Get ready for ReadyQual, the newest credit solution from SharperLending! ReadyQual is an easy application tool for your lenders to put on their web sites. ReadyQual will help your clients qualify more borrowers with soft inquiry credit reports and without the need for lender disclosures while increasing your credit volume. ReadyQual is a prequalification tool that only requires name and address, so it moves applicants quickly through the process. It is designed to target millennials who do a majority of their research online instead of face-to-face, the goal of which is to then turn instantly-prequalified consumers into full loan applicants.

Key Points

  • 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 hastens the credit decision process
  • ReadyQual requires no firm offer of credit
  • ReadyQual increases CRA credit volume
  • ReadyQual does not require declination letters or risk based pricing notices

Technical Description and Product Features

ReadyQual is a simple-to-use web page that your clients place on their web site to turn consumers into borrowers. When used by consumers, it orders and delivers a single-bureau ExperianTM 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 the lender will need to order a full hard-inquiry report when the consumer fills out a full loan application. The benefit is that the disclosures that the lender normally gives to a borrower on a credit pull (Risk Based Pricing notice, Declination letter) are not required.

  • ReadyQual posts to Experian as a soft inquiry
  • ReadyQual increases your credit volume
  • ReadyQual is fully private label friendly: Your brand, your name, nothing else
  • ReadyQual lets your clients enter a customized message to the applicant and custom decisioning points (minimum score and more!)
  • ReadyQual instantly texts loan officers the applicant information
  • ReadyQual provides access to the credit report
  • ReadyQual services multiple industries: auto, credit card, heloc, mortgage.
  • You don’t need to be a SharperLending CRA to use ReadyQual