Pulling credit helps Auto Dealers and Finance Companies assess the level of risk associated with financing a particular customer. It gives the ability to analyze factors such as payment history, outstanding debts, and credit utilization from a credit file.  If you are interested in pulling credit or already pulling credit, how do you choose which bureau to go with?  Equifax, Experian, TransUnion: is it better to use one, two, or all three bureaus?

Here are four reasons why 3 may be better than 1:

Missing accounts/incomplete information

Since some creditors may only report to certain bureaus, having access to different bureaus helps to make a more informed decision about whether to extend credit and at what terms.

Leverage

Access to multiple credit reports can place Dealers in a more favorable negotiating position when working with lenders. They can present a more comprehensive overview of the customer’s credit profile, potentially leading to better financing terms, discount percentages, or a higher chance of approval.

Scoring

Each credit bureau may use slightly different scoring models to calculate credit scores. By pulling from multiple bureaus, dealers can see variations in scores and assess how different scoring models might impact the customer’s creditworthiness.

Contingency

What if one bureau goes down and you’re unable to pull credit? Any Dealer only pulling credit from one bureau may not be able to properly vet their customers or post any deals until the bureau’s portal is working again.

With Deal Pack as your DMS, you’ll have access to an integration with your 700 Credit account that allows you to pull credit from one, two, or all three bureaus.  All you need is a 700Credit account and you can start pulling credit at no additional cost, without ever leaving your DMS. You can easily switch between the bureaus with the click of a button and those credit files are stored safely and securely for a period, for easy reference throughout your sales cycle.

For more information or a demonstration of Deal Pack, please call 800-526-5832 or email support@abcoa.com.