Experian Automotive Introduces Auto Credit Report
SCHAUMBURG, Ill. — Experian Automotive announced Monday that it has launched an automotive-specific credit profile report.
Designed expressly for dealers and lenders, officials said Experian's Automotive Credit ProfileSM can help those financing auto loans more quickly and accurately make the best decision in financing the right vehicle for the right buyer.
Basically, to be successful in today's highly competitive auto market, executives pointed out that dealers and lenders need easy-to-understand and accurate credit information to finance the most vehicles possible with the lowest amount of risk.
To help with this, Experian's Automotive Credit Profile sorts and prioritizes all auto tradelines in the report and lists them at the beginning of the profile, according to officials.
This can make 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, the company highlighted.
"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," explained 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," he continued.
Unique to the report is Experian Automotive's new Automotive Profile SummarySM, which officials call the only summary of its kind. The Automotive Profile Summary provides a snapshot view of a consumer's auto finance history, along with summary information for each open auto loan.
This includes the total number of auto loans, total number of open auto loans, current monthly payment for all open auto loans and a delinquency counter for all past-due loans.
Having the ability to access this information in an easy-to-read format can help avoid data misinterpretation and guide dealers and lenders to the auto loan information needed to provide the efficiency and service consumers demand in getting financed for the loan and vehicle best for them, according to the company.
"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 said.
"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," he concluded.
The Automotive Credit Profile will be available April 21.
For more information on Automotive Credit Profile and Experian's full range of products and services for the automotive market, visit www.experianautomotive.com.