COSTA MESA, Calif.—Experian has unveiled a 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, reported LowCards.com.
There are several ways merchants can set up the Text for Credit option, according to Experian. 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, LowCards.com explained.
“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,” LowCards.com noted.
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,” shared Alex Lintner, Experian’s president of Consumer Information Services, in the LowCards.com report.