Credit checks have long been an essential way for organizations to decide who they can afford to do business with. A lot can be gleaned about a consumer just based on their credit score, including trustworthiness, commitment level, reliability, and financial viability. And this knowledge can be valuable not just for deciding whether to extend credit to an individual, but also for deciding how or whether to engage with them in the first place.
For example, say you are about to start a marketing campaign. Wouldn’t it be great to know if 20% of your leads are people with low credit scores? You could save time and money by focusing on your more reputable leads, and by not attracting fraud, charge backs, and problem customers.
Unfortunately, checking credit scores through traditional means may not be viable for an organization, for a few reasons:
FCRA Usage Restrictions
The FCRA places restrictions on who can check a consumer’s credit, and for what reasons. You will need what the FCRA calls a “permissible purpose” for doing so, and in most cases you’ll need the consumer’s prior consent.
To do a credit check via traditional means, you’ll need the consumer’s legal name, home address, date-of-birth, and social security number. And for many organizations, these last two can be difficult to obtain. Most don’t have access to consumers’ social security numbers, and most consumers do not like to give them out.
There are many businesses which offer credit reporting services, but all traditional credit checks go through the “big 3” credit bureaus; TransUnion, Equifax, and Experian. These three companies control the market, and doing business with them can be expensive; credit scores can cost as much as $20.00 each!
Our solution, Append247(Alternate Credit Score) is different:
Not Regulated by the FCRA
This means there are no restrictions on how our credit checks can be used and eliminate “permissible purpose” and prior consent requirements.
No SSN or DOB necessary
You can search for a consumer using their name and address, their email address, or their phone number, or for best results a combination of two or three of these.
Significantly Lower Pricing
At $0.12 each, our pricing is in a completely different ballpark than traditional credit score providers.
And though we get our data from alternate sources, our scores generally correspond pretty well with the scores you’d get from the “big 3” credit bureaus.
This mix of high-quality data, less regulation, and significantly lower pricing opens up the potential of credit checking to countless new organizations, and for an ever-growing set of use cases. This also allows organizations to better understand their customers, make better decisions, and increase revenue.
Talk to a Data247 representative about alternate credit scores today!