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Test Your Knowledge

PreQualification and PreScreen products may both be "soft-pull" credit solutions (Do not require a SS# or have an impact on the consumers credit report or credit score), but they are very different in how they work and the impact they have on your dealership processes. Do you know the difference?

Q1: Do PreScreen or PreQualification Solutions require a SSN?

Q2: Which solution requires consumer consent?

Q3: Which solution provides a real time FICO score and full credit report?

Q4: Which solution requires a firm offer of credit?

Q5: Which of the (3) credit bureaus offer a PreQualification?

Q6: Which solution can be used online and in-store?

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PreQualification and PreScreen products both accelerate engagement and conversion. Both start the deal right and earlier in the process. But irresponsible or misinformed opinions have created a lot confusion in the marketplace regarding the differences. They are not the same. It is important to understand the distinctions and protect your store from potential compliance and security risks.

Difference Between PreScreen & PreQualification

  • Consumer consent is NOT required.
  • Selective qualifying credit data is provided.
  • Firm offer of credit IS required.
  • Consumer consent IS required.
  • Full credit file can be provided
  • Firm offer of credit is NOT required.

Before making the right decision for your dealership, here are (4) questions to ask any vendor offering PreQualification or PreScreen products:

  1. Can you provide product certification from the credit repositories?
  2. Are you an authorized reseller of the PreScreen or PreQual data?
  3. Do you have a secure platform that meets all (3) of the credit bureaus security standards?
  4. Does your soft-pull product include a full-credit report and real time credit score or selected qualifying data and a credit score range?

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