Soft Pulls – The Beginning of an Era – The Soft Pull Era

Jeff VanOrnam
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The Soft Pull Era Has Arrived

CBC is here to share with you a groundbreaking credit report process that will change the way you think about pulling credit and the compliance obligation wrapped around a traditional hard inquiry FOREVER!

Read on and see why some of the nation’s largest dealer groups have embraced the soft-pull era. Then contact CBC to get started today! You’ll never look back.

prequalified
Pull a Soft Pull First!

Pull a PREQUALIFICATION (Soft Pull) Credit Report First!

Here are a few benefits of pulling soft pulls upfront at the beginning of the credit report process:

  • No impact to your customer’s credit score. Soft-pulls don’t affect a consumer’s credit score.
  • Receive more lead submissions by only requiring minimal data. No SSN or DOB needed! NOTE:SSN/DOB can help with thin or no-file applicants.
  • REDUCED OR NO FICO SCORE SURCHARGE!
  • Avoid wasted sales agent time spent on too much car. Prequalify applicants and get them in the right car early on in the sales process.
  • Receive a full-file credit report from all three bureaus with a FICO score. Reduce the regulatory compliance burden. No commitment to buy, no hard- pull! No hard-pull, no Risk-based Pricing Score Disclosure. Adverse Action Letters are at the dealer’s discretion.
  • Save up to 60% or more in monthly credit report expenses by eliminating the hard- pull FICO surcharge, major compliance actions, and FACTA.

FAQs

Question: What kind of information do I receive in the soft pull report?

Answer: CBC delivers a full file credit report with the FICO score(s) you and your lenders use. Rest assured, when you receive the soft pull report, you will know, without a doubt, who you are dealing with and how to handle the applicant.

Question: Can I send the prequalification report to the bank?

Answer: No, the prequal report is not to be shared with the applicant or anyone other than dealership personnel.

Question: So, what do I send to the bank?

Answer: A soft pull is not a replacement for a hard inquiry. Pulling a soft-pull upfront allows you to prequalify the applicant, steer the applicant in the right direction, and be used as a precursor to the hard-pull used to send to a lender and produce Risk- Based Pricing Score Disclosure forms.

The number one benefit to pulling a soft pull upfront is for the 60% to 80% of applicants that DO NOT do business with you.

Question: So why would I pull a soft pull if I have to pull a hard-pull anyway?

Answer: Unless you have a 100% closing ratio, the soft-pull method will save time, money,and greatly reduce the compliance burden.

Question: What if I pull more than one bureau?

Answer: That will work even better. CBC offers all three credit bureaus as soft pulls so you replace the multiple hard-pulls with soft pulls further reducing credit report costs and regulatory compliance.

There you have it. Contact CBC or your sales agent today to get started or to catch up.