Text for CreditTM

Where does mobile fit into your consumer’s credit journey? With most individuals now owning a smartphone, embracing this channel for credit marketing only makes sense. But it’s not enough to simply serve up a mobile credit offer today. Lenders must deliver mobile credit opportunities at the right places to engage customers on their terms.

With Experian’s Text for CreditTM, lenders can now present a consumer-initiated mobile prequalification and instant credit solution. It’s about inviting them to explore personalized financial offers with ease on their personal devices, and providing them with instant credit decisions.

The entire prequalification and credit process can be completed securely and privately from a consumer's phone. Data entry by the consumer is minimized since our Smart Lookup technology recognizes the consumer’s device credentials and in turn bypasses the need to fill out a lengthy credit application.

Once presented with the credit options based on their credit score, consumers review their offers and decide whether or not to proceed to application.

Instant decisioning means the consumer can immediately begin using credit for purchase.

How it works

Text for Credit can be marketed in retail environments or leveraged by lenders using various media channels like dealerships, commercials, billboards, and any other place where signage or the short-code can be displayed.

The consumer views an ad and texts a keyword or short code to initiate the prequalification or instant credit process:

  • The consumer's mobile phone number is used to identify the name and address of the consumer, streamlining the existing prequalification process by requiring limited, up-front information. This eliminates data entry, which can be cumbersome on a mobile device.
  • Next, we verify the consumer's identity using mobile phone and bureau information.
  • In limited cases where we cannot confidently verify the consumer’s identity, the consumer is identified using the minimum amount of information required to match with the bureau file.
  • An instant text response is sent back that drives the consumer to an Experian-hosted, web interface that will have client branding to reinforce the user experience that the consumer is interacting directly with the lender.
  • The consumer can privately review prequalified offers and/or submit a mobile application securely from their smartphone.

This solution enables the lender to engage the consumer when they are most engaged, enabling them to start the credit journey before even approaching a salesperson or cashier.

 

Get More Information

The form below is for requests from businesses only.
If you are a consumer looking for fast resolution to your consumer credit questions, please visit our Personal Services Contacts page.

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