How to Start the Deal Right with Soft-Pull Credit Solutions€¦ · How to Start the Deal Right with Soft-Pull Credit Solutions. ©2016 700Credit, LLC | 27777 Franklin Rd, Suite 1850

How to Start the Deal Right with

Soft-Pull Credit Solutions

www.700Credit.com

©2016 700Credit, LLC | 27777 Franklin Rd, Suite 1850 Southfield, MI 48034| CONFIDENTIAL INFORMATION

What is a Soft-Pull?

The ability to obtain live Credit

Data directly from a Credit Bureau

with just a name and address

without needing a SS#, DOB or

other personal information.

Using a Soft-Pull will not affect the

customers score in an adverse

way or put a hit on their credit.

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There are 2 types of Soft-Pull credit products:

PRE-SCREEN

Dealer Initiated Soft Pull

The dealer initiated

model in most cases is

directed at an in store

application where the

dealer inputs the

information.

PRE-QUALIFY

Consumer Initiated Soft Pull

The consumer initiated model

in most cases is directed at

on online application where

the consumer is entering the

data.

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What Credit Data is Available in aSoft-Pull?

Live FICO Score

Available Revolving Credit

Auto Inquiries in last 30 days

Summary of all the auto trade lines

including:

Current Monthly Payments

Current Auto Loan Interest Rate

Remaining Balance / Payoff

Payment History Months

Remaining balance on Auto Loans

You may also elect to get a full

credit file from Trans Union &

Experian

Soft Pull Results

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How are Pre-Screen and Pre-Qualify

soft credit pulls similar?

Requires Name and Address Only

No Social Security # needed

No DOB needed

No impact to the customers credit report or credit score

Provides real time credit score and credit file data

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How are they different?

Pre-Screen

Consumer consent is NOT

required

Selected qualifying credit

data is provided

Firm offer of credit IS

required

Pre-Qualify

Consumer consent IS required

Full credit report can be provided

Firm offer of credit is NOT

required

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Which Bureaus offer the Soft-Pull products?

TransUnion - Experian - Equifax

However all 3 could offer different product options, pricing

and compliance guidelines

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What makes Pre-Screen and Pre-Qualify

soft-pulls legal today?

The FTC, FCRA and CFPB have approved

Soft-Pull Credit Reports for the Automotive Industry

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How does a Dealer/Lender stay compliant?

Make sure the partner you choose:

Can provide product certification from the credit

repositories.

Has a proven track record of Compliance performance.

Has a secure system that meets all three of the credit

bureaus security guidelines.

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How does a Dealer/Lender stay compliant?

A Firm Offer of Credit:

Must be given at some point to the consumer if a Pre-Screen

soft-pull is used

Must be tracked and stored in case of an audit

The Firm Offer of Credit is not required when using the

Pre-Qualify soft-pull

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Soft Pull Compliance Tracking Capability

Pre-Screen?

Pre-Qualification?

Both?

It depends on your objectives!

Which option is best for your Process?

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Advantages of Both

Pre-Screen

Great for lead generation

Great for pre-qualifying

showroom leads

Great for data mining

Pre-Qualify

Great for lead generation

Higher closing ratio’s

Simplified compliance

requirements

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Both Pre-Screen and Pre-Qualify soft-pulls

drive online consumer engagement

Only a Name and Address is needed to Pre-Screen or Pre-Qualify

the prospect

Soft-Pull Credit reports do not affect the prospects credit in any way

No Social Security #, DOB, or Signature is required

Soft-Pulls generate 5 to 6 times MORE high quality leads from your

website - all enhanced with live credit data of which the standard

long form online credit apps do not provide

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Soft-Pull credit data starts the deal right

and earlier in the sales process

You will see consumer’s live credit information at the start of the

process.

Know if you’re working with a prime, near-prime, or sub-prime

customer instantly.

Identify an equity customer who has a high payment or high

interest rate but has a good credit score.

Know if your customer qualifies for your best lease programs.

Know that you’re quoting the right interest rate for the payment buyer.

Know the customer’s potential trade-in information.

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Consumer initiated Pre-Screen or Pre-Qualify leads

are the highest quality leads in theindustry.

Both can be used online, in the showroom and the service lane.

Both eliminate the guesswork to close more deals.

Both hold more deal gross.

Both improve the work flow for dealers and streamline the sales process

Both improve the vehicle buying experience and CSI

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What information does the dealer instantly see?

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Latest online solutions….

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Soft Pull Web-Based Application

New and innovative way to

create web engagement and

increase qualified sales leads

online.

Can replace your old fashioned,

restrictive and cumbersome credit

application that produces limited

results on your dealership

website.

Include interactive audio and

video tools that encourage

customers to engage online to get

pre-approved in seconds, so that

the dealer knows their buying

capability!

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Soft Pull Web-Based Application

Includes a short form that can easily

be plugged into a dealers existing

website or can be used as a stand-

alone micro-site.

It’s quick and easy for customers to

fill out and does NOT require the

customers SS# or DOB in order to

submit.

You just need a Name and Address

only to instantly find out if they are

pre-qualified.

The short form includes a video to

help engage the customer to act

quickly.

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Shop by Payment can be added into the App

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Web-Based Application:

Gives the dealer what they want!

The Web App placed on the Dealers website creates more consumer

engagement!!!

The Dealer gets a live qualified credit lead knowing the person filling out

the form is motivated or ready to buy

The Dealer gets control of the sale by getting all the important credit

information that Web-Based application provides:

Customer’s exact live FICO credit score

Current interest rate on current auto loans

Current monthly auto loan payment

Original loan amount and remaining loan amount due

Term of current loan and remaining term left

Number of late payments in the last 24 months

Customer’s revolving credit amount available

Customer’s open auto inquiries in the last 30 days

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Which Soft-Pull credit solutions are

right for YOU?

For more information contact:

Bob Lettis

352-345-3740

[email protected]

Act Now……Who wouldn’t want live credit data

upfront in the sales process……Who wouldn’t

want live credit data upfront in the sales

mailto:[email protected]

Documents

How to Start the Deal Right with Soft-Pull Credit Solutions€¦ · How to Start the Deal Right with Soft-Pull Credit Solutions. ©2016 700Credit, LLC | 27777 Franklin Rd, Suite 1850