This use case explains how you can grow outstanding loan balance.
Situation: Company turns to an Equifax reseller for a solution to market small-dollar
unsecured loans to existing member base.
A credit union has a flourishing auto lending portfolio but is not attracting its members for other loans. This is leading to a lower than desired outstanding loan balance and share of member wallet.
Credit union wants to promote small-dollar unsecured loans to members.
An Equifax reseller applies Prescreen criteria to credit union’s membership file and then coordinates with a preferred provider to execute a live check direct mail campaign to qualified members.
Applying Prescreen criteria can help the credit union to target high-quality borrowers within its existing portfolio.
By working with the Equifax reseller, one credit union was able to:
Attract $225,000 in unsecured loan balances with no delinquencies or charge-offs
Achieve a campaign ROI of 161%
Reinforce its identity as a consumer-centric lender within its market
- Increase share of member wallet
Results may vary based on actual data and situation.