- Consumer consent is NOT required.
- Selective qualifying credit data is provided.
- Firm offer of credit IS required.
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?
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.
Before making the right decision for your dealership, here are (4) questions to ask any vendor offering PreQualification or PreScreen products: