Grow outstanding loan balance with Prescreen

December 3, 2020

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.

Challenge

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.

Solution

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.

Outcome

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.

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