Webbuy offers 700Credit soft pulls as well as hard pulls through RouteOne and DealerTrack. What's the difference?
A soft pull is a type of credit inquiry that allows lenders or other entities to review an individual's credit report without affecting their credit score. Unlike a hard pull, which occurs when a consumer applies for a loan or credit card and can potentially lower their credit score, a soft pull is typically used for pre-approval processes, background checks, or by individuals checking their own credit. Soft pulls provide a way to assess creditworthiness without the negative implications associated with hard inquiries, making them a valuable tool for both consumers and lenders.
When a user fills out the prequal form in WebBuy, 700Credit performs a soft pull that won't impact the user's credit whatsoever. If you're paying for the full 700Credit integration, you'll be able to see a full credit report in the WebBuy Dealer Control Center or in your 700Credit account. If not, you'll only be able to see their score. The user will only be shown the range that their score falls in.
As a dealer, you can use this information to get an idea of whether the user will be able to qualify with lenders to purchase the vehicle they have selected. If their credit isn't going to be good enough, you can work with the customer to find a vehicle that lenders are more likely to approve.
The prequal form is relatively short, requiring only the individual's contact information, so this is a great, low commitment way to help customers move along in the purchase process. 10-20% of users will need to add their Social Security Number in order to help 700Credit and the Credit Bureaus to identify the user.
When you're ready to get real financing offers from lenders, you'll need to perform a hard pull. You can have the client fill out the credit application in the Finance Module of the application.
Because the user's credit will be affected, and because this is a full application being sent out to lenders, this form is significantly longer. The user is required to explain more about their financial situation in order to help lenders determine whether they should finance this vehicle purchase. The user will have to include their Social Security Number and Date of Birth at the end of the application in order to confirm their identity. In order to protect users, WebBuy doesn't store any Social Security Numbers. If the application fails to send to RouteOne or DealerTrack, the user will need to provide those again for a resubmission.
These applications are routed into your RouteOne or DealerTrack account, and depending on your settings can be sent to lenders automatically in order to give the user a speedy auto reply on whether lenders approve them. With auto decisioning enabled, users will be able to see their responses from lenders in real time and select the financing offer that works for them.