Overview
What is Pre-Approval of One?
Pre-Approval of One allows consumers to initiate an application for credit with no impact to their credit score (soft-inquiry). Lender evaluates applicant’s creditworthiness and offers a commitment to lend, subject only to collateral requirements or conditions. A hard inquiry will…
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Product Details
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- Tech Details
What is Pre-Approval of One?
Pre-Approval of One allows consumers to initiate an application for credit with no impact to their credit score (soft-inquiry). Lender evaluates applicant’s creditworthiness and offers a commitment to lend, subject only to collateral requirements or conditions. A hard inquiry will be posted if the consumer moves forward with taking the pre-approved offer and meets the conditional credit requirements.
Benefits:
- Helps to Reduce Consumer Abandonment - Creates a single, low-friction experience for credit seekers as well as credit applicants
- Streamline the PII Ingest Process - Helps boost take rates by collecting all the information needed to underwrite the consumer at the time of ingest
- Increases Stickiness - Establishes consumer expectations and acknowledging they are valued by reducing their time commitment in the application process
Pre-Approval of One Technical Details
Operating Systems | Unspecified |
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Mobile Application | No |