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Experian's instant decisioning credit screening tool screens consumers without making a firm offer of credit.
Experian’s Prequalification is a powerful credit-screening tool that allows you to prequalify consumers for credit in real time at the point of contact — whether it’s online, during inbound/outbound calls, face-to-face or in a booth/kiosk setting.
Prequalification is initiated by consumers and provides them with a variety of credit options, but it eliminates the requirement that the company must make a firm offer of credit. With Prequalification, you can drive up return on investment by matching consumers with the right products at the right time.
Accurate and Quick
Currently, the process of acquiring accounts via the Internet and other channels is hindered by applicants who are not credit-qualified for the products they apply for. Prequalification enhances the lead-generation process by allowing you to match consumers with the products that meet their credit profile before they apply — increasing approval rates once the application is submitted. Best of all, the entire process with the consumer is completed within seconds.
Prequalification is a consumer-initiated and consent-based product that gives potential customers the opportunity to see the types of credit products for which they may qualify. Consumers are able to review the features of all options and then determine the best product for them before beginning the application process, increasing approval rates as well as take rate and utilization.
Real-Time, Profitable Leads at the Point of Contact
Prequalification is done in real time, enabling you to match consumers to loan options at the point of contact. Engaging consumers online, on the phone or face-to-face when they are engaged and most likely to respond will generate profitable leads for you.
Prequalification is a great fit for lenders as well as brokers and agents. If you’re a lender, Prequalification allows you to use individual credit data to match potential customers to the right loan products. If you’re an agent or a broker working on behalf of lenders, such as financial institutions or auto dealerships, Prequalification helps you route leads to lenders and dealers that meet their lending criteria.
Three Levels of Prequalification to Meet Your Needs
- Prequalification (standard output): returns a credit profile and/or credit score if requested by the client.
- Advanced Prequalification: multiple, flexible output options utilizing a large number of generic attributes and scores. Experian’s highly predictive Premier AttributesSM product is also available.
- Custom Prequalification: fully customizable input, output and decisioning capabilities.
A Variety of Access and Delivery Methods
- Quick, easy setup via Net Connect, TCP/IP, eSolutions or SFTP or other vendors you currently use to access credit reports
- Multiple touch-points, including point of sale, Internet, kiosks and call centers
- Flexible input and output formats
Make Better Decisions Throughout the Customer Life Cycle
Our Advanced Prequalification and Custom Prequalification products are delivered via Experian’s Decisioning as a ServiceSM environment. Decisioning as a Service provides clients with flexible access to data, attributes, scores and decisioning to make better mission-critical decisions across the Customer Life Cycle. It also can be used to increase qualification, approval and take rates while reducing bad debt and lowering overall operational and manual review costs.
Experian’s prequalification products can help you generate the most profitable leads or prequalify consumers for the best products and offers.