• ReadyQual reduces cost and brings lenders more qualified leads
• ReadyQual reduces application fallout rate
• ReadyQual doesn't impact Borrower score because it uses a soft inquiry
• ReadyQual requires no firm offer of credit
• ReadyQual does not require declination letters or risk based pricing notices
Technical Description and Product Features
ReadyQual is a simple-to-use, smart web page that lenders place on their web site to turn consumers into borrowers. When used by consumers, it orders and delivers a single-bureau credit report. It posts a soft inquiry to the bureau so the consumer score will not be impacted. The returned credit report cannot be used as an application for credit, meaning that you will need to order a full hard-inquiry report when the borrower is ready to fill out a full loan application.
The benefit is that the disclosures that you normally would need to deliver (Risk Based Pricing notice, Declination letter) are not required. So you save yourself the time and hassle of not having to disclose an offer of credit when the borrower doesn't prequalify.
• ReadyQual posts as a soft inquiry
• ReadyQual allows you to enter your own criteria for prequalification
• ReadyQual is fully private label friendly: your brand, your name, nothing else
• ReadyQual lets you enter a customized message to the applicant
• ReadyQual instantly texts loan officers the applicant information
Get ready for ReadyQual, a prequalification tool to turn consumers into borrowers faster! ReadyQual helps you qualify more borrowers with soft inquiry credit reports and without the need for disclosures. ReadyQual is an easy software application for you to put on your website.
As a prequalification tool, ReadyQual only requires name and address, so it moves applicants quickly through the process. It is designed to target the millennial generation who does a majority of their research and work online instead of
face-to-face, the goal of which is to then feed instantly-prequalified consumers into full loan applications.
pre-qualified borrowers, no disclosure