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Where Have All the Good Loans Gone?

By on March 25th, 2015 in Marketing

Consumers are much more educated than in the past and are more willing to switch to save on their monthly bills. Whether it’s an Auto, HELOC, Mortgage, or Credit Card, they will be looking. Financial institutions can utilize all three Bureaus to monitor credit requests from your existing accounts… ensuring that they are ready to make the right offer at the right time!

Video Webinar

In today’s Webinar Wednesday episode, John Dudek discusses credit alerting and ways in which LKCS can help financial institutions win the qualified loans they are looking for.

Video Transcript (Highlights)

Are You Losing Good Loans?

  • Be Aware, Over Half of your Account Holders will be Looking for an Auto, Mortgage, HELOC, or Credit Card Loan in the Next Year!
  • Gain the Ability to Monitor and Close Loans from Accounts When they are Looking to Close.
  • Specific purposes (news, friends, photos, videos, ratings)
  • Be able to Make the Right Offer at Just the Right Time!
  • Gain Loans from Prospects that Meet and Exceed your Qualifications.
  • Stop Spending Time Reviewing Loan Requests that don’t meet you Loan Criteria.
  • You can set the Parameters for New Loan Leads!
  • LKCS can Assist you in Winning the Qualified Loans Management is Looking for!

Credit Bureau Data

  • Purchasing Actual Data from the Credit Bureaus
  • All Three Bureaus – LKCS has relationships that enable us to provide data from any or all of the three major bureaus.
  • No additional cost to obtain data from multiple bureaus.

Data Aggregation Overview

  • LKCS multi-sources credit and non-credit data creating a very unique compilation of data.
  • Financial Services-centric and significant incremental advantages.

Data Available from All Three Bureaus

  • Select which of the credit bureau(s) you want to receive data from as the first choice.

Credit Prospecting vs. Credit Alerting

  • Credit Prospecting
    • Use credit data PROACTIVELY.
    • Market to prospects or existing account holders with specific demographic and/or credit-based traits.
  • Credit Alerting.
    • Use credit data REACTIVELY.
    • Market to prospects or existing account holders actively seeking a loan elsewhere.

Using Credit Data

  • Specify Your Lending Guidelines – Only market to prospects and account holders meeting your specific credit criteria
  • Firm Offers of Credit – Credit data can only be used when you are extending credit offers.

Firm Offers of Credit

When using Credit Bureau data, marketing materials must include:

  • Indications that the recipient is pre-selected, pre- screened, or pre-approved.
  • Terms and conditions; eligibility requirements.
  • Minimum dollar amount for which the recipient has been qualified.
  • Opt-out notice and disclosure.

Credit-Based Loyalty Programs

  • React with the RIGHT offer at the RIGHT time.
  • Gain the ability to reach account holders who may be defecting to your competition in near real time.
  • Based on actual credit bureau data.
  • Deliver a firm offer of credit to cross-sell additional products at the moment a need has been identified.

Credit-Based Alerts

  • When your account holder applies for credit ANYWHERE, an inquiry is posted to his or her credit file.
  • These inquiries are categorized according to the type of financial product the account holder is seeking: mortgage, auto loan, installment loan, credit card or insurance.
  • Your account holder database is cross-referenced DAILY with these inquiries and a “lead” is generated each time there is a match with the credit file.
  • Respond with a firm offer of credit or insurance immediately after receiving the lead.
  • Select which category(ies) of inquiry(ies) you wish to target
  • Leads are then pre-screened using your qualification criteria – Criteria can be based on numerous attributes including credit score, debt load, etc.
  • Daily alerts from Equifax, TransUnion and Experian!
  • LKCS provides you with a list of all leads and fulfills any direct mail and/or e-mail offers on the same day.

Credit Alerting

We provide credit-based activity alerts from ALL THREE major credit bureaus.

  • Close loans that would have gone to other lenders by comparing credit bureau activity each day!
  • Monitor and identify your account holders DAILY for auto loan, mortgage, consumer loan and/or credit card inquiries.
  • Set criteria to identify prospects that will qualify for a loan offer based on your specific pre-screen requirements.
  • Send direct mail, e-mail and/or statement onserts to contacts whose credit has been checked and meet your pre-screen criteria.
  • Provide outbound call lists for your call center to contact these account holders.

Credit Prospecting

  • Available for any pre-screen marketing campaigns.
  • Pre-screen your existing account holders or reach out to credit-qualified prospects in your area(s).

Credit Prospecting Campaigns

  • Extend pre-approved offers of credit to account holders and non-account holders based on actual credit score information.
  • Leverage credit data to generate loans.
  • We have a few EXAMPLES of how you can utilize the data.
  • ADJUST as needed. – Adjust the credit parameters, etc. as needed to fit your lending guidelines and goals.

Credit Prospecting: Pricing Factors

  • Number of records purchased.
  • Demographic selects purchased.
  • Credit bureau minimum charges – FREE List Counts and Estimates.
  • KCS will run counts at no charge to determine feasibility and cost of your next pre-screen marketing campaign.

Credit Alerting: Pricing Factors

  • Based on number of account holders and/or prospects screened each month.
  • FREE Opportunity Analysis.
  • We will review your account holder credit activity over the past 30 days and provide you with the following data: credit activity by inquiry type, state and credit bureau, as well as qualification rates using your specific qualification criteria!

Credit Alerting Testimonial

“With implementing your credit alerting program, starting in February 2014, CFCU recouped $2.764M in loans that were going elsewhere out the door! This value doesn’t even take into account the cost of a member taking business elsewhere for one product and essentially deteriorating/dissolving as a member. We treat these as the HOTTEST leads and they must be a daily process.”

– Century Federal Credit Union
Average of 16 closed loans a month worth over $250,000 in potentially lost business!