Deal Pack Blog
How do I get the most out of the E-CBI Credit Report?
Reviewing a credit report can be a lot like reading a book in a foreign language; if you don’t understand the language, the point will be missed. Thankfully when pulling credit reports in Deal Pack Pro, E-CBI decodes the report into a much more reader friendly format. That being said, there are still some aspects of the E-CBI Credit Report that can be confusing. Therefore, we will be going over each section in order to understand the report.
The very first segment you’ll see will be Red Flag Compliance. This section will show a scale, from green to red, illustrating how likely it is that the person whose credit report you have pulled has had their identity stolen. It also gives the reasons for its determination, including the OFAC system Deal Pack Pro already integrates with, address mismatches and SSN mismatches.
Next is the Personal Information section where the potential customer’s address, telephone number, SSN and DOB are listed, along with the dates on which that information was reported. If this information doesn’t match with various agencies such as the Social Security Administration, it will be displayed in the Red Flag Compliance segment.
Thirdly is the Employment Information section which contains the potential customer’s current and prior employer information. This includes date hired, date separated, occupation, income and the date reported. This can be especially useful to make sure that the potential customer will be able to meet payment obligations.
Next is a very important section, the Auto Summary. This segment breaks out current and previous auto loans that this potential customer has obtained. This is a great tool for dealerships because they are able to see such information as balance, payment amount, months remaining, current status, if there is a co-signor on the account and how many times they have been late with payments. Breaking this section out from the trade lines segment allows dealerships to focus on car loan history if they so desire.
The Report Summary is exactly what it is named, a summary of all information on the credit report. It breaks down the report to give you highlights on specific information such as the total number of trade lines, current open trade lines, payments late by 30, 60 and 90+ days, inquiries in the last 6 months, total monthly payments, total balance and available credit. This is a useful segment because it allows your dealership to quickly review the potential customer’s account history.
Scorecards is the segment in which the customer’s FICO score is given along with the reasoning behind the score. These reasons are what you would use to create an adverse action letter, informing a customer as to why they have been denied credit.
The Trade Lines segment is akin to what you will find on the customer’s credit report. In it is listed current open accounts, type (being revolving or installment), opened date, last payment date and current balance, among other useful information. Also listed is the number of months reported for this customer and their payment pattern, showing made and missed payments. Missed payments will be shown as a number notating how many months those payments are behind.
Next is the inquiries section. This shows inquiries made about this customer’s credit and gives who requested the credit report, date requested, Kind of Business and the businesses phone number. This can be useful because you will be able to see if the customer has been shopping around at different dealerships for their loan.
The Warning Messages segment contains all information on the customer’s credit profile that E-CBI has found to be in conflict with what was entered when pulling the report. This section also contains other pertinent information depending on the potential customer,
Finally, on the last page is a sheet for the customer with their credit score and how it compares to other consumers. This section also contains information on how the customer can obtain a free copy of their credit report.
With the above information, you and others at your dealership will be better equipped to make decisions on whether or not to approve a potential customer for a loan. Finding customers who you believe will make timely payments is a major way to ensure continued success. If you’re interested in pull credit directly out of Deal Pack Pro with the E-CBI feature, please call our Support Team @ 800-526-5832.