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Power of the Prescreen: Personalizing Loan Marketing Campaigns

By on December 23rd, 2013 in Marketing

Successful loan marketing campaigns are relevant to the recipient. They send the right message to the right person to meet a specific need. The trick is to help you identify that need and then deliver a specific offer to a qualified recipient.

With pre-screen loan campaigns, you leverage data from the credit bureaus to identify specific lending opportunities from individuals that meet your credit requirements. Pre-screen loan marketing campaigns can target either your existing members/customers or prospective members/customers living in the communities that you serve.

Pre-Screen Loan Marketing Campaigns

Most marketers don’t realize how to use this information to extend the MOST RELEVANT OFFER to each prospect. That’s because they don’t fully understand the wealth of available credit data. Rather than extending one credit offer, you may be better off extending multiple offers to different groups of customers/members at the same time.

Consider your next auto loan campaign…you can effectively use credit data to extend specific offers of credit to the following groups meeting your FICO score and credit history requirements:

  • Individuals with an auto lease coming due within the next 6 months.
  • People that could save at least $50/month by refinancing an existing auto loan with your bank/credit union.
  • Potential borrowers that have had at least 3 prior auto loan trades in their history, but currently do not have any open auto loan trades.
  • Individuals with more than one vehicle in the household, no more than one open auto loan, and no auto loan trades in the past 36 months.
  • Existing members/customers without a loan at your institution.

Contact LKCS to Discuss Your Next Loan Marketing Campaign

As you can see in this example, LKCS can develop a layered approach to pre-screen credit offers. We can identify very specific credit characteristics and then trigger a loan offer that fits those characteristics. This same approach can be applied for any loan product – mortgage loans (new or refi), home equity loans or lines of credit, auto loans (new or refi), or credit cards (new or balance transfer).

Contact LKCS to discuss your next loan campaign