Tracking withdrawn apps using credit bureau feed
Tracking withdrawn apps using credit bureau feed

Analyzing Withdrawn Applications to Capture Lost Opportunities

Implement a tracking system that utilizes credit bureau feeds to monitor the status of withdrawn loan applications. This system identifies whether a borrower who has withdrawn an application from your institution subsequently secures a loan elsewhere. By integrating credit bureau data, the system can promptly flag any new loans taken by these applicants, providing lenders with insights into the reasons for withdrawal and the types of offers competitors are making.
This tracking enables lenders to analyze the causes behind application withdrawals and the extent of lost business opportunities. With detailed reports on these trends, financial institutions can refine their loan offerings, adjust marketing strategies, and enhance customer engagement tactics to prevent future losses.
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