700Credit is offering a complimentary webinar series for businesses that would like to learn more about credit reports, multi-bureau pulls, soft-pulls and compliance. Keep reading or visit www.700credit.com/webinars to learn more or register
How to Read a Credit Report. So you’ve pulled your customer’s credit report(s) – now what? There are so many numbers, abbreviations and terms you’ve never seen before. Trade lines, charge-offs, account review inquiries — how do you read this and understand what it all means? In this session, we will go back to the basics and learn how to pull out the relevant information from a customer’s credit report to help you make the best lending decision. (March 6th & March 8th)
The Benefits of Multi-Bureau Pulls. Recent studies have proven that dealers who pull more than one credit score on consumers have higher closing ratios and gross profits than dealers who pull only one score. In a recent study 55% of applicants with 2 credit bureaus pulled have risk scores that vary by more than 20 points, and the variance increases to over 30 points when all three scores are pulled. This implies the possibility of qualifying for better rates for your consumers on the majority of your deals! In this session, we will discuss the statistics and talk about how you can make the most of multi-bureau pulls at your store and sign up for a credit bureau free trial! (June 5th & June 7th)
Soft-Pull Solutions – How to use them at your store AND stay in compliance! Soft-Pull, Prescreen, Pre-Qualification – these terms are gaining popularity in discussions at dealerships across the country. What do they all mean? How are they the same or different? What are your compliance obligations around using a soft-pull? Many vendors offer these solutions today but not all are created equal. In this session we will review the terms, the technology, and most importantly, your compliance obligations in using these solutions at your store. (September 4th & September 6th)
Are You Ready for a Compliance Audit? What must your dealership have in place for Red Flag, Adverse Action and RBPN? Laws and regulations change rapidly, making it difficult to stay on top of your dealership’s compliance obligations. And yet, the cost of shirking this responsibility is high; you really have no choice. In this session we will review your obligations so you are ready for your next audit! (December 4th & December 6th)
700Credit is the automotive industry’s leading provider of credit reports, compliance products and prescreen services. The company’s product and service offerings include: credit reports from Experian, Equifax and TransUnion, dealer-facing prescreen and consumer-facing pre-qualification platforms, OFAC compliance, Red Flag solutions, score disclosure notices, adverse action notices and much more.