8/9/2023 0 Comments Prescreen credit offers![]() By issuing a prescreened offer you’re not guaranteeing approval, but you are saying that the member or non-member has a very good chance of qualifying. Specifications can include credit scores that meet lending criteria, geographic range, and more. Once matched, they can share names and addresses to be used for marketing offers. Furthermore, credit bureaus can match individuals to lenders based on specifications. The Fair Credit Reporting Act (FCRA) permits creditors to review consumer credit reports and issue firm offers of credit. How does prescreened credit card offers work? Prescreened marketing is beneficial for the member and the credit union. On the credit union side, you just captured a loan by taking advantage of technology. You’ve delivered a personalized experience that left a member or non-member happy. Without hesitation, you accept the offer and transfer your balance with confidence. Furthermore, you’ve checked the legitimacy of the source of the offer, and it checks out. The following steps are clearly outlined and are fast and easy. Not only that, the offer includes your name and indicates that you’re already prequalified for this offer. Next thing you know, you have an offer in your inbox for a balance transfer promotion with a 3% transfer fee and 0% for 18 months. Perhaps you haven’t taken the next step because you’re waiting for a better offer. So, you applied and were approved but haven’t moved any farther yet. The best one you came across scouring the internet was a 3% transfer fee and 1.99% APR for 24 months. ![]() Let’s say you are shopping for credit cards with balance transfer promotions. Let’s look at a real scenario before diving into the logistics of how the backend of a prescreened offer works. Prescreened credit card offers work just like any other prescreened offer only they are specifically for credit card products. With 200+ data source partners, you can get very specific on who you want to target, which is part of the science behind the results.īefore we go too much further into the details, let’s take a closer look at how prescreened marketing works. GDS Link Marketing Services is where you’ll want to go to deliver prescreened offers for credit cards and loans that will produce a significant ROI. The data behind prescreened offers can genuinely make all the difference in the results you see. After all, the last thing you want to do is bombard members and non-members with offers that don’t apply to them or that they don’t qualify for. As with any marketing, we emphasize the importance of partnering with a trustworthy company that can deliver results. Most credit unions partner with third-party companies that help them collect data and send offers. Sounds complicated, right? It’s not when you have the right partner. Furthermore, you can determine if they can meet your underwriting criteria. ![]() By prescreening, you can identify the type of loans a consumer may shop for. Here’s where prescreened offers for credit cards and loans come in. Your members may vary in age, which can certainly impact their needs, but if they qualify for a credit card or loan and you can identify some need for it – you should be marketing to this customer. ![]() To further complicate matters, all financial institutions are targeting somewhat different customers. While most industries have target markets, such as females between the ages of 25 and 50 or adults with children, the financial sector is slightly different. Prescreening customers aims to narrow your target market to only qualified customers. ![]()
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