Schaumburg, Ill. Experian Automotive has launched an automotive-specific credit profile report designed expressly for automotive dealers and lenders. Experian’s Automotive Credit Profile is designed to help those financing automotive loans tomore quickly and accurately make the best decision in financing the right vehicle for the right buyer.
Experian’s Automotive Credit Profile sorts and prioritizes all automotive tradelines in the report and lists them at the beginning of the profile. This makes it easier for dealers and lenders to find critical information during the sales process, quickly determine the best financing option for a loan and eliminate costly errors that can come from manually scanning the report for automotive loan-specific data, according to Experian.
“Now more than ever, each decision made in the vehicle sales cycle has to be the most profitable one possible, and nowhere is this more evident than in the auto financing process,” said Scott Waldron, president of Experian Automotive. “Experian’s Automotive Credit Profile helps dealers and lenders mitigate risk while providing a fast and accurate means of placing the right buyer with the vehicle and loan option that’s right for them.”
Unique to the report is Experian Automotive’s new Automotive Profile Summary. Automotive Profile Summary provides a snapshot view of a consumer’s automotive finance history along with summary information for each open automotive loan. This includes the total number of automotive loans, total number of open automotive loans, current monthly payment for all open automotive loans and a delinquency counter for all past-due loans.
“Having quick access to all of the automotive-specific credit information in an easy-to-understand format is invaluable to anyone financing vehicles in today’s increasingly competitive market,” Waldron continued. “Experian’s Automotive Credit Profile is a key tool in helping dealers and auto lenders achieve their ultimate goal: to drive the most profitable sales and more of them.”