A borrower’s deal often boils down to her credit score. This matters because lender marketing often hinges on that score, too.
There’s an opportunity for auto lenders to be a more valuable resource to consumers who are seeking to better understand their credit scores and borrowing potential, even though few lenders think about credit score services as a marketing opportunity. VantageScore, the credit scoring company, recently offered a roster of credit score tools for consumers that lenders can use or share with prospective borrowers. Here’s a rundown:
- There are a variety of websites giving away free VantageScore credit scores, including Credit.com, CreditKarma.com, and Quizzle.com. Companies like Mint.com and CreditSesame.com are also giving away commercially available credit scores, such as the Experian National Risk Score and the Equifax Risk Score. A variety of credit card issuers are additionally giving away credit scores. These links can be shared with consumers.
- For those consumers that are mystified by credit scores, there are several free resources chock-full of reliable information about how they’re calculated and why they matter. Reasoncode.org contains a list of factors that impact credit scores, as well as strategies to improve scores. The Credit Score Quiz lets consumers test their knowledge about credit scores, and YourVantageScore.com can help bust some of the common scoring myths.
- Thanks to the Fair Credit Reporting Act, every consumer has the right to claim a free copy of all of his credit reports once every 12 months from the website www.annualcreditreport.com. Again, lenders can generate marketing goodwill by directing consumers to this link, too.
