SoftPreQual by CIC Credit
Prequalified Borrowers – No Disclosures
The newest consumer lending offering from CIC Credit, SoftPreQual, is a prequalification tool that turns customers into borrowers faster by helping 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, to move consumers quickly through the process. Designed to target those who do a majority of their research and work online, the SoftPreQual systems provides a pathway for instant prequalified consumers to begin full loan applications.
- Reduces costs and brings lenders more qualified leads
- Reduces application fallout rate
- Doesn’t impact borrower score because it uses a soft inquiry
- Requires no firm offer of credit
- 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 include on their websites 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’s score will not be impacted. The returned credit report cannot be used as an application for credit, and the lender will need to order a full, hard-inquiry report when the borrower is ready to submit a full loan application.
Disclosures that the lender normally would need to deliver (risk-based pricing notices and declination letters) are not required. saves the time and hassle of not having to disclose an offer of credit if the borrower doesn’t prequalify.
- Is only a prequalifying report and is not meant to be used for firm offers of credit
- Posts to ExperianTM as a soft inquiry
- Is fully private label friendly — your brand, your name, nothing else
- Compatible with existing bureau codes
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 new lead. Loan officers know the borrower’s name, address, email, and phone number immediately. In this high-tech world of text messaging, nothing shows 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 for each user, allowing loan officers to present products and services directly to borrowers. Loan officers can further promote their sales efforts by putting 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 set up SoftPreQual for you today!