Experian and Rate Reset Collaborate To Enable Credit Unions To Provide A Frictionless Digital Prequalification Experience

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.

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.

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 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.

Source:  Experian Press Release