Finance Decline Rates and Credit Correction

[Ryan @ RS Data Tech 0]

Hello everybody, I just wanted to introduce myself on behalf of RS Data Tech, as I'm currently looking for new partners in the motor retail sector. It's not a sales pitch (I don't want your money!), I'm literally looking to invest in new partners by paying them to become an affiliate.

(Mods - if this isn't allowed here, please feel free to move/delete)

Essentially I've been given a budget to expand our partnership network; we own a credit-correction product, UK Credit Ratings. This product allows customers to dispute errors on their credit report, and as around 30% of all UK reports have at least one error, we can clean these files and send the customer back into the marketplace. A lot of dealerships send their declines to us, we clean the file, the customer is sent back to buy the vehicle now he/she has a higher credit rating.

We work with big and small names. It's mutually beneficial, and a great way of facilitating growth/scaling. For large dealerships, it improves core business, increases conversion and generates a secondary revenue. For smaller operations, it's a bit of extra cash, every month, to help you buy more leads, more stock, or to pay your overheads.

I'm happy to chat here (if I'm allowed!) to help anybody out or provide more details. If you're interested in becoming a partner, feel free to email or call: rjessop@rsdatatech.com, 0161 914 5595.

Ryan

 

[trade vet 702]

Hi Ryan.   Typical scenario -prime finance customer.Let’s say we have a repeat prime finance customer who gets declined.When we inform him ,he then volunteers that it must be because he has taken out one Wonga pay day loan but which he had promptly repaid.So we then send you his details on his behalf.I would be interested to know (if possible )how much you may charge for the service,who pays and what guarantees you give in order to correct his credit rating. Also and most important ,how long does it take....Thank you.

[It's me 615]

21 minutes ago, trade vet said:

Hi Ryan.   Typical scenario -prime finance customer.Let’s say we have a repeat prime finance customer who gets declined.When we inform him ,he then volunteers that it must be because he has taken out one Wonga pay day loan but which he had promptly repaid.So we then send you his details on his behalf.I would be interested to know (if possible )how much you may charge for the service,who pays and what guarantees you give in order to correct his credit rating. Also and most important ,how long does it take....Thank you.

you forgot to ask why owen left too

i knew i could depend on you to ask the relevant questions

[trade vet 702]

2 minutes ago, boring dave said:

you forgot to ask why owen left too

i knew i could depend on you to ask the relevant questions

Owen ?

[EPV 631]

I’m not sure on the worth of this. 

30% of credit files have one error. Some of those errors may not actually prevent a loan being offered. 

How many of the 30% are looking to buy a car? 

And then how many are looking to buy on finance?

 

[It's me 615]

Just now, trade vet said:

Owen ?

the only british director listed at ch

[Ryan @ RS Data Tech 0]

46 minutes ago, trade vet said:

Hi Ryan.   Typical scenario -prime finance customer.Let’s say we have a repeat prime finance customer who gets declined.When we inform him ,he then volunteers that it must be because he has taken out one Wonga pay day loan but which he had promptly repaid.So we then send you his details on his behalf.I would be interested to know (if possible )how much you may charge for the service,who pays and what guarantees you give in order to correct his credit rating. Also and most important ,how long does it take....Thank you.

Hi Trade Vet! 

No problem, let me see if I can give you more info.

They key to our product lies in an effective customer journey (we build it if it doesn't exist) using auto-responder emails, 'thank you' pages and decline emails, as well as larger integrations on websites should you receive most of your traffic via your website.

If Customer A gets declined, you send a decline email which features our integration (mock-up example attached), advising them that they can sign up to a free trial of our product to view their file and find out why they were declined. We pay a fee to you, per free trial sign-up. You don't pay us anything.

Around 30% of all UK credit reports contain at least one error or duplication, so sometimes a customer can be declined through no fault of their own. Once we have the customer, we clean any errors and duplicates via a dispute centre, and send them back into the marketplace with a higher score.

When a dispute is raised, the provider has 28 days to respond to the dispute. If no resolution is reached after 28 days, the disputed item is wiped from the credit file, regardless of if it is an error or not! Usual time to successfully dispute an error is between 3 and 28 days. But it's worth noting that during this time, Customer A isn't going to get his finance anywhere else, at least not at affordable rates. Maybe the vehicle he enquired about has now been sold - no worries, at least you get a second bite of the cherry by contacting him via email/phone call to try again now that he has a better credit score.

Secondly, we integrate with other clients that don't ever have to worry about declines, purely to monetise areas of their webpage. Think of the decline email attached, but instead, responding to an enquiry via the website. "Thinking of car finance? Check your credit report now." etc. If a customer clicks and signs up, you get paid!

Hope that all makes sense.

[justina3 518]

Couldnt a customer just raise the same dispute with experian or the million other credit agencies offering free this and free that to sign up, your approach is different i will give you that and a unique approach to target dealers to get to your end customer but just how big is that market i wonder cant see it being that big.

 

 

[Ryan @ RS Data Tech 0]

19 minutes ago, EPV said:

I’m not sure on the worth of this. 

30% of credit files have one error. Some of those errors may not actually prevent a loan being offered. 

How many of the 30% are looking to buy a car? 

And then how many are looking to buy on finance?

 

Hi EPV,

Yes - around 30% from our research. It would be unprofessional to mention our clients by name, but we work with some very large and reputable manufacturer groups, motor listing sites, lenders, finance brokers, etc. They tend to see an increase in core business, and obviously the revenue generated is attractive too.

Errors usually take form of duplicate 'footprint' searches (multiple insurance search hits) which can be trimmed, for example, from 21 searches to 2 searches. That would positively influence the credit score and possibly introduce more favourable repayment terms, depending on your book of lenders.

If a customer comes in for finance, and doesn't have any errors, our product's portal is geared towards empowering and educating the customer how to positively influence their credit rating. We also offer real-time data and a full report, instead of the usual 'health bar' and data that can be up to 30 days old. All of these assets combine to produce a more responsible, savvy consumer.

 

[EPV 631]

I see. 

But I want a reckless, foolhardy consumer who throws caution to the wind and takes a £10k car on a 6 year term with no deposit? 

[Ryan @ RS Data Tech 0]

5 minutes ago, justina3 said:

Couldnt a customer just raise the same dispute with experian or the million other credit agencies offering free this and free that to sign up, your approach is different i will give you that and a unique approach to target dealers to get to your end customer but just how big is that market i wonder cant see it being that big.

 

 

Hi Justina,

We offer a dispute resolution (only offered by Noddle, currently) and, uniquely, a dedicated team of customer service advisors available 7 days a week. We offer a dedicated optimisation manager to our partners, design all creatives, pay revenue and we don't sell your customers data, unlike the aforementioned credit rating products. Our business model is different for a reason (we prefer affiliates/partnerships as opposed to selling data and TV commercials) but we still have around 10,000 new customers every month, to give you an idea of scale.

[Stephen 21]

I had issue on clear score raised a complaint, that went to Experian with a log in and was all resolved in 3/4 days. Couldn't fault them

[EPV 631]

How is this all regulated? I thought only certain organisations could edit credit files? 

[Ryan @ RS Data Tech 0]

16 minutes ago, Stephen said:

I had issue on clear score raised a complaint, that went to Experian with a log in and was all resolved in 3/4 days. Couldn't fault them

ClearScore use Equifax - may I ask, did they ask you to fill out a dispute form? They usually direct the customer to fill out a dispute form and approach the bureau. We do that on behalf of the customer - with multiple errors it just becomes a huge pain for the customer.

15 minutes ago, EPV said:

How is this all regulated? I thought only certain organisations could edit credit files? 

Fully authorised and regulated by the FCA. Our bureau partner is TransUnion (formerly CallCredit), and we have an agreement to use their data for credit rating purposes.

 

_____________________________________________________________________________________________________________________

Feel free (to everyone) to email/phone me directly if you'd be interested in partnering with us. I can have a look at volume, customer journey and perhaps provide some commercials and mockups for you.

My only caveat (goes without saying!) is to partner with responsible, diligent traders that treat their customers fairly (obviously we have a vetting process). If you're SME, we can grow together, if you're another Sytner or Lookers, we can give you a cash injection and help you get more customers through the door.

Edited September 20, 2018 by Ryan @ RS Data Tech
separate posts

[trade vet 702]

5 minutes ago, Ryan @ RS Data Tech said:

ClearScore use Equifax - may I ask, did they ask you to fill out a dispute form? They usually direct the customer to fill out a dispute form and approach the bureau. We do that on behalf of the customer - with multiple errors it just becomes a huge pain for the customer.

Fully authorised and regulated by the FCA. Our bureau partner is TransUnion (formerly CallCredit), and we have an agreement to use their data for credit rating purposes. 

Hi Ryan.  All clever stuff,sounds good to me,these LA guys are ‘switched on’.We call the rejections  ‘chucky duffers’ over here,what do you guys call them.?

[Ryan @ RS Data Tech 0]

7 minutes ago, trade vet said:

Hi Ryan.  All clever stuff,sounds good to me,these LA guys are ‘switched on’.We call the rejections  ‘chucky duffers’ over here,what do you guys call them.?

Haha! I’ve come across the term before, I had no idea what it meant.

I’m based in our Manchester office but I’ll have to ask our American colleagues tomorrow. Our UK team is a mixture of Manchester-based and, naturally, Californians!

I joined the company as a BDM for that reason. The US guys have made a great product, and I don’t have to sell - I just make sure that we have great consultants that partner with the right people.

[justina3 518]

45 minutes ago, Ryan @ RS Data Tech said:

Hi Justina,

We offer a dispute resolution (only offered by Noddle, currently) and, uniquely, a dedicated team of customer service advisors available 7 days a week. We offer a dedicated optimisation manager to our partners, design all creatives, pay revenue and we don't sell your customers data, unlike the aforementioned credit rating products. Our business model is different for a reason (we prefer affiliates/partnerships as opposed to selling data and TV commercials) but we still have around 10,000 new customers every month, to give you an idea of scale.

Ten thousand customers a month cant complain about those numbers do they all come via dealers or do you offer your services direct to customers if so do you mind sharing the details. 

 

[Ryan @ RS Data Tech 0]

17 minutes ago, justina3 said:

Ten thousand customers a month cant complain about those numbers do they all come via dealers or do you offer your services direct to customers if so do you mind sharing the details. 

 

No worries at all - my details are at the top, feel free to get in touch if you want to explore options. I can arrange a call back or email exchange.

We partner in any sector where consumer credit/credit checks are offered, mainly motors, property, loans, insurance, retail. We work directly with the customer, but the partners refer, in return for a monthly revenue based on CPA.

Edited September 20, 2018 by Ryan @ RS Data Tech

[Ryan @ RS Data Tech 0]

Once again, thanks for the responses to this, everyone. We've had a couple of enquiries already and I'm looking forward to seeing if we can build new partnerships.

If you want more information or would like to get in touch, please feel free to contact me on 0161 914 5595 or rjessop@rsdatatech.com. From that point forward, I can share details of some of the bigger names that we work with and tell you more about increased finance conversion, and, more importantly, how much I can invest in your business!

Let's talk soon!

Ryan