Convert more low income consumers to apply for credit

December 4, 2020

This use case explains how to convert more consumers to apply for credit eligibility.

Situation: Company turns to Equifax for an online solution to increase the number of lower income consumers that apply for credit.

Challenge

A consumer furnishing and appliance company understands that many consumers are reluctant to apply for credit.    

The company needs a solution that will incent lower-income consumers to apply for credit and allay their fear of being rejected

Solution

Equifax provides the company with an online individual prequalification service. 

The prequalification service can help the company to provide consumers the option to check their eligibility for credit offers online, without initiating a full credit application or affecting their credit score.

Outcome

By using the Equifax online prequalification service, the company can:

  • Increase the volume of prequalification requests and potentially convert more of those consumers to apply for credit 

  • Better engage with consumers and provide a more comfortable way for them to check their credit eligibility

Results may vary based on actual data and situation.

 
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