Chapter 22: Mortgage
IN THIS LESSON
What is it?
With consumer consent, a Mortgage Prequalification Credit Report provides up-front insight into a consumer’s potential loan eligibility through an initial credit check.
This prequalification credit report generates a soft inquiry on the credit file with no negative impact to the consumer’s credit score. Our Mortgage Prequalification Credit Report provides the same complete and reliable credit data that you are accustomed to receiving from Equifax.
Reduce funnel fallout costs.
A Mortgage Prequalification Credit Report benefits both the lender and the consumer. In scenarios where the consumer does not proceed to a successful closing, commonly referred to as fallout, the prequalification report provides a cost-effective solution before full application. Additionally, because the prequalification report generates a soft inquiry to the credit file, it is not visible to lead triggering solutions that would signal the consumer’s interest to competitors that could potentially result in a lost opportunity.
From a consumer’s perspective, the prequalification credit report provides a no-risk peek into their creditworthiness for a mortgage and the amount they may qualify for, without impacting their credit score.
From prequalification to close
Equifax is with you with solutions to address your business needs every step of the way. Our top priority is to help you leverage relevant and actionable consumer information that provides unprecedented insight into a borrower’s credit capacity, credibility, and collateral to help you make more sound risk and regulatory decisions.
Key benefits
Upfront insight into a potential borrower’s loan eligibility without impacting the consumer’s credit score
A cost-effective approach for managing funnel fallout
Avoid signaling borrower interest to competitors
Single, dual, or tri-merge options to fit your prequalification process and objectives
Industry-leading customer service, turnaround, and system availability/disaster recovery processes
