Situation: Lenders seeking to expand Prescreen acquisition efforts may be missing out on attractive audiences by relying only on credit scores.
Credit scores have long been the mainstay for lenders to determine the best audience and approval criteria for their offers. But some consumers that have the same credit score may have financial resources that boost their eligibility for Prescreen offers.
Equifax offers alternative data including non-FCRA wealth and economic insights that lenders can use to broaden their view of consumers’ financial position and identify new Prescreen audiences.
Key measures to help uncover additional applicants for Prescreen:
- WealthComplete®: Estimated total household assets up to $25+ million including deposits, stocks, funds, and other investments (for IXI Network members)
- Income360®: Estimated total household income up to $2.0 million, including income from wages, investments, retirement funds, and businesses
Expand Prescreen acquisition audiences while managing risk
By applying financial capacity insights, lenders can find HIDDEN SEGMENTS that are likely good candidates for Prescreen – even amongst those with the same credit score.
Key Benefits for Lenders:
- Expand Prescreen target audiences by thousands of consumers
- Manage risk by adjusting asset or income thresholds
- Find new candidates for Prescreen that were previously overlooked
Learn more about Equifax Data-driven Marketing solutions. Visit our microsite.
Neither these materials nor any product described herein were developed or intended to be used for the extension of credit to any individual, nor may they be used for purposes of determining an individual's creditworthiness or for any other purpose contemplated under the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq. Results may vary based on actual data and situation.