Prequalification
Real-time credit screening to determine consumer prequalification at the point of contact
Increase consumer confidence and achieve higher approval rates with prequalified offers
With Prequalification, you can increase return on investment by matching consumers with the right products at the right time. Prequalification is a consumer consent-based business model designed for businesses (internet lead generators, brokers, resellers, and lenders) who want to offer consumers insight into what products they qualify for, prequalifies them for credit in real time at the point of contact, and eliminates the requirement that the company make a firm credit offer. Prequalification posts as a soft inquiry, so it doesn’t impact the consumer’s credit and only requires their name and address to get started.
Put consumers in the driver’s seat
A soft prequalification inquiry is posted to a consumer’s credit file. Only the consumer can see the soft inquiry, and it doesn’t have an impact on their credit score.
Engage customers at the point of contact
Prequalification enables you to return customized prequalified offers and attract engaged and eligible consumers into the loan origination funnel.
Easily access prequalification services
Prequalification is accessed through the same method that you use to pull a credit report, such as our API Hub. If you currently pull credit reports, you will have no issues quickly and effectively implementing Prequalification.
Prequalify consumers without making a firm offer of credit
Learn how Prequalification enables real-time consumer-initiated credit screening
Prequalification
With Prequalification, the lender receives the consumer’s credit report, data attributes, and/or risk scores. Lenders can then use the credit data to match the consumer to one or more appropriate offers.
Premium Prequalification
Premium prequalification enables lenders to return a VantageScore1 grade or band to consumers with the prequalification offer. Lenders then use this information to determine which credit options the consumer qualifies for. Premium Prequalification requires additional consumer authentication services.
Text for Credit™
Text for Credit™ enables lenders to offer prequalified credit options to consumers via text message. Consumers are driven to a white labeled, Experian-hosted webpage that can be rebranded to meet the lenders’ brand guidelines. This secure and private process minimizes upfront data entry by the consumer, given the identifying information from their mobile number.
A robust solution for prequalifying consumers for credit offers
- Driven by the consumers - Consumer initiates prequalification to determine their eligibility for credit offers and if they’d like to proceed with application
- No firm offer of credit required – Lenders can offer consumers insight into credit qualification without having them go through the formal credit application process
- Increased approval rates – Approval rates are higher during the hard inquiry since the consumer is already screened and matched to credit-appropriate products
- Quick integration –Lenders can access credit bureau (and other) data sources in real time through a simple API
- Multiple scores and attributes - Various scores and attributes can be returned on a report based on economic need or level of sophistication
- Flexible – Lenders can quickly and easily modify decisioning options as criteria, the market or regulations change over time
We are unable to address personal credit report and/or membership inquiries via this business form. Visit Experian.com/help or call 888-397-3742 for consumer assistance.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
- Solutions
- Advanced Analytics & Modeling
- Cloud Applications & Services
- Collections & Debt Recovery
- Customer Management
- Credit Decisioning
- Credit Profile Reports
- Data Reporting & Furnishing
- Data Sources
- Data Quality & Management
- Employer Services
- Fraud Management
- Identity Solutions
- Marketing Solutions
- Regulatory Compliance
- Risk Management