Get Ahead of The Game
Know Before
You Go.
| Our Know Before You Go program is a process where the Contractor can pre-qualify their customer before visiting their home. With as little information as the customer’s Name & Address, we can offer a FICO score grade. You will not get their FICO score, but you will receive a FICO Score Code for the customer. The FICO score code relates to the FICO range. The FICO score code will identify what FICO score bucket the customer is in. For example, if they are a B grade, the FICO score will range from 774 to 700. |
What it does for the Contractor
The Know Before You Go process gives the Contractor a view of where their customer is in the FICO score range. If the customer has an A or a B grade (850 to 700), it should be easier to get the customer approved and sell them a more efficient HVAC system or offer them additional services such as IAQ, duct cleaning, or an add-on Hot Water Heater. If the customer has a C or a D grade (699 to 600), it may be a little more challenging to get them approved, and maybe the contractor should offer them a lower-priced unit than an A or a B graded customer due to the possible lower finance approval amount. If the customer has an E or lower, getting the customer approved for a traditional installment loan is going to be tougher, and most likely be a Lease to Own contract, which will be a higher payment.
What is a VantageScore?
A VantageScore is a credit score that predicts how likely you are to repay borrowed money. It’s used by lenders, landlords, and financial institutions to assess creditworthiness. Unlike the traditional FICO score, VantageScore is a joint venture of the three major credit bureaus: Equifax, Experian, and TransUnion. VantageScore 4.0 uses a 300-850 scale, similar to FICO scores. A higher score indicates a better credit history and a lower risk for lenders.
| FICO Score Grade | Range Name | Score From | Score To | Point Range |
|---|---|---|---|---|
| A | Super Prime | 850 | 775 | 75 |
| B | Prime | 774 | 700 | 74 |
| C | Near Prime | 699 | 640 | 59 |
| D | Non-Prime | 639 | 600 | 39 |
| E | Sub-Prime | 599 | 550 | 49 |
| F | Challenged Credit | 549 | 500 | 49 |
| G | No Credit | 499 | 300 | 199 |
Please contact us if you would like to get your company set up with IHCS Finance and take advantage of our Know Before You Go program.
Call us at 754-318-9900 or email us at Grow@IHCSfinance.com