Poor credit accounts for roughly 20% of deal denials. This staggering statistic causes many businesses to lose sales and miss out on additional revenue.
High interest rates
Subprime credit can lead to high interest rates, which may cause hopeful buyers to walk during negotiations.
Low credit scores may be caused by a customer’s lack of financial knowledge, which could lead to a costly default.
When you refer credit-challenged leads to a 3rd party, you may or may not hear from them again, potentially losing the lead altogether.
Not knowing a lead’s credit status can cause businesses to lose time following up too soon, or lose deals by following up too late.
With so many competitive options available, businesses can have a tough time setting themselves apart from the competition.