Experian ConnectSM

Auto Sellers, Check Your Buyer's Credit

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See Your Buyer's Credit Score

Your Buyer's Experian VantageScore Credit Score

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Credit Check Your Buyer Before it's too Late

Don’t put the sale of your car on hold for one buyer until you know their financial situation. As a private automotive seller extending financing to a buyer, it is important to protect yourself and check your potential buyer's credit.

Experian Connect will let you view the credit report and score of your buyers, at no charge, when purchased by your buyers. After your buyer grants you access to their report and score, you can be sure you are seeing their information directly from the credit bureau and not from a scanned copy or print out.

Automotive Seller - View Your Prospective Buyer's Credit Report & Score

Credit CheckingCredit Checking Between Sellers and Their Prospective Buyers - Instantly View Credit Report and Score Directly Between Private Automotive Sellers and Buyers

Once you create your account on Experian Connect and you have completed authentication, you can start inviting your prospective buyers as connections. After they complete authentication and accept your invitation, they will be able to:

  • Purchase and view their credit information 
  • Grant you access to view their credit report and score within 30 days of purchase.

You will be able to quickly view your prospective buyer's credit report and score. This may eliminate manual paperwork and save you time – you may be able to make smart decisions faster.

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Experian Credit Report and Score

What is a credit report?

A credit report is a snapshot of your buyer's experience with credit-related accounts. Aside from some basic personal information, like their name and address to help identify their report, there are three main types of information on their credit report:

  • Public Records: Court-related information, including bankruptcies, state and county court records, tax liens, monetary judgments and, in some states, overdue child support payments. 
  • Credit Inquiries: Names of businesses or individuals that have obtained a copy of your credit report, including lenders, landlords, and employers.
  • Accounts: Payment history on all your Real Estate, Installment, and Revolving Credit Accounts.

What is a credit score?

A credit score is a number based on the information in your buyer's credit report. It is similar to a grade you would have received in school, but instead of right and wrong answers, their credit score is based on positive and negative credit history. Paying bills on time and using credit responsibly builds a positive history while paying bills late and being irresponsible with credit builds a negative history.

There are many different ways to calculate a credit score. Experian Connect uses the VantageScore® calculation with the Experian credit report. VantageScore was developed by the three national credit reporting companies — Experian, TransUnion and Equifax. Unlike other scoring systems, it is the most consistent score using only one model with one set of scoring calculations, resulting in scores that are more uniform and consistent.

How is the score determined?

Developers of credit scoring models review a selection of consumers — often more than one million. The historical credit profiles of these consumers are examined to identify common variables. The developers then build statistical models by selecting the credit variables most predictive of future behavior and assigning appropriate weights to each variable. The score is influenced by the following factors:

Experian VantageScore Credit Score

VantageScore Explained

VantageScore is based on the traditional A, B, C, D and F rating scale. All credit scores are measured in a numeric range — from 501 to 990. When you view your buyer's VantageScore, you are able to easily see and understand where your buyer stands.

 

VantageScore Credit Score - A - Consumers in this group have credit scores that rank higher than 84 percent of U.S. consumers. Most lenders are likely to provide the best credit terms available to these consumers. B - Consumers in this group have credit scores that rank higher than 59 percent of U.S. consumers. Most lenders are likely to provide good credit terms available to these customers.C - Consumers in this group have credit scores that rank higher than 39 percent of U.S. consumers. Most lenders are likely to provide the reasonable credit terms available to these consumers. Some lenders may wish to review the credit history of consumers in this category in more depth and may require additional documentation in order to extend favorable terms.D - Consumers in this group have credit scores that rank higher than 19 percent of U.S. consumers. Lenders typically view consumers in this category as higher risk. While many lenders still make credit available, they likely will offer somewhat less favorable terms to compensate for higher default rates in this category.F - Consumers in this group have credit scores that rank in the lowest 19 percent of U.S. consumers. Lenders generally view this as a very high-risk group. Many prefer not to extend credit to this group. Some will extend more traditional credit but require much higher interest payments to compensate for the increased risk associated with this category.

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