Ask most list providers if they sell credit data and most likely you’ll hear a long-winded description on the various enhancements made to a basic list that determines a credit profile. But is it truly credit bureau data? …most likely not.
What’s the difference?
Modeled Credit Data
List companies usually sell modeled credit data simply because they don’t have access to credit bureau data. Modeled credit data is built on this basic assumption: Zip plus 4 with “enhancements”. For example:
Zip plus 4. If you live in a certain neighborhood and your neighbor has good/bad credit, the assumption is that you should have the same.
Basic Enhancement Examples. If the car you drive is a Ford or Mercedes, that helps determine your net worth. If your lender of record is a Prime Lender or Subprime Lender, you should have good or bad credit. These are enhancements used to further determine the profile.
It’s easy to see that modeled data is just a guess at best. Certainly people with ranges of credit worthieness can reside on the same street. And how many people are driving Mercedes that are living paycheck to paycheck? Modeled data just isn’t a fair description of the whole list. And if you’re considering direct mail, how much mail would be wasted on the wrong prospect?
Credit Bureau Data
Credit bureau data allows you to zero in on the exact prospect that fits you program – there’s no guesswork or profiling done here. It’s like having your clients credit report in your hand while you’re selling to them. These specific details are what can be turned into a compiled list.
There are caveats in handling credit bureau data and strict handling requirements need to be adhered to. Companies need to have agreements with the bureaus (for example an Equifax NDA), sample compliant letters on file, and other compliance doc’s need to be in place. If your list provider isn’t asking for these documents, it’s not real credit bureau data.
Why is Credit Bureau Data so powerful?
The cost of marketing is one of the biggest expenses in acquiring new clients. Who can afford to send a direct mail piece to an un-qualified prospect? When it comes to direct mail or telemarketing, costs can really add up – don’t waste valuable dollars and resources marketing to modeled lists. While saving a few pennies may look good on paper, it’s a sure way to damage sales reps morale. Credit Bureau data guarantees that every prospect is qualified for your program.
Qualified Prospects Using Credit Bureau Data
With Credit Bureau Data your client profile becomes the actual data records…
Sample Ideal Loan Modification Record
Credit Score: 300 to 849 (actual score on printout)
State: CA
Minimum Loan Amount: $250,000 (actual mortgage payment on printout)
Number of mortgage trades: 1,2
Mortgage Currently past due: 30 days (no 60, or 90’s) – exact lates chosen by you
Sample Ideal Debt Settlement Record
Credit Score: 500 to 649 (eliminate high scores, actual score on printout)
State: CA
Total Number of Tradelines: 4 plus
Current Delinquency: File does/does not have any current delinquencies (your select)
Minor/Major Derog’s on file (choose minor for 30’s or 60’s and eliminate 90’s or worse)
Total Revolving Debt: $30,000 or more
Accessing Credit Bureau Data
Mind River Marketing has brought down the traditional high barriers of entry. It doesn’t take weeks to get access, with Mind River MArketing you can start enjoying credit bureau data within 48 hours. We take care of all the paperwork and include compliant ready letters and scripts. Why settle for modeled data when you can now get exact credit data straight from the credit bureaus.
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