Auto Solutions for Dealers

VERIFICATION SERVICES
Auto Solutions for Dealers
Equifax and NIADA partner to offer revolutionary vehicle
delivery solutions to independent dealers
NEW from Equifax!
Equifax now offers Income and
Employment Verification, a quick,
easy and trusted solution for
prequalifying buyers to get them
driving off the lot faster in a car they
can afford. And it’s available online 24/7.
The Work Number ®, a proprietary
database owned by Equifax, can
help you enjoy:
■■
Increased sales, customer
satisfaction, and referrals
by getting your buyers into
cars they can afford—faster
■■
Faster funding by helping
to eliminate the need to wait
for paystubs or phone calls
■■
Instant access to payroll and
paystub data from 4,300 U.S.
employers and growing
Equifax Automotive recently announced an upgraded version
of their ePort for Automotive online dealer portal, which helps
dealers strengthen auto financing, enhance regulatory compliance,
fund loans faster and improve customer service.
Equifax ePort gives dealers instant access to the multiple Equifax
credit scores that lenders use most, plus verification of income and
employment data, fraud and compliance checks—all in one spot.
Since it’s all web-based, it is readily accessible 24-7 wherever it’s
needed. Dealers can quickly respond to customer inquiries, instantly
access a total view of the customer, confidently answer lender
questions, improve the customer experience and save valuable
time getting the data you need directly from a single trusted
source. Negative information can be easily spotted, as all the
negative information is summarized at the top of the report.
You can reach Equifax at 1 (800) 879-1025 to learn more
about their solutions for independent dealers.
Sincerely,
Scott D. Lilja
VP of Member Services, NIADA
NIADA members gain access to Equifax online portal which offers a total view of
the consumer, streamlines operations and accelerates the delivery of used vehicles.
NIADA and Equifax recently began working together to identify the common pain points
independent dealers face. Through this collaboration, both organizations believe they
will be more strongly positioned to better help independent dealers overcome some
of the identified challenges by providing information in one easy-to-access portal.
Equifax offers a multitude of business solutions that help independent dealers:
■■
Improve Marketing—Improve the effectiveness of your direct mail and online campaigns
leveraging our deep consumer insight
■■
Manage Credit Risk—Utilize easy-to-read credit reports with summarized trade lines
that are organized specifically for dealers
■■
Mitigate fraud—Bust fake paystubs and deter identity theft
■■
Offer the right deal—Verify income and employment to get the consumer in the right vehicle
Find Customers
At Equifax, we help grow your dealership by giving you the most in-depth and useful information
possible about your prospects and customers. We can help focus your prospecting efforts on
the leads most likely to purchase a vehicle from your dealership, and help you identify which
consumers are the right credit profiles for the lenders you partner with. Promote the right
vehicles and packages to auto shoppers with insight on their estimated household income,
vehicle preferences, intent to buy or lease and more.
Our vast suite of marketing data and analytics tools transform raw consumer and competitive
data into strategic insight to help you find, attract and retain more high-value customers and
better manage your leads.
■■
Target the right consumers at the right time for the brand, model and other options
with our estimated household financial capacity measures
■■
Rank and prioritize leads based on likely financial ability and intent to buy
■■
Accelerate sales with real-time consumer insights at the point-of-sale and beyond
with Household Decisions™
■■
Reach interested online audiences by understanding who is viewing your ads
and your website
■■
Customize the customer online experience and serve relevant ads to your target
audience with auto specific online targeting segments
Close Deals
Whether a customer has made an online internet inquiry
or is waiting to take delivery of their vehicle, you have
to act fast. Any delays can give your competition time
to get in front of the customer or impact your customers’
satisfaction, hurting your chances of closing a deal and
gain precious referral business.
With Equifax, you get the details you need in seconds
with in-depth, automotive-specific insights around credit,
financial capacity and risk. Know where to send your loan
applications, avoid surprises in the finance office and
efficiently get deals approved. We put you on the same
page as your lenders with smart, time-saving packages
such as the three Equifax credit scores used by most
lenders—all in one report. No longer will you have the
surprise of unexpected lender terms and conditions that
can jeopardize a deal, hold up deals in funding and cost
you money. We also offer comprehensive packages that
provide all the credit, compliance and risk information you
need to get a deal bought by a lender in one, easy place.
Check out our new, easy-to-read Auto Credit Report, with
auto tradelines, core consumer information and negative
information and alerts grouped at the very top of the report
to help you immediately spot potential credit concerns or
fraud issues. You know in an instant if you should or should
not deliver a vehicle, and you have all the information you
need to speak with your lenders.
■■
Close deals faster with deeper customer insight that
aligns with lender requirements, terms and conditions
■■
Streamline and strengthen decisions and regulatory
compliance with robust packages that include credit,
identity and fraud screening, risk-based pricing
disclosure, adverse action letters and more
■■
Know in seconds if you should or should not
deliver a vehicle with auto-specific credit reports
■■
Save time, money and resources by centralizing requests
for credit reports, scores, income and employment
verifications and more with one trusted partner
Accelerate Growth!
At Equifax, our top priority is to put you in the driver seat
and leverage our vast automotive expertise to understand
your challenges, use our data resources and insights to
create solutions that help you deliver more vehicles, retain
customers and optimize the day-to-day performance of your
dealership. Save time, money and resources by centralizing
requests for credit reports, scores, income and employment
verifications and more with one trusted partner.
WHAT COULD YOU DO WITH
INSTANT ACCESS
to employment and income information?
THE RIGHT DEAL
What vehicle
can this buyer
actually afford?
Having employer-provided income
allows you to extend THE RIGHT
DEAL TO THE RIGHT BUYER
47 million verifications
were completed in 2014,
a 32% increase from 2013
TU B ?
R EA L PA YS
Over 4,300 employers contract
exclusively with Equifax to provide
employment and income records
for their employees
27%
15%
SAME AMOUNT OF RISK?
Clearly not!
CREDIT SCORE:
650
JOB TENURE:
1 MONTH
For more information:
800-879-1025
www.equifax.com/automotive
Stop wasting time PLAYING
DETECTIVE when it comes to
FAKE PAYSTUBS
APPLICATION
approximately 15% OF APPLICANTS
overstate income BY 50% OR MORE *
CONTACT US TODAY
FICO: 12345
PAYDATE:
12/34/15
approximately 27% OF APPLICANTS
overstate income BY MORE THAN 15% *
The Work Number
contains records for
approximately 40% of the
US credit population
FAKE PAYSTUBS
FAKE PAYSTUB?
DID YOU KNOW?
Bad rates for consumers with job
tenure one year or less with
auto loans <$15,000 are almost
twice as likely to go delinquent
as those with 10+ years of tenure*
The Work Number® database
contains employer-provided
income and employment
data that is as recent as the
consumer's latest paystub
CREDIT SCORE:
650
JOB TENURE:
JOB TENURE
Do you know how much
JOB TENURE CAN IMPACT
REPAYMENT RISK? Equifax
provides tenure information.
10 YEARS
Increase your dealership efficiency and reduce risk by
relying on Equifax for your verifications process
*Statistics in this infographic are based on Equifax research comparing a random ten-percent sampling from
The Work Number database to traditional credit bureau reporting and verification processes. Ninety-plus days past due
performance for auto loans originated in 2011, 2012 and 2013 was examined from September 2012 to September 2013.
Equifax is a registered trademark of Equifax Inc. The Work Number is a registered trademark of TALX Corporation,
a wholly owned subsidiary of Equifax Inc. Copyright 2015, Equifax, Inc., Atlanta, Georgia. All rights reserved.
EFX-WS-4018-06/25/2015