March 22, 2010
Santander Consumer Streamlines Loan Processing With TARGUSinfo
VIENNA, Va. and DALLAS — In an effort to help streamline the approval process for its qualified used-car auto loans, Santander Consumer USA Inc. will add “On-Demand Verification” from TARGUSinfo on all loan applications received from its network of 12,000 dealers and through its online Website brand.
Through the integration of the new service, consumers seeking auto loans via their local dealer or at RoadLoans.com will have their name, address and phone number(s) instantaneously verified by TARGUSinfo to help decrease application approval time.
"Every day there are hundreds of thousands of auto loan applications submitted in the industry that undergo a 24-hour manual review process for approval," said Rush Blevins, director business strategies, Santander Consumer USA Inc. "With the aid of TARGUSinfo, we're streamlining this process by integrating real-time verification of applicant information. Our verification of applicant phone numbers jumped 380 percent across all channels shortly after we started working with TARGUSinfo."
The real-time ability to verify consumer data increases Santander Consumer USA's ability to approve loans more quickly and helps dealers to close deals. With fewer documentation stipulations, dealers can receive faster funding — which results in a better car-purchasing experience for everyone without increased risk to any parties involved.
"Santander Consumer USA does a terrific job differentiating itself for dealers and consumers looking for rapid loan approvals," said Dorean Kass, director, TARGUSinfo. "We are pleased to work with such an industry leader and happy to do our part and provide our On-Demand Verification services to help stimulate lending in the US market."
TARGUSinfo provides On-Demand Verification for the financial industry by enabling a faster and more efficient means to verifying information across the industry's most robust set of identities and attributes on its real-time network.
Blevins added, "Our new process, leveraging TARGUSinfo's expanded ability to link attributes such as mobile phone data to addresses and other relevant information, goes a long way to lower our costs, minimize our risk and improve satisfaction for our dealers."