PRESCREEN CREDIT BUREAU DATA
Increase Conversions by Delivering Relevant Offers With Prescreen Credit Data
Reach creditworthy consumers with offers they can’t resist thanks to Deluxe’s tri-bureau, prescreen credit data.
Prescreening is a highly effective marketing strategy that uses existing credit bureau data to pinpoint valuable consumers for your specific business.
At Deluxe, we take prescreen credit data to the next level by merging all three major credit bureaus into one platform so you can access the largest universe of credit-qualified consumers in the market. This expansive, tri-bureau data pool allows you to design higher-performing campaigns that drive more qualified, motivated leads to your doorstep.
Features & Benefits
Deluxe’s prescreen data has been put through a rigorous standardization process to produce accurate, actionable data that helps you target the prospects who are most likely to act and yield value.
Countless companies offer prescreen credit data, so how do you choose the right partner for your business? In a nutshell, you want to work with a company that can provide the most comprehensive, multi-sourced data available, along with the analysis and campaign support to make that data actionable.
Here are three questions to consider as you think about your next data provider:
KEY BENEFITS
Prescreening allows you to create higher-performing campaigns that maximize response and conversion rates. With prescreen credit data, you know your marketing targets are creditworthy and conform to your specific criteria and requirements. That translates to messaging that is more targeted and relevant to consumers, and consumers who are more valuable to your business.
Using data from all three major credit bureaus creates a lead list guaranteed to provide a significant lift from working with just one or two bureaus.
We handle all the orchestration, data standardization and the multiple contracts, which saves you both time and money.
With hundreds of attributes spanning the verticals of the mortgage, auto and personal loan industries, our prescreen credit data covers more than 250 million U.S. consumers.
We have off-the-shelf models that are proven and relied upon by many of our clients. Our data science team is also available to build custom models to suit your individual needs.
Intelidata Express is our proprietary, automated SaaS platform that brings together all our data assets – with standardization and hygiene – to ensure you get the best possible data records.
Everything we do is built to comply with FCRA regulations. We’re experts at working with compliance teams to get you set up to use our data and ensure mail pieces are approved.
Deluxe was the first provider to realize the benefits of multi-sourced credit data and to take the necessary steps to offer tri-bureau data. We’ve been perfecting prescreen marketing since 1997!
Our agency is powered by marketing experts who deploy rigorous test-and-learn methodology to ensure your campaigns attract, convert and retain customers while delivering significant growth.
"The reputation and success of our product relies on accurate, reliable and best-in-class data. We found all of this with Deluxe. In searching for a partner, accessibility to all three bureaus in aggregate was a critical must-have. This, coupled with the easy-to-use interface and an incredibly responsive team, confirmed that we had found our partner."
"Data-driven marketing with Deluxe has provided measurable savings and efficiencies. We went from 4-5 hours a week or paying an external source, to only spending 1 hour a month managing our program – savings us both time and money while delivering the results our business demands."
RESOURCES
FAQs
Prescreening is the process used by a lender to determine if they want to offer credit to a consumer. The process of prescreening consumers happens without the consumers' knowledge and without any derogatory effects on their credit file. The process is highly regulated, so we encourage organizations to work with experienced marketing agencies, like Deluxe, who’ve been doing prescreen marketing for a long time.
Mintel Comperemedia reports that over 70% of all consumer lending direct mail offers were prescreened using credit bureau data. A prescreen campaign allows you to pick and choose the criteria of the consumers you want to target so you can make a customized offer to them. While you can work with just one credit reporting agency (or credit bureau), companies like Deluxe offer a tri-bureau credit data solution that maximizes your reach.
By using this kind of data you can increase response rates and conversion by targeting the right consumers and eliminating unqualified or high-risk prospects. Governed by the Fair Credit Reporting Act (FCRA), lenders initiating prescreen campaigns for credit products must also adhere to certain rules:
Prescreen data is used to help credit-granting organizations reduce the overall cost of their solicitations by eliminating unqualified prospects, reducing high-risk accounts and targeting the best prospects more effectively before mailing. The Fair Credit Reporting Act (FCRA) governs the use of credit data and only allows its use for permissible purposes.
Today, batch prescreening is ubiquitous in the financial industry. The most common method for distributing batch prescreen offers is direct mail which is still the highest-performing channel for prescreen data.
Prescreen marketing leverages credit bureau data to help lenders select qualified consumers for special, credit-based offers such as credit cards, mortgages or auto loans. Basically it allows you to compile a list of consumers that have a certain credit score so you can reach out to them with an offer of your own.
To remain compliant with the FCRA, lenders and insurance providers must know that the person they are contacting is the right person. While digital marketing has gotten much more sophisticated, it’s still not a viable tool for making a firm offer of credit. To make a firm offer of credit in a digital ad or social ad, the consumer would have to authenticate themselves using personal identifiable information or PII before the offer could be presented. For this reason, direct mail and email (when you have an accurate email address) are the generally acceptable channels for making a firm offer of credit.
Prescreening is not binary; there are many ways to approach prescreen marketing. It’s vital to find a strategic partner that offers tri-bureau or tri-merge data combined with powerful analysis to help you reach the right people. For more information, read the blog post, what to look for in a strategic prescreen partner.
