Schaumburg, Ill. — Experian Automotive launched an automotive-specific credit profile report. Designed expressly for automotive dealers and lenders, Experian’s Automotive Credit Profile helps those financing automotive loans more quickly and accurately make the best decision in financing the right vehicle for the right buyer.
To be successful in today’s highly-competitive automotive market, dealers and lenders need easy-to-understand and accurate credit information to finance the most vehicles possible with the lowest amount of risk. 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.
“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. Being able to access this information in an easy-to-read format helps avoid data misinterpretation and guides dealers and lenders to the automotive loan information needed to provide the efficiency and service consumers demand in getting financed for the loan and vehicle best for them.
“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.”
Combining Automotive Profile Summary, automotive tradeline sort and Experian’s full credit reporting expertise, Experian’s Automotive Credit Profile is tailored to meet the specific needs of automotive dealers and lenders. Automotive Credit Profile will be available April 21, 2008.
