CENTREVILLE, Va. — Carfax and MeridianLink have teamed up to make it easier for auto finance sources to get Carfax vehicle history repots. Thousands of auto lenders now can order Carfax reports through MeridianLink’s LoansPQ loan origination system.
With direct access to valuable Carfax information such as title brands, mileage readings and service history, plus the new VIN-specific Carfax History-Based Value, finance sources can more accurately assess vehicles as collateral, according to Doug Glagola, vice president of enterprise solutions at MeridianLink.
“Simplifying and streamlining loan processing for our clients is our top priority,” Glagola said. “This integration with Carfax is a much-anticipated benefit that makes critical vehicle history and value information impacting a loan available without having to leave the LoansPQ platform.”
Carfax reports were designed to help users identify vehicles with potential problems that affect their safety and value. Issues such as accidents and flood damage or scams like odometer fraud and title washing can reduce vehicle values by as much as 50%, lead to more costly repairs and increase the risk of loan default. Using Carfax Reports and the Carfax History-Based Value — a price based on a vehicle’s unique history — lenders can adjust their loan-to-value ratio, according to the company.
“We’re constantly developing innovative solutions that help protect members of the financial services industry and their customers,” said David Lackey, general manager of the Carfax Banking & Insurance Group. “Most often, auto lenders look primarily at the individual requesting a loan, but evaluating the specific vehicle on a lending application is a truly novel concept. Working with partners like MeridianLink, we’re transforming the way lenders approach the loan approval process.”