700Credit

Synopsis:

700Credit - Leader in Credit reporting and Compliance Solutions, interfaces Dealer and Financing Company. Once salesman pre-qualifies the customer, a credit report is retrieved to validate customer’s credit worthiness based on the amount to be financed for purchase. Once financing company has approved customer’s loan application, dealer and customer complete the sale with finance department.

Challenge:

Halcyon technologies analyzed hindrances faced by dealers in processing, towering duration in retrieving history of a customer in loan process. Based on in depth market study regarding financing process, Halcyon surveyed credit validation process and devised a solution that would automatically channel data between automotive dealers, Financial System and Credit Bureau's (TransUnion, Equifax and Experian). Foremost aims at designing phase included:

• Restrict request/response time of credit engine amid 5-10 seconds
• Secure access to retrieved information as data is Confidential
• Channel data through a secure medium
• Engine need to interface with Experian, Trans-Union, Equifax bureaus etc.
• Entire reporting allied to 700Credit has to be carried through Web Based Application.

The Solution:

Halcyon Technologies embraced 700 Credit, delivered a Quality IT Solution with Credit pulling attribute in Loan verification process. Customer’s credit worthiness is verified by details acquired from credit bureaus. Details acquired from bureau are directed to Website accessed only by the authorized. Dealer validates the credit worthiness of customer and declares the percentage of finance concurred and completes the sale with finance department.

Our Process includes:

• Efficient data pulling engine, for faster Loan processing.
• Interfacing with Credit bureaus (Trans-Union, Equifax, Experian etc)
• Retrieve absolute information with minimum possible data of customer.
• Unique credentials for secured data transfer.
• Authorized data handling, transferring and processing

End Benefits:

Halcyon Technologies Service and Maintenance provided to 700Credit has emerged from 700 Dealers to 4,000 Dealers in a span of Three years. Benefits subsequent to our Quality IT Solution include:

Our Process includes:

• 
  Phenomenal markdown of response time to less than a second (383 micro seconds)
• 
  Minimized errors to almost zero providing genuine information.
• 
  Ensured highly secured data transfer and accelerated processing time.
• 
  Online verification with customer focused applications enabled high satisfaction rate.