Credit Data PreQual Tool Turns Consumers Into Borrowers Faster
Find out how much your borrower can afford in just minutes with a soft inquiry.
Credit Data PreQual Tool helps qualify more borrowers with soft inquiry credit reports and without the need for disclosures. Credit Data PreQual is an easy software application our clients add to their website. As a pre-qualification tool, Credit Data PreQual only requires name and address, so applicants move quickly through the process. It is designed to target those who do a majority of their research and work online instead of face-to-face. The goal is to turn instantly pre-qualified consumers into full loan applicants and then into borrowers.
Credit Data PreQual is a simple-to-use, smart web page that lenders place on their web site to turn consumers into borrowers. When used by consumers, it orders and delivers a single-bureau Experian credit report. It posts a soft inquiry to the bureau so the consumer score will not be impacted. The returned credit report cannot be used as an application for credit, meaning that there will be a need to order a full hard-inquiry report when the borrower is ready to fill out a full loan application. The benefit is that the disclosures normally needed to deliver (Risk Based Pricing notice, Declination letter) are not required. So our clients save the time and hassle of not having to disclose an offer of credit when the borrower doesn’t prequalify.