Lack of available credit training is an issue affecting the buy here, pay here (BHPH) dealer community across the country, and has resulted in these dealerships not getting the full benefit of the data available on the consumer credit file. For many dealers, qualifying buyers is an uphill battle, one they don’t know if they have one until months later when they see how the loan performs. This is a result of many dealers simply don’t understand how and when to properly utilize a credit report. An upcoming credit training session hosted by Equifax and the National Alliance of Buy Here, Pay Here Dealers (NABD) will provide BHPH dealers with training on how to read an automotive credit report.
Bringing BHPH dealers up to speed
On January 18th, the NABD will be hosting their Best Practices Conference, a three-day event at the Hilton DFW Lakes Executive Conference Center in Dallas, Texas. The conference will revolve around two primary tracks: compliance and best practices. The first will discuss new regulations from the Consumer Financial Protection Bureau and Federal Trade Commission involving compliance standards. The second will revolve around tips from a series of experts on overcoming some of the typical operational challenges. Though there will be networking events and luncheons, breakout sessions will be far more concentrated. Sessions include: website best practices, choosing your dealer management software, lowering the cost of reconditioning and IRS updates to name a few. Each session will be interactive, allowing for question and answer periods to help ensure full comprehension.
Looking at the data beyond the score
To tackle the major issue of credit misconceptions, a session on the importance of credit reports will be a popular event. This credit training session will help show BHPH dealers how to gather more than just a credit score from a report, a skill that will help dealers better understand their deep subprime customers. The training will help explain what a credit report truly reveals about the financial situation of consumers, and addresses how to better understand bankruptcies, balances and payment history.
This will be an educational session with information that is actionable and applicable for dealers in their everyday job. If you want to learn more on how to leverage the full potential from your credit reports, this valuable credit training can help provide the answer. For more information on credit training for BHPH dealers and the full schedule for the upcoming NABD Best Practices Conference, please take a look at this article.
For more information about Automotive Solutions from Equifax, please visit www.Equifax.com/automotive
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