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Credit Plus has announced the availability of its Lost Sales Analysis by Equifax, a new product that helps lenders gain a better understanding of the applicants they’ve lost, who they lost them to, and why. It provides loan-level competitive intelligence that can help them maximize their marketing ROI, while improving closing rates and customer retention. Lost Sales Analysis is a product of Equifax Inc., and Credit Plus is a certified reseller.
With the detailed data contained in the Lost Sales Analysis, lenders can determine if their applicants closed their loans with a competitor, monitor portfolio run-off trends, and assess pipeline fallout. The specific output contained in the Lost Sales Analysis includes:
►Name of the lender associated with the lost sale
►Characteristics associated with the consumer’s new loan, such as the origination date and amount, loan type, estimated balance, purchase price, sale amount, and more
“Our Lost Sales Analysis helps marketing and sales teams determine where leads went and why. And, those with roles in origination and production will be able to clearly see what happened in the pipeline to cause the lost sale,” said Greg Holmes, national director of sales and marketing at Credit Plus. “At the same time, those responsible for portfolio retention will be able to learn why existing customers left. In the end, loan operations will gain the intelligence they need to find out where their lost sales went so they can try to retain them going forward.”