What’s available to my company for prescreened marketing lead list?
Service 1st has partnered with Experian to provide our clients class leading lead generation solutions. Originators can select specific demographic and credit risk criteria to apply individually or in combination with their own consumer lists. Users may also select from the 215 million consumers[i] within Experian’s File One (SM) database.
Users start with demographic targeting and apply select attributes, geography, and scores against the population, such as Experian's "In the Market (SM)" model. Users can dynamically model differing scenarios and demographic rulesets to create a custom list. Screening criteria and populations can be later accessed to simplify future scenarios.
NOTE: Each purchase and download instance of a list using Experian's Prescreen & iScreen solutions are for single, one-time use. Additionally, each name on the downloaded/purchase list must be extended a firm offer of credit per your service contract and Fair Credit Reporting Act (FCRA) requirements.
What is a “firm offer of credit”?
Due to credit, character, or capacity attributes applied to individuals, the FCRA considers each lead generation list a consumer report. Therefore, a soft inquiry is placed on the consumer’s credit report and a permissible purpose is required from the End User.
A “firm offer of credit” is just that. Any consumer added to the prescreen list must be extended a firm offer of credit. All the consumer must do is accept the offer and they will be granted credit. As the lender forms their prescreen list and selects criteria to screen against, please note that these criteria are minimums. Upon satisfying the minimums, a lender would unconditionally grant a willing consumer a new account per the lender’s predetermined terms in the firm offer of credit.
Lenders are highly encouraged to consult legal and compliance resources when developing firm offer of credit templates and internal processes. Use of full consumer credit reports, adverse action notice timing, and development of additional firm offer of credit disclosures and “opt-out” notices to the consumer are all considerations in a pre-screening list campaign.
Here are some resources leveraged in the creation of this blog post. These will be helpful to Service 1st clients as the credit or fine tune their lead generation campaigns.
-------- [i] Conditions apply to applicable consumers for lead generation, including consumers who have opted out of prescreen consumer lists, or consumers under the age of 21 who have not provided consent to receive firm offers of credit.