Equifax (NYSE:EFX) today announced the launch of a new direct marketing prospecting tool to help lenders target consumers in today's emerging credit market.
Called Equifax TotalSource XL Emerging Market, this solution enables lending institutions to reach households that likely are in need of financial products and would be receptive to invitation-to-apply (ITA) offers.
According to the Center for Financial Services Innovation, an estimated 60 to 70 million consumers - 30 million households - have limited or nonexistent relationships with financial institutions and do not use credit to purchase goods and services. Known as the unbanked market, this population includes students and young adults, newly formed households and consumers focused on rebuilding their credit.
"For many lenders, banks, automotive and financial companies, the unbanked population represents a growing and untapped market," said Dann Adams, president, US Consumer Information Solutions, Equifax. "Leveraging Equifax's unique data assets and advanced technology, TotalSource Emerging Market empowers companies to reach this emerging market segment and capture account growth opportunities."
Created from a database containing extensive data on the unbanked market, TotalSource XL Emerging Market provides highly responsive consumer selects, including demographics, lifestyles and behavioral attributes to help lenders identify households in need of financial products. Lenders then can leverage these data attributes to align audience segments with the product or service being promoted through ITA offers.
TotalSource XL Emerging Market data is refreshed every six weeks, giving financial institution marketers access to prospects before they are flooded with competing offers. Businesses can find additional value in TotalSource XL Emerging Market by segmenting the data using Equifax ValueScore. This combined solution not only helps marketers identify high-quality prospects, but also categorizes them according to sub-prime segments, enabling marketers to focus on the approval rates of prospects most likely to respond.
TotalSource XL Emerging Market is part of the company's portfolio of direct marketing solutions that empower businesses to maximize their marketing efforts and manage and grow their customer bases.