Real-time credit screening to determine consumer prequalification at the point of contact
With Prequalification, you can increase return on investment by matching consumers with the right products at the right time. Prequalification is a consumer consent-based business model designed for businesses (internet lead generators, brokers, resellers, and lenders) who want to offer consumers insight into what products they qualify for, prequalifies them for credit in real time at the point of contact, and eliminates the requirement that the company make a firm credit offer. Prequalification posts as a soft inquiry, so it doesn’t impact the consumer’s credit and only requires their name and address to get started.
A soft prequalification inquiry is posted to a consumer’s credit file. Only the consumer can see the soft inquiry, and it doesn’t have an impact on their credit score.
Prequalification enables you to return customized prequalified offers and attract engaged and eligible consumers into the loan origination funnel.
Prequalification is accessed through the same method that you use to pull a credit report, such as our API Hub. If you currently pull credit reports, you will have no issues quickly and effectively implementing Prequalification.
Learn how Prequalification enables real-time consumer-initiated credit screening
With Prequalification, the lender receives the consumer’s credit report. Data attributes, and/or risk scores. Lenders can then use the credit data to match the consumer to one or more appropriate offers.
Premium prequalification enables lenders to return a VantageScore1 grade or band to consumers with the prequalification offer. Lenders then use this information to determine which credit options the consumer qualifies for. Premium Prequalification requires additional consumer authentication services.
Text for Credit™ enables lenders to offer prequalified credit options to consumers via text message. Consumers are driven to a white labeled, Experian-hosted webpage that can be rebranded to meet the lenders’ brand guidelines. This secure and private process minimizes upfront data entry by the consumer, given the identifying information from their mobile number.