Businesses must leverage every available advantage to increase sales and maintain profitability. One such advantage is the use of soft pulls, which quickly pre-qualifies customers without negatively impacting their credit score.Here are several reasons businesses should use soft credit pulls:
BETTER CUSTOMER EXPERIENCE
Soft credit pulls allow businesses to quickly pre-qualify customers without affecting the consumer’s credit score. This provides a better customer experience as it saves time and eliminates the need for customers to undergo a hard credit inquiry.
INCREASED SALES
Soft credit pulls help businesses identify qualified leads and tailor their sales approach accordingly. By identifying customers who are likely to be approved for financing, businesses can focus their efforts on selling to these customers, resulting in increased sales.
REDUCED RISK
Soft credit pulls provide businesses with valuable insights into a customer’s creditworthiness without impacting their credit score. This reduces the risk of extending credit to customers who are unlikely to be approved, which helps mitigate the risk of bad debt.
COMPLIANCE
Soft credit pulls are compliant with the Fair Credit Reporting Act (FCRA), which regulates the collection, dissemination, and use of consumer credit information. By using soft credit pulls, businesses can ensure they are operating within the bounds of the law.
COST-EFFECTIVE
Soft credit pulls are typically less expensive than hard credit pulls, which can save businesses
money over time. By using soft credit pulls, businesses can reduce their operating costs while still
obtaining the information they need to make informed lending decisions.
IMPROVED EFFICIENCY
Soft credit pulls can be completed quickly and easily, which helps to improve the efficiency of the lending process. This allows businesses to process more applications in less time, which can help increase overall profitability.
THE ONLY COMPLETE & PROACTIVE CREDIT & COMPLIANCE SOLUTION FROM LEAD TO SALE
By leveraging Informativ’s Credit Bureau Connection data sources and user-friendly interface, you’ll have access to all the necessary information to make well-informed decisions about your customers and maintain seamless operations. If you’re ready to capitalize on the benefits of soft credit pulls for your business, contact us today!
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