Equifax (NYSE:EFX), a global leader in information solutions with a strong heritage in innovation and leadership, unveiled a new, comprehensive solution for automotive dealerships at the NADA Convention & Expo 2014, enabling dealers to work seamlessly with lenders and close more deals. Available via the Equifax online portal (ePort), this delivery solution will blend the company’s suite of credit, fraud and verification tools in one simple and easy-to-use location.
This new access will now offer three Equifax credit score versions on one credit report which can be instantly accessed by auto dealers while negotiating terms with lenders. The three displayed Equifax credit score versions represent the scores used by a vast majority of lenders when making their decision to offer dealers loan terms for their customers. More importantly, this all-inclusive report eliminates potential surprises from “spot deliveries,” and reduces the likelihood of having to bring customers back into the dealership due to unpredictable lender terms.
By having access to a fresh, intuitive layout that groups negative information and alerts at the top of the report, dealers can quickly assess a customer’s credit profile to anticipate and address the most common stipulations or questions lenders may have. This will help dealers move the vehicle delivery process along without having to send the customer away to retrieve additional lender stipulations. This solution also includes convenient tabs across the top of the report that bundles results into similar categories for easier review.
The updated consumer report will provide dealers with information in seconds that will help determine which lenders they should send applications to and whether or not they should deliver a vehicle. Furthermore, this new single solution from Equifax Automotive facilitates one-click verification of income and employment; crucial in delivering vehicles and clearing lender stipulations.
Identity theft, as well as more sophisticated application fraud, is prevalent in today’s dealership world. Equifax Automotive fraud screening and verification solutions help to ensure the person who is obtaining the loan is the same person who is driving away. Also available is the Equifax’ OFAC Alert™ to facilitate compliance with OFAC requirements and various regulations.
“Providing finance managers with a total view of the customer allows them to deliver their vehicles faster and rehash their deals with lenders confidently,” said Gary Hughes, General Manager, Equifax Automotive Services. “Equifax Automotive Services is excited about bringing all of our data assets together to better understand and surpass market needs.”
About Equifax, Inc.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune’s Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.