Equifax introduces new data tools

Share this content:

Equifax Inc. has unveiled two new tools at the DMA 07 Conference & Exhibition. List segmentation tool ValueScore was introduced on Monday, followed by Equifax TotalSource XL Emerging Market on Tuesday.

ValueScore combines prospecting data with a segmentation model based on Equifax's consumer database. The database combines demographic and lifestyle profiles to pinpoint prospective customers with good payment behavior. The system does not use individual credit data, it permits marketers to order any list for likelihood of payment or of approval on an invitation to apply a marketing offer.

"For example, if you have a prospect list, and you have a budget to mail to a certain quantity of names, you can figure out within that list who are the names that most meet your target," explained Peter Zajonc, senior director of analytic consulting for Equifax. "That list can be appended with Equifax ValueScore. It's a tool that can be used to pare down your list so that it's focused in on your target so it makes the most sense with the offer that you're making."

The system ranks consumers on 12 ValueScores, which range from high-value prospects to low value. Equifax executives hope that the system will help marketers target people who were previously rated too low-value to mail but who are now more promising.

TotalSource XL Emerging Market, which can be used in conjunction with ValueScore, provides consumer selects such as demographics, lifestyles and behavioral attributes to help lenders identify households in need of financial products. The data that Equifax uses for both tools is updated every six weeks.

Equifax will promote ValueScore primarily among Invitation to Apply credit marketers and other financial institutions.

"Many financial institutions are turning to marketing offers such as invitation to apply, but they need to find people that are going to be approved," said Zajonc. "Consumers go in, and they don't get approved, and it's a waste for the credit card issuing company because they have not targeted the right name. Now, they can refine targeting and reinvest a portion of their mailing budget that would have been directed at this target to target the best names." TotalSource should help marketers identify households in transition, he added, such as young couples, new movers and young professionals.

"The growth opportunity is focused on emerging markets," said Zajonc. "Response rates are falling on direct financial offers; credit cards have to find who is risk-worthy in new markets and get at the consumer that is newly forming."

Equifax, based in Atlanta, GA, provides credit intelligence, portfolio management, fraud detection marketing tools and other services to businesses worldwide.

close

Next Article in Data/Analytics

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above