Most lenders don’t know this fact but the credit bureaus are given the right to use the data contained in the credit records of different people and sell them to lending institutions or insurance agents. The users can opt out of this provision but most of the people don’t know that this occurs and the rest of them don’t know how this can be done. However, in a way this is beneficial for them as they become auto finance leads. One might wonder as to how the credit reports are transformed into leads. This transformation occurs with the help of triggers and these alert the credit bureaus that the individual is looking for auto finance. The bureaus then sell this information to lenders.
The trigger is mostly checking one’s credit history by the consumer itself or when a different lending institution asks for the individual’s credit report. As the bureaus are getting paid for the auto finance leads, they provide quality information regarding the leads such as credit rating, credit amount, information regarding other pending loans if any, payback capability and record etc.
There are several lead generation companies which are in contact with credit bureaus and buy the trigger leads of them at the earliestpossible time. These portals can be hired to get the leads as soon as they are generated. The filters offered by the portal can be used to clear off cases which have had bankruptcy or repossession as the amount of risk in providing finances to these applicants is quite high. These leads are just provided for three days which means receiving time is quite important and lead generation portals know this. These companies give prominence to these mails and send them as soon as possible.
Tags: auo finance leads