Experian Launches Mobile Credit Application Platform “Text for Credit”
Yesterday, Experian unveiled its new Text for Credit platform, which gives consumers a chance to fill out simplified credit applications on their mobile devices. This program can be used on applications for credit cards, store cards, auto loans, and most other lines of credit.
There are several ways merchants can set up the Text for Credit option. They can display a sign, run a commercial, or give consumers the information directly. Consumers can start their credit application by texting a short code (APPLY, CREDIT, etc.) to the number the business provides. If the consumer qualifies for pre-financing, they will receive a link on their phone to complete the next step for the application. Experian will generate a large portion of the application data based on information associated with the person’s phone number.
Experian will verify the applicant’s identity and credit worthiness to provide offers tailored to each consumer. The approval process promises to be fast and efficient. It is designed to give consumers a chance to apply for a store credit card while they are waiting in line at the register.
If a consumer wants to use the line of credit for which they are approved, they can use the temporary account information provided on their phone (usually a bar code). If the approval was for a credit card, a physical card can be issued on location or by mail, depending on the facility’s capabilities.
“Text for Credit means no more paperwork, no more anxious minutes hoping for credit approval and dramatically reduced risk from a paper-extensive exchange of sensitive information,” said Alex Lintner, Experian’s president of Consumer Information Services.