FARMINGTON HILLS, Mich., April 6, 2021 /PRNewswire-PRWeb/ -- 700 Credit, LLC, the automotive industry's leading provider of credit reports, compliance solutions, prescreen and pre-qualification products, announced it has integrated the Experian Boost™ tool with their QuickQualify platform, the web-based consumer prequalification solution that does not require a consumer's SSN or DOB and does not affect their credit file. This new product feature is available at no charge to dealers who have the QuickQualify platform with Experian® enabled. The credit score "boost" will occur after the consumer prequalifies for a loan and before they make it into the finance office to apply for financing.
Experian Boost™ is a product offered by Experian that allows consumers to potentially "boost" or improve their FICO® Score. When consumers enroll in Experian Boost™, they provide Experian secured access to their online bank or credit card accounts to add positive cable, cell phone, and other utility bill payment history (as tradelines) to their Experian credit file. Once the credit score is boosted, consumers see the new score and it is reflected in their Experian credit report immediately.
"The addition of the Experian Boost™ tool to our QuickQualify solution adds a level of depth and value for both the dealer and the consumer," said Ken Hill, Managing Director of 700Credit. "Consumers increasing their FICO® Score translates to better rates for the consumer when they reach the finance office and happy consumers make for increased and return sales for the dealer."
"This integration allows more consumers to have control over their credit and leverage a good credit score to their advantage," said Jeff Softley, president, Direct-to-Consumer, Experian Consumer Services. "Experian Boost gives consumers the exclusive opportunity to add positive data, like utility payments, into their Experian credit file to give lenders a better view of their credit worthiness. And with an improved credit score, dealers can potentially offer improved financing and savings to consumers, so it's a win-win situation."
700Credit is the automotive industry's leading provider of credit reports, compliance products and prescreen services. The company's product and service offerings include credit reports, dealer-facing prescreen and consumer-facing pre-qualification platforms, OFAC compliance, Identity Verification solutions, risk-based pricing, score disclosure and adverse action notices, synthetic fraud detection, income verification and more. 700Credit's goal is to provide its clients with the highest quality data in a compliant framework in the most efficient manner possible. .
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