Experian and Rate Reset Collaborate to Enable Credit Unions to Provide a Frictionless Digital Prequalification Experience
03 Marzo 2021 - 3:00PM
Business Wire
The integration helps credit unions stay
competitive by using Experian’s automated decisioning within Rate
Reset’s online user experience
To help credit unions keep up with consumer demands and stay
competitive, Experian® and Rate Reset announced that Experian’s
PowerCurve® decisioning platform will be available through Rate
Reset’s The Button™ to bring instant prequalified leads into
digital lending.
By accessing Experian’s solutions through Rate Reset, credit
unions will be able to make real-time credit decisions by
harnessing the power of data, attributes and scores. The Button™ is
a consumer-initiated prequalification tool that empowers credit
unions to offer members the ability to prequalify themselves.
Members accessing Experian’s PowerCurve decisioning platform and
CrossCore® fraud prevention platform through the Button will
experience a frictionless user experience that takes members
through the prequalification process while also verifying the
consumer’s identity, ensuring that the offer is made to a real
person and not a fraudster. With digital enablement being more
important than ever, this gives members the ability to understand
what type of credit is available to them without impacting their
overall credit score.
“With the rapid digital transformation that’s taken place over
the past year, members expect more from credit unions when
interacting online,” said Robert Boxberger, Experian’s president of
Decision Analytics, North America. “By offering our trusted
decisioning and fraud detection capabilities through Rate Reset’s
technology, credit unions can seamlessly improve the member
experience, prevent fraud and increase opportunities. Our solution
empowers credit unions to compete with the digital offerings of
fintechs and other financial institutions.”
“Rate Reset’s award-winning solutions have generated more than
18,000 credit card, personal, and auto loans, creating over $150
million in new loans for our credit union partners,” said Keith
Kelly, chief executive officer of Rate Reset. “We’re thrilled that
our members will be able to access Experian solutions through The
Button™, our newest Instant PreQual solution designed to maximize
membership growth and streamline loan generation.”
After three weeks of being in production with Experian through
Rate Reset, Gather Federal Credit Union booked over $600,000 in
unsecured credit products by reaching out to consumers who didn’t
previously receive traditional marketing. Of those that passed the
credit union’s credit criteria, over 50% accepted their
prequalified offer and received a loan.
“We recognized the need for bold innovation to meet the
challenges presented by rapidly growing fintechs,” said Justin
Ganaden, executive vice president of Gather Federal Credit Union.
“Thanks to close collaboration with our partners at Experian, we
now offer our members a cutting-edge experience through Rate
Reset’s The Button™. With a few clicks, members and nonmembers
alike can instantly prequalify themselves for a loan. We’re
extremely pleased with this offering, which has enabled us to
extend our reach and grow the Gather community.”
KeyPoint Credit Union has also seen success with the new
integration. “KeyPoint selected Experian and Rate Reset due to the
flexibility and ease of their products,” said Josh Herzog vice
president of Operations & Member Experience at KeyPoint Credit
Union. “Getting real-time credit information versus static
quarterly information allows for greater extension of credit. The
members being able to control their own experience any day or time
with no adverse impact aligns with our strategic vision of digital
first.”
To learn more about Experian and Rate Reset’s instant
prequalification offering, please visit
www.experian.com/creditunions.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments — from buying a home or a car to
sending a child to college to growing a business by connecting with
new customers — we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organizations to prevent identity fraud and crime.
We have 17,800 people operating across 45 countries, and every
day we’re investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Experian and the Experian trademarks used herein are trademarks
or registered trademarks of Experian and its affiliates. Other
product and company names mentioned herein are the property of
their respective owners.
About Rate Reset
Rate Reset offers award winning products that allow the member
to be in control of what have historically been routine
administrative tasks that are time-consuming for both frontline and
support staff. Both Reset Auto and Reset Mortgage, products
successfully tested and adopted in the market, allow members to
reset the term of an existing auto loan, personal loan or mortgage
based on the financial institution’s criteria. The software
promotes loan retention at a very low cost, and provides members
with a favorable view of the consumer advocacy of their credit
union. The Digital Pre-Approval Solutions (a.k.a. “the Button™)
make it simple and fast for a credit union to acquire or recapture
customer automobile loans, mortgage loans, personal loans and
credit cards. For more information on Rate Reset, visit
www.ratereset.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210303005233/en/
Annie Russell
Experian Public Relations
1 714 830 7927
annie.russell@experian.com
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