When you want your auto dealership to always grow and thrive, you owe it to yourself to put your best foot forward by weeding out buyers with potential red flags on their credit reports. To make the most of your business, you will want to contract with a company that can pull credit reports so that you can analyze them and make the best decisions. With this in mind, you should read on and learn about these important credit report analysis matters, so that you can put your best foot forward and lend to top notch automobile buyers.
Tip #1: Don't Glance Over The Identifying Information
While many will want to jump into the meat of the credit report, you should be sure that you are very particular about assessing the identifying information. Instances of credit fraud and identity theft are up 46 percent from prior years, so you owe it to yourself, your company and potential victims to meticulously gauge identifying information and any red flags that may pop up. Doing this will weed out any instances of fraud and identity theft, while also allowing you to learn more about the prospective borrower who is applying at your auto dealership.
Tip #2: Know What To Look For In A Credit Score
The interpretation of credit scores can change with the economy, so it is important that you are always attuned to these changes in order to properly gauge someone's credit. You may choose to look at other determining factors if a person's credit score is beneath the standards you seek, or allow them to use a co-signer. You may also feel inclined to have an automatic denial based on someone's credit score falling beneath a certain level. Either way, stay abreast of the lending market to have a clear idea of the average credit score and what it says about the applicant.
Tip #3: Look Into Their Credit History As A Whole
It is critically important to look at the big picture when combing through a person's credit. For instance, you will want to make sure that they not only have a high score, but that they have established lending history. This way, you will be able to sell a vehicle to someone with a longstanding track record of being good stewards of money they are
Use these three points and reach out to a company that can pull credit scores for you. To find out more, speak with a business like NCC Direct, Inc.