How to Use Credit Bureau Data for Targeted Marketing

You’re always looking for ways to reach out to your existing customers and prospects to offer them the best products and services to meet their needs – whether that be credit cards, auto loans, personal loans, home equity lending, and more. One way to do this is to use credit bureau data to develop targets your marketing efforts. Credit bureau data provides a wealth of information on your prospects’ credit history, utilization, payment behavior, and credit scores, which can help you target those who are most likely to respond.

Segment Your Audience

Credit bureau data allows you to segment your target audience based on their credit scores, payment history, and other factors. By segmenting your audience, you can tailor your marketing messages to their specific needs. For example, you may want to offer credit monitoring services to those with lower credit scores, while offering credit cards with lower interest rates to those with higher credit scores.

Offer Personalized Recommendations

Credit bureau data can also help you offer personalized recommendations. By analyzing your audience’s credit history and payment behavior, you can recommend products and services that best meet their needs. For example, if they have a history of late payments, you can exclude them from your credit card campaigns or offer them a credit card with a lower interest rate and automatic payment reminders to help them avoid late payments in the future.

Create Targeted Campaigns

With credit bureau data, you can create targeted marketing campaigns that are designed to appeal to specific segments of your audience. For example, you may want to target a segment with high credit scores who are interested in travel rewards, offering them a travel rewards credit card with a high credit limit and bonus points for signing up.

Monitor Customer Behavior

Credit bureau data can also help you monitor your audience’s behavior over time. By tracking changes in their credit scores and payment behavior, you can adjust your marketing messages to better meet their needs. For example, if a target’s credit score improves, you can offer them a higher credit limit or a credit card with better rewards. If an auto loan gets paid off, you can make an auto loan offer.

Using credit bureau data to market to your customers can be a powerful tool for banks. By segmenting your audience, offering personalized recommendations, creating targeted campaigns, and monitoring behavior, you can offer products and services most relevant to the needs of your target audience.

If you want to supercharge your credit card  and loan marketing, Syntropy Group can help! We have a long track record of using data helping banks and credit unions achieve predictable, sustainable growth. Email us at growth@syntropygroup.com to see how we can help you make the most of your marketing efforts.