Credit data is very versatile and can be used for marketing list generation, account monitoring, risk evaluation, modeling, and segmentation. It’s a great way to ensure that marketing targets are credit-worthy and conform to specific criteria requirements, such as an actual credit score. When marketing with this data, a firm offer of credit is required.
While credit data is more expensive than non-prescreen data, it reduces the number of responders that may not be approved for a loan and in turn generate the best results. This is true for both prescreen campaigns as well as credit trigger programs.
By monitoring data from all three credit bureaus, you can create a lead list that will drive significantly more opportunities than single or dual bureau data.
At Deluxe, we compile data from all three credit bureaus and put it through a rigorous standardization and cleansing process so our clients can build the most robust, effective lead lists possible.
Combines the hand raising effect of applying for a loan with the selectivity of prescreening. Streamline and reduce the cost of your lending campaigns, while increasing your conversion percentage.
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We saw a really good lift from the program right away. A year and a half into the program we continue to see great return on the investment. It more than pays for itself.
VP Consumer Direct Mortgage , United Community Bank
FREQUENTLY ASKED QUESTIONS
By monitoring data from all three credit bureaus, you get access to the largest possible credit universe and not missing out on any potential leads. This data could come in the form of traditional prescreen data or in the form of credit triggers. Using tri-bureau or tri-merge data will provide a significant lift to your prospect or customer universe, giving you an edge over your competition.
Equifax, Experian, and TransUnion are the three main consumer credit reporting bureaus. They collect and store information about consumers to build credit profiles that are sold to companies in specific industries. While each bureau has a large database of credit data, no single provider has close to the full credit universe covered through their data. Getting data from one bureau might mean you are missing out on about 20 percent of the market.
The Fair Credit Reporting Act (FCRA) gives consumers access to their credit report but restricts access to others unless they have a permissible purpose. The most common examples include landlords, lenders, and insurance companies. They also dictate how you can use this data. For example, as a lender, if you want to use prescreen or credit data, you must make a firm offer of credit to the consumer.
The Fair Credit Reporting Act (FCRA) is a federal law that helps to ensure the accuracy, fairness and privacy of the information in consumer credit bureau files. The law regulates the way credit reporting agencies can collect, access, use and share the data they collect in your consumer reports. It also dictates who can use this information and how they can use it. The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) are the two federal agencies charged with overseeing and enforcing the provisions of the act.
Prescreening is the process used by a lender to determine if they want to offer credit to a consumer. The process of prescreening consumers happens without the consumers' knowledge and without any derogatory effects on their credit file. The process is highly regulated, so we encourage organizations to work with experienced marketing agencies, like Deluxe, who’ve been doing prescreen marketing for a long time.