Consumers Can Now Apply for Credit Entirely via Text Message

Is this really a good thing for consumers? TransUnion thanks so.

Press Release

Consumers seeking even more convenient and relevant credit offers will benefit from TransUnion’s latest enhancements to its Mobile Offers NowSM solution. The solution removes barriers and friction by helping consumers secure instant access to prequalified credit offers through a completely SMS-enabled mobile experience that includes prefilling capabilities to simplify and expedite the application.

By simply texting a keyword to a short code, the fast and easy mobile experience allows consumers to immediately find relevant, prequalified credit offers. Consumers can then quickly complete the application process via text, removing a dependency on lengthy forms and traditional application processes.

“A seamless digital experience has become the norm for consumers in many aspects of their life and they are expecting the same experience when choosing and managing their financial relationships,” said Dane Mauldin, chief product officer at TransUnion. “To stay competitive, financial institutions must meet the needs and wants of consumers. Adopting new channels and improving digital capabilities are necessary for attracting and retaining customers who demand access and convenience.”

Mobile Offers Now is powered by a combination of TransUnion DecisionEdge®, and a partnership with iLendx to provide consumers with a secure, fast and easy digital experience. Mobile Offers Now includes the following TransUnion capabilities:

TransUnion DecisionEdge: An integrated suite of decisioning solutions, Mobile Offers Now leverages TransUnion DecisionEdge, coupled with the financial institution’s unique business rules, for real-time identity and credit decisioning.

Find My Offer: For organizations that prefer an online application process, Mobile Offers Now with Find My Offer provides consumers with the same seamless experience through a branded microsite that matches the look and feel of the lender’s website.

Find My Offer Verified Prefill: Integrated with TransUnion’s IDVisionSM suite, this optional capability allows lenders to utilize known information on a consumer for identity verification purposes. Once digital and identity verification are completed, their personal information will be pre-populated for consumers to confirm.

“These enhanced capabilities of Mobile Offers Now offer a benefit to both lenders and consumers. Consumers can streamline their search for credit offers through an easy SMS process and can then quickly complete the application digitally—either online or via text. Meanwhile, this solution enables lenders to process applications faster, realize revenue more quickly, and reduce origination costs. It’s a win-win situation,” added Mauldin.

Steve Rhode
Get Out of Debt GuyTwitter, Facebook

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This article by Steve Rhode first appeared on Get Out of Debt Guy and was distributed by the Personal Finance Syndication Network.

The post Consumers Can Now Apply for Credit Entirely via Text Message appeared first on Personal Finance Syndication Network.

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