Correct Quiz Answers
1. Do Pre-Screen or Pre-Qualification Solutions require a SS#?
2. Which solution requires consumer consent?
3. Which solution provides a full credit report and real time FICO score?
4. Which solution requires a firm offer of credit?
5. Which of the (3) credit bureaus offer a pre-qualification?
All - TransUnion, Equifax, and Experian
6. Which product can be used online?
Difference Between PreScreen's & PreQualification's
- Consumer consent is NOT required
- Selective qualifying credit data is provided
- Firm offer of credit IS required.
- Consumer consent IS required
- Full credit file and live FICO score is provided
- Firm offer of credit is NOT required.
Other Things to Know
Pre-Qualification and Pre-Screen products both start the deal right and earlier in the process. But irresponsible or misinformed opinions have created a lot of confusion in the marketplace regarding the differences. They are not the same.
It is important to understand the distinctions and protect your store from potential compliance and security risks. Pre-Screen’s work best for prospecting and lead generation. Pre-Qualifications accelerate shopper to buyer conversions. Which is right for your store?
Before making the right business decision for your dealership, here are (4) questions to ask any vendor offering Pre-Qualification or Pre-Screen products:
1. Can you provide product certification from the credit repositories?
2. Are you an authorized reseller of Prescreen or Pre-Qual data?
3. Do you have a secure platform that meets all (3) of the credit bureau’s security standards?
4. Does your soft-pull product include a full-credit report and real time credit score or selected qualifying data and a credit score range?