Pre-Qualification Reports from Factual Data
Pre-Qualification can be a cost-effective first step in determining your consumers’ creditworthiness for a mortgage. Not only can Pre-Qualification reports help reduce the downstream expenses associated with more exhaustive credit evaluations — they have no impact on the consumer’s credit score and do not produce trigger leads that alert the competition. Pre-Qualification reports can be ordered with data from any or all three nationwide consumer reporting agencies using the Factual Data Enterprise Platform, as well as many loan origination systems (LOS) and point of sale (POS) integrations.
"They were very creative in helping us find a solution for our pricing model… That has saved us a ton of money."
— Factual Data Customer
Optimize Your Lead Investment with Pre-Qualification Reports
Pre-Qualify in Seconds
Soft pull credit reports from Factual Data are quickly ordered using the Enterprise Platform, and from a variety of POS and LOS options that suit your situation. If the consumer meets your criteria, you can feel confident moving forward with a traditional hard inquiry credit report.
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No Impact on the Consumer’s Credit
Consumers can breathe easy knowing the soft credit inquiry will not hurt their credit score. This no-risk entry point can help to establish a positive initial relationship with the consumer.
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Access TransUnion®, Experian® and Equifax®
Pre-Qualification reports can be customized to include data from one or more bureaus.
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Save Time and Resources
Manage resources by using Pre-Qualification reports to take a first glance at your consumers. If it is clear that that consumer doesn’t meet your criteria after a soft inquiry, you can stop the process and avoid additional downstream expenses.
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Avoid Trigger Leads
Protect your lead investments from the competition and establish a relationship of trust with your consumers.
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Ultimate Integration and Customization
Pre-Qualification credit reports can be customized through your POS or mobile app, providing an efficient and complete digital experience throughout the customer lifecycle.
What's the Difference Between
Pre-Qualification and Pre-Approval Reports?
Pre-Qualification Reports
With Pre-Qualification, you’ll receive a report that depicts where the consumer’s credit stands that can be used to determine what credit options you may have available for them. This can be helpful in determining whether to move on to the next step of the application and underwriting process. No hard credit inquiry is needed until the consumer chooses the credit option they would like to proceed to full application with. It requires written instruction from the consumer allowing you to obtain their credit data. This type of report does not initiate trigger leads, making it an ideal tool for protecting your initial lead investment.
Pre-Approval Reports
Pre-Approval reports are useful for providing applicants the stated amount they are approved for using a more robust data set while not triggering the competition, which may assist with retention. While the Factual Data Pre-Approval product is a soft inquiry, it can be used for the initial review of the consumer’s credit and through the underwriting process. A hard credit pull is still required prior to closing.
A Trusted Provider of Pre-Qualification Reports for Mortgage Professionals
Factual Data is a leading mortgage credit report provider in the United States, offering a variety of credit data solutions—from credit reports to workflow solutions designed to build automation and efficiency into your lending process. Join lenders nationwide in starting your client relationship off on the right foot with a Pre-Qualification credit report.
Call (877) 284-8322 to speak with a Pre-Qualification specialist today, or complete the form below.
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