Crest Financial offering program for credit-challenged consumers
August 14, 2013,
To help its merchant clients attract new customers, Crest Financial now reports credit, to allow credit-challenged customers to build good credit with Crest through on-time payments and paid-in-full leases.
Traditionally, Crest officials said, the finance hook in many merchants' marketing has been based on zero percent interest programs with payoff dates ranging from 12 to 24 months. While these offers are attractive to customers with perfect credit scores, many aren't interested and don't even apply because they know their credit report may be slightly tarnished.
Crest Financial's solution is a lease/purchase program underwritten with no credit score needed.
As a free service Crest now reports customers' payments to the Equifax Credit Bureau. The term "Build Your Credit with Crest Financial" was integrated to tell how the service allows credit challenged customers build good credit. By including the term as a financial marketing hook, merchants can attract new and more responsible customers through advertising and often generate higher ticketed sales, according to Crest.
The company also reports that its trademarked 90 Day In-Home Layaway program has been well used in merchant advertising.
Matt Dishman, Crest Financial vice president of sales, said the need to achieve a return on inventory "causes traditional layaway to be obsolete."
The Crest program advertises a $40 down, take it home today option with many of the same benefits of traditional layaway. While the customer is still given a period of time to complete payments before acquiring ownership, Crest Financial allows customers to enjoy use of their merchandise at their residence instead of it sitting in the merchant's warehouse. For merchants, this means the burden of maintaining inventory is eliminated.
Crest Financial notifies merchants when customers have paid in full and been pre-approved for a subsequent lease.
"Our goal is to help our valued merchants grow their business by providing them access to a new customer base with our unique program," said Michael Baker, Crest Financial operations manager. "We achieve our goal by providing exceptional customer service to all parties involved and directing returning customers back to the retailer who completed their original purchase."
Crest Financial representatives and their associates will be at this week's Tupelo Furniture Market and the upcoming Mega Group show in Nashville, Tenn.
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