Experian’s PrequalificationSM may be the answer
Online loan acquisition can be a lucrative endeavor — that is, if you have the ability to find and approve creditworthy applicants. For many lenders, the low approval rate of online applicants proves to be a significant hurdle to achieving a positive return on investment.
Why are so many applicants denied credit? Oftentimes, consumers self-select loans online without knowledge of the back-end loan criteria or whether their credit profiles make them creditworthy applicants.
With Experian’s Prequalification, you can significantly improve the metrics of online acquisitions by matching consumers with loan products that meet their credit profiles before they apply — thereby increasing approval rates once applications are submitted.
The mechanics of Prequalification are simple: Consumers consent to have their credit pulled, allowing lenders to utilize this powerful data to match each consumer with the right loan options. Consumers then review the options presented and determine whether they would like to proceed. The entire process does not require a lengthy application, is completed in seconds and does not affect consumers’ credit scores — making it an attractive option for creditworthy consumers seeking loan approval.
If you would like move into online acquisitions or improve your current metrics, contact your Experian account executive today to learn more about driving a positive ROI with Prequalification. You also can call us at 1 888 521 4022.