Auto Credit Express Blog
April 4, 2008
Experian announces new Automotive Credit Profile
This week Experian announced a new version of their credit report which should make it easier for car dealers and lending institutions to view automotive credit history and make financing decisions.
Automotive-specific credit profile for dealers and lenders
On Monday, Experian Automotive, a division of Experian, announced the creation of a new credit profile report to be called Experian’s Automotive Credit Profile®. The new report is designed expressly for automotive dealers and lenders. While the new report uses the same FICO scoring model as in the past, automotive related information is sorted and presented in a new way.
What makes the new report unique
Instead of having to manually scan the report for automotive loan-specific data, the new Automotive Profile Summary® provides a snapshot view of a consumer’s automotive finance history along with summary information for each open automotive loan. The information includes the total number of automotive loans, total number of open automotive loans, current monthly payment for all open automotive loans and a delinquency counter for all past-due loans.
In addition, the Automotive Credit Profile sorts and prioritizes all automotive tradelines in the report and lists them at the beginning of the profile, eliminating the need to wade through an entire credit report and avoiding the risk of overlooking information.
Product Availability
According to Experian’s press release, the new Automotive Credit Profile will be available April 21, 2008.
