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Credit Bureau Data Drives Loan Marketing Success

By on February 3rd, 2014 in Marketing

When it comes to marketing for loans – auto loans, mortgage/home equity loans, credit card loans, and installment loans – no three facts have ever been truer:

  • Marketing campaign success depends on relevance to the recipient.
  • Relevance depends on the quality of demographic, behavioral, and financial data available about the recipient.
  • Data quality depends on the data source.

With that, there’s no better data source than the three major credit bureaus.

Why Should You Use All 3 Major Credit Bureaus?

Together, Experian, Equifax and TransUnion maintain over 202 million credit files. 172 million of these are records that contain enough information to generate a credit score. The average credit file contains 13 credit obligations, 9 are likely to be credit cards and 4 are likely to be installment loans.

The bureaus track hundreds of data points for each individual – everything ranging from current loan balances to payment history. Information is continuously updated on every person with data coming from financial institutions, public records and property deeds, the US postal services — in all, there are over 10,000 data sources. On a monthly basis, these companies provide information on over 1.3 billion consumer credit accounts or other “trade lines.”

That’s a lot of data – and it’s as good as it gets.

How Can LKCS Help?

LKCS helps our clients leverage this data and identify specific lending opportunities among both existing account holders and prospective ones. Want to refinance auto or mortgage loans for people with good credit and high rate loans? Want to encourage people to transfer high rate credit card balances to your portfolio? Want to provide home equity financing to individuals with available equity and flawless payment histories? Want to identify potential borrowers as soon as they enter the loan market? We do that. And more.

There’s no magic bullet when it comes to loan marketing. But we can reduce your total marketing expenditures by only offering loans to people who qualify and increase response rates by utilizing credit bureau data to pinpoint potential borrowers based on existing and prior relationships in their credit files.

Our ideas and expertise are free. Contact us to discuss your loan growth needs.