In the U.S, it is estimated that revolving debt tops over a trillion dollars. This presents a huge opportunity for lenders, yet credit unions hold only a 6.1% market share. How can your credit union get a bigger piece of that pie? A proactive credit line increase may be the answer.
2020 Analytics offers credit unions a low stress, efficient credit line increase solution.
2020 does the heavy lifting by analyzing your cardholder data, supplementing that data with credit attributes obtained directly from the credit bureau. Our proprietary model identifies members that qualify for a credit line increase. All that is left is to notify your cardholders of the good news.
Compliance Issues – Check!
In this business, compliance and regulations come with the territory. 2020 has helped hundreds of credit unions navigate the regulatory hurdles that come with a credit line increase analysis. Specifically, 2020 helps you quantify ability to repay to comply with Reg Z.
A proactive credit limit increase is a win for your members and a win for you.
Many consumers have cards that they prefer but carry an inadequate credit limit. Rather than request a credit line increase, they simply pull out a different card. Increasing your members’ credit lines proactively grant them the purchasing power they need without the friction of submitting a request.
For you, performing a Credit Line Increase analysis is one of the easiest ways to capture additional value from current members.
2020 Analytics has performed hundreds of credit line increase campaigns. Call Report data shows that credit unions who implemented a proactive credit line increase powered by 2020 Analytics saw a 29.2% growth in their credit card portfolio; twice as fast as other credit unions.
Do you want to better serve your members while growing your credit card portfolio? Learn more about 2020’s proactive credit line increase program. Request a DEMO today.
Twenty Twenty Analytics Blogger