Credit Reporting

Much of your sales success depends on your ability to help your customers get the financing they need. Knowing what the lender will see before they see it is critical to your success. Accessing and understanding consumer credit reports is the first step.

There are three major credit reporting agencies:

• Equifax
• Experian
• Transunion

Each of these provides a variety of reporting formats and scoring systems depending on the needs of the user. Compound this with the fact that not all creditors report to all three agencies and it becomes easier to understand how the same customer can “score” so differently on reports generated by the same agency, let alone reports generated by different agencies.

For these reasons it is important to ensure that you are accessing reports that are suitable for your needs within your industry. Your best bet is to start by asking your lenders which is their primary report and which format they are using to decision your deals.

At CFR we strongly recommend access to all three reporting agencies. Your lenders have it, you should have it too. There are two ways to accomplish this:

1. Establish accounts with each agency directly. Cost is typically in the $300 to $400 range for each initial set up, and then either a flat fee or “per use” charge billed on a monthly basis thereafter.

2. Contract with an intermediate provider for all three. You pay only one initial set up fee to access all three agencies, and then a “per use” charge billed on a monthly basis. The “per use” charge may be slightly higher than direct access, but cost effective for dealers just getting started, those with relatively small sales volume, or dealers adding access to a second or third credit reporting agency.

In either case, learning to use these tools effectively is important to your success. With many years of consumer credit experience, both from the dealer and lender sides of the business, we can help. Contact us to learn how you can learn to turn your “Turn Down” deals into Top Grossing deals.

Intermediate Provider

Our recommended provider is First American Credco. For a $99 initial set up fee you get access to all three reports and pay only for the reports you access on a monthly basis.

1st Advantage Credco
12395 First American Way
Poway, CA 92064
Contact: Kiristen Sandoval
Phone - 888-599-3801 ext 6849
Fax – 619-938-7733
Email – ksandoval@fadv.com

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Credit Reporting Agencies

• Transunion - www.transunion.com
• Experian - www.experian.com
• Equifax – www.equifax.com
  

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“Fill your head with knowledge, and your head will fill your purse.”

~Benjamin Franklin - America’s first self made millionaire~

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P.O. Box 671, Mead, CO 80542 • Phone – 970-535-0838 Fax- 970-535-4881