DOWNERS GROVE, Ill. — CreditMiner, which provides a solution that allows dealers to instantly prescreen consumers for vehicle financing, has reached an agreement with Equifax to deploy its Prescreen of One, a service that provides real-time prescreens that help consumers make more informed buying decision by letting them know they are qualified for financing.
In addition to the deployment of Prescreen of One, CreditMiner and Equifax will continue to develop innovative solutions in data and technology.
"CreditMiner created this real-time space, providing dealers with a real-time solution to access consumer credit data that changes the face and profitability of any retail automotive dealership utilizing the tool,” said Don O'Neill, vice president of sales and marketing for CreditMiner. “The fact that we were able to establish this relationship speaks volumes as to compliance and functionality of the tools we currently offer."
CreditMiner, DeskMiner and ServiceMiner allow dealers to pre-screen candidates and provide consumers who pass the credit filters firm offers of credit through its proprietary, patent-pending technology in both vehicle sales and service function areas.
"Our dealers realize that knowledge is power, not just to hold gross, but to be able to provide the consumer with a faster, more efficient, pleasurable buying experience,” O’Neill added. “With DeskMiner, we put the tools into the manager's hands to provide consumers valuable, effective offers. For example, knowing when to initiate a sale in the service lane with an offer for a loan based on the consumer's current real-time credit profile is important. If a consumer is made aware they can obtain financing that either lowers monthly payments or reduces overall finance charges, they are more likely to engage."
With Prescreen of One, Equifax does not require a dealer to collect a social security number or a date of birth. This provides dealers with easy access to prescreened offers without having to collect, handle or store key consumer identifiers.
"We're proud that CreditMiner has chosen to deploy our Prescreen of One solution within ServiceMiner and DeskMiner," said Gary Hughes, general manager of Automotive Services at Equifax. "Dealers everywhere want fast and convenient access to prescreened financing offers to best meet the needs of their customers, and DeskMiner provides just that.
"With ServiceMiner powered by Prescreen of One from Equifax, the dealership service team can now reflect a more complete view of the consumer's purchase consideration, as opposed to a partial view that may impact that sale or consumer later in the purchase funnel."