SoftPreQual by CIC Credit
Prequalified Borrowers – No Disclosures
Get ready for SoftPreQual, the newest consumer lending offering from CIC Credit. SoftPreQual is a prequalification tool that turns customers into borrowers faster! SoftPreQual helps you qualify more consumers with soft inquiry credit reports and without the need for disclosures. SoftPreQual is an easy software application for you to put on your website.
As a prequalification tool, SoftPreQual only requires name and address, so it moves consumers quickly through the process. It is designed to target the millennial generation who does a majority of their research and work online instead of face-to-face. The goal of which is to then feed instantly-prequalified consumers into full loan applications.
- SoftPreQual reduces cost and brings lenders more qualified leads
- SoftPreQual reduces application fallout rate
- SoftPreQual doesn’t impact Borrower score because it uses a soft inquiry
- SoftPreQual requires no firm offer of credit
- SoftPreQual does not require declination letters or risk-based pricing notices
Technical Description and Product Features
SoftPreQual is a simple-to-use, smart web page that lenders place on their website to turn consumers into borrowers. When used by consumers, it orders and delivers a single-bureau ExperianTM credit report. It posts a soft inquiry to the bureau, so the consumer score will not be impacted. The returned credit report cannot be used as an application for credit, meaning that you will need to order a full hard-inquiry report when the borrower is ready to fill out a full loan application.
The benefit is that the disclosures that you normally would need to deliver (Risk-Based Pricing notice, Declination letter) are not required. SoftPreQual saves you the time and hassle of not having to disclose an offer of credit when the borrower doesn’t prequalify.
- The SoftPreQual report is only a pre-qualifying report and is not meant to be used for firm offers of credit.
- SoftPreQual posts to ExperianTM as a soft inquiry.
- SoftPreQual is fully private label friendly: Your brand, your name, nothing else.
- If you have existing bureau codes, you can use your own codes, or use our solution.
Turn Consumers into Borrowers Instantly with Names Texted to Your Device
When consumers use SoftPreQual, loan officers instantly receive a text message, letting them know that they have a lead to reach out to. Loan Officers know the borrower name, address, email and phone number immediately. In this high-touch world of text messaging, nothing shows millennial borrowers quality service like instant responses.
SoftPreQual can be fully private labeled with your brand, and your loan officers can create individual pages too.
SoftPreQual Management Console
You have access to a fully-equipped management console to set up and configure the criteria exactly how you want. The SoftPreQual management console allows you to give authorized users in your office access to SoftPreQual. You can configure your own borrower-facing pages with custom products, automated decision, borrower messaging, and more.
Private Branded Web Links
SoftPreQual delivers customized web links to you per user, allowing loan officers to present products and services directly to borrowers. Loan Officers can promote their sales efforts further by putting the links to their SoftPreQual page on local business websites such as car dealerships, home improvement centers, realtors, and more.
Ask your CIC account executive to be set up today!