In today’s lending environment, traditional mortgage marketing relies on reactive methods to acquire and retain customers. These methods include credit alert triggers and property listing scans which can be effective, but are more reactive instead of proactive.
Equifax has leveraged its connected and differentiated data to create predictive lead generation models:
The highly predictive models identify the likelihood that a lead will apply for a mortgage within the next 2 to 6 months. Consumers are assigned a score ranging from 1 to 999; the higher the score, the more likely the consumer is to apply for a mortgage loan.
The Equifax solution includes four different models, which are segmented based on the consumer profile:
- New Purchase
- First Time Home Buyer
- Home Equity
The models are non-FCRA and exclude protected class data or data that could act as a proxy for protected class status. Additionally, credit and wealth/asset data is aggregated.