Unique auto-specific credit risk score expands the pool of customers for dealers
FARMINGTON HILLS, Mich., Nov. 28, 2023 /PRNewswire-PRWeb/ -- 700 Credit, LLC, the automotive industry's leading provider of credit reports, compliance solutions, soft pull, identity verification and fraud detection platforms, today announced its addition of Insight Score® for Auto from Equifax. Designed to help expand access to credit for consumers seeking to finance a vehicle, the Insight Score for Auto is an industry-specific credit risk score that combines consumer credit information from Equifax with alternative data not included in traditional credit reports such as telecommunications, Pay TV and utility payment history.
"We are very pleased to offer the Insight Score for Auto to our customers. This unique proprietary scoring approach enables dealers to uncover new prospects that may be new to credit or those who may be rebuilding their credit histories, with the potential to expand your auto prospect pool up to 16% compared to a generic risk score," said Ken Hill, Managing Director of 700Credit. "Dealers will find an improvement in the customer experience through more competitive, personalized offers and improved decisioning."
The Insight Score for Auto product will be available for use by 700Credit's more than 21,000 dealerships across the country to better score car shoppers with thin credit files, potentially moving them from un-scorable or subprime into near prime or prime offers – which can help more consumers secure an auto loan.
"We highly value the partnership with 700Credit and are excited to see their dealer customers now have the opportunity to use Insight Score for Auto and leverage Equifax differentiated data to enable a better customer experience," said Lena Bourgeois, Senior Vice President and General Manager of Automotive Services at Equifax U.S. Information Solutions. "One of the biggest hurdles in the auto industry is affordability - which is particularly challenging for those that may be new to credit or those who may be rebuilding their credit histories."
About 700Credit
700Credit is the automotive industry's leading provider of credit reports, compliance solutions soft pull products, identity theft and driver's license authentication platforms. The company's product and service offerings include credit reports, prescreen and pre-qualification platforms, OFAC compliance, Red Flag solutions, 2022 Safeguards protection, Synthetic Fraud Detection, Identity Verification, score disclosure notices, adverse action notices and mobile and in-store driver's license authentication solutions. For more information about 700Credit, visit http://www.700credit.com.
Media Contact
Susan Burke, 700 Credit, LLC, (616) 240-9853, [email protected], http://www.700credit.com
SOURCE 700 Credit, LLC
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