Credit Triggers...The Surest Shot For Mortgage Marketers
Posted on Wed, Dec 14, 2011 @ 12:17 PM
There's a lot of competition out there. Mortgage marketers are firing off direct mail, email, keyword buys and outbound calls to acquire new customers during this refi boom. Everyone wants to make the most of the low rates. But how can marketers target with pinpoint accuracy...the consumers most likely to close? The best prospect is a consumer who has already made the decision to buy or refi, and has started the application process.
How Can I Find a Consumer Who Applied for A Mortgage With My Competition?
All three credit bureaus offer "triggers" which are "lists" of consumers who applied for a mortgage the previous day or week with any lender. (The schedule varies depending on the bureau.) Trigger prospects can be downloaded daily from Tranzact Information Services, or we can automate the feed. These trigger consumers are such hot prospects that marketers should contact them within seven days, by mail, email or phone.
How Can I Get the Most Triggers?
When customers are in the early stages of a mortgage application, the credit inquiry often goes to just one of the three major credit bureaus. So the best way to ensure that you get all the triggers is with a tri-bureau solution. Every business day, Tranzact Information Services (TIS) aggregates the triggers from multiple bureaus and provides them to clients for use in approved marketing programs. Only TIS has the files of all three credit bureaus and can perform this process in one pass.
Are There "Rules" for Using Credit Triggers?
It's not the Wild West. Credit Triggers are governed by FCRA regulations. That means a firm offer of credit must be made to consumers if their credit is accessed for marketing purposes. These firm offers, typically called "prescreens" or "pre-approvals" can be made based on your mortgage underwriting guidelines. So you don't pay for names that will never be approved by your lenders. We can set up trigger programs for FHA, VA or HARP based on credit criteria plus information about an existing mortgage such as LTV. One of the benefits of working with Tranzact Information Services is that we walk marketers throught the data selection and onboarding process with all the bureaus. In addition, we provide suggestions on what script, mailer or email will meet the bureau guidelines.
Don't Guess. Accurately Project Your Incremental Lift.
Sophisticated mortgage marketers can use A/B testing to analyze results from marketing programs using trigger data vs. other types of data segmentation. You can learn more about incremental lift by downloading our November 2011 white paper, Universe Expansion.
Give Us A Call for the Counts.
Or skip reading the white paper and just call Tranzact Information Services' direct marketing professionals to run counts for you in real-time. Call us at 800-488-9113 or complete a contact us form. During a live online meeting, our professionals will show you just how easy it is to use trigger data and make the most of the refi boom.