history. They accomplish this using a process known as a “soft pull,” which accurately predicts a customer’s credit score without showing up on the customer’s credit report, and without requiring a SSN or birth date. Because soft pulls cost a fraction of what it costs to pull a full credit report, they are a smart and practical way to pre-screen all of your leads so that you can steer customers towards deals that will be approved and leave you and your customers satisfied!
How The Integration Works:
Performing a soft-pull requires a permissible use for the data under the Fair Credit Reporting Act. If a customer comes in for a test drive, gives you authorization to pre-screen them for a promotion, or even visits your service lane, you have a permissible reason to qualify the customer. Once the software determines that you are within your right to pre-qualify the customer, you simply click the Credit Miner button within the up record or the deal tab in Traffic Control. Within moments, you will receive a pass/fail qualification, and you will have access to information about how much car the customer can afford, what deals they have gotten in the past, and what kind of financing they will qualify for this time.
Do I still need to pull a credit report?
If your customer has great credit or terrible credit, then you probably don’t. The soft-pull is enough to allow you to work the deal at a fraction of the cost of a traditional credit pull. If the customer is borderline, you still have the option of pulling an official credit report through the Credit Miner service, giving you the best of both worlds. With Traffic Control and Credit Miner, you have the access to traditional three-bureau credit reports, the affordability of the soft-pull option, and the convenience of the Traffic Control interface!