ATLANTA — Wayne Reaves Software, a provider of dealer management software, announced that its dealership management system now allows buy-here, pay-here dealers (BHPH) to furnish credit data to Equifax Inc.
The enhancement, which allows for a streamlined reporting process, uses a program provided by Equifax, the National Independent Automotive Dealership Association and the National Alliance of BHPH Dealers.
“Reporting credit data can benefit both dealers and their customers,” said Jason Reaves, president of Wayne Reaves. “On one hand you have dealers who will be armed with a more comprehensive view of a customer’s loan payment history, improving their ability to assess risk. And on the other, dealers who report credit data can provide a compelling value proposition for their customers, as timely payments could help them build their credit.”
According to the company, the enhancement will also offer access to Automated Data View, an Equifax solution that allows dealers to quickly view the accuracy of reported payment and collection information, in support of the consumer dispute process.
“Traditionally, many independent and BHPH dealers have faced obstacles in reporting their customer’s auto loans and payments,” said Ryan Guthrie, vice president of enterprise alliances at Equifax. “Previously, dealers had to hold a minimum number of accounts, which can be difficult for smaller operations to meet. To help overcome these barriers, we started a program last year to enable NIADA and NABD dealer members to report their loan payment data to Equifax, regardless of how many accounts they hold and Wayne Reaves has now successfully automated the process.”
Originally posted on F&I and Showroom