Keep declined members engaged and save costs

Published by: Kyle Alford

July 10, 2024 | Industry Supporters

Current statistics on the state of loan applicants are sobering. According to a recent survey from Bankrate, more than 1 in 5 Americans say access to credit is harder today than before the Fed raised rates, and loan rejections (50% of applicants since March 2022) have hurt the majority of denied Americans’ finances. Those with lower credit scores are having a tougher time accessing credit. Credit unions are committed to helping people achieve their financial goals, including helping them improve their financial well-being when they don’t qualify for a loan or other financial products. If your goal is building a pipeline of creditworthy future borrowers, Credit Mountain can help.

Credit Mountain is a white-labeled, digital AI credit counseling platform that can be branded and linked to your credit union’s website. Credit Mountain automates the loan decline process and provides a way to keep those members engaged with your credit union while they navigate a path to a future approval. The traditional method of printing and mailing adverse reaction notices is costly (approximately $1 per decline), burdensome for employees, and impersonal, degrading the member experience.

When you must decline a credit application, Credit Mountain’s Warm Decline platform creates digital Adverse Action Notices that give your members the transparency they crave and the empathetic encouragement to reach their goals with the support of your credit union—and at a cost savings to you.

The Credit Mountain system provides a personalized credit improvement journey for each potential borrower that considers everything from your underwriting parameters to the decline reasons generated by the loan origination system. With automated monthly progress reports, prospects remain engaged and working towards lending readiness. Credit Mountain’s tracking features notify your staff when a member progresses in their journey or reaches a particular target and provide actionable data to transform conversations with your team into lending opportunities.

Book a demo today with Navatros to learn how Credit Mountain can advance your lending goals and reduce costs.

Contact Kyle Alford for questions or assistance.

Kyle Alford
Kyle Alford Director, Business Research and Development E: kalford@ohiocul.org
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