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Innovations and Payment Systems

TransUnion can prequalify you for a credit card via text

As long as you can install the app and figure out how to sign up, you’ve got it made

Summary

The TransUnion Mobile Offers Now app enables you to receive preapproved credit card offers. It might take you a while to discover how to make it work, but it’s definitely worth the effort.

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According to a report from The Financial Brand, 83 percent of millennials say they would switch banks for a better digital experience when applying for a product.

But you don’t have to be a millennial to want to dump the been-there-done-that credit-application experience of the last millennium.

Now there’s a faster way to find tailored offers and apply for credit.

Thank goodness, because time is still money and I hate the redundancy of cutting and pasting my information to apply for credit.

Nonetheless, I still want lenders to provide relevant offers via a streamlined and secured application process.

The solution

Enter Mobile Offers Now, an app that leverages TransUnion’s existing Find My Offer platform, which is a micro-site branded to lenders’ websites that presents consumers with relevant, prequalified offers.

Mobile Offers Now goes one step further, enabling consumers to instantly access prequalified credit offers via a text message.

Not only does the program benefit consumers, but it also helps lenders process applications faster, which translates into reduced origination costs and faster revenue realization.

See related:  Experian offers a way to boost your credit score in real time

The sign-up

Actually signing up for Mobile Offers Now was pretty easy.

Finding out how to sign up? Not so much.

I took the approach of a consumer who knew absolutely nothing about the app but was interested in giving it a try.

I looked for the TransUnion app in the Apple app store but found more than one. My goal was to download the right one the first time.

So I called TransUnion customer service and got connected to its center in India. The person who was trying to help me had no idea what I was talking about when I asked him about the Mobile Offers Now program.

I waited to speak to a supervisor, who connected me to a U.S. representative, who was equally unenlightened about the program.

So far I had spent almost an hour listening to a lot of dead air on hold. This was not a good first date.

How was it possible that no one knew about Mobile Offers Now?

The U.S. representative suggested I contact the online customer service number, but she couldn’t connect me — I had to do it myself.

The TransUnion online representative said I could sign up for the program online. Nope.

Finally, I caved and just downloaded one of the TransUnion apps available on my phone.

Bingo — I chose the right one!

That said, my trip to the app store was unfortunately eventful.

The download gave up and then my choice security question froze the process entirely.

I called customer support again. Apparently, I needed to sign up online before I could download the app, which sounded wrong to me.

It was.

I called back again and the next representative said that the app was “currently being updated” and that he had “no idea when it would be available.”

A couple of days later I was finally able to download the app.

I had to submit a lot of personal information to get it installed, but once I was done, I was able to access Mobile Offers Now.

How it works

I must admit I was a bit apprehensive about using Mobile Offers Now, but I pushed through and gave it a try.

To start, I had to enter a code and verify my identity by texting the last four digits of my Social Security number.

And voila, I got a text congratulating me on a card offer for which I was prequalified — all I had to do was text “Yes” to apply.

It was a really good offer for the Capital One Savor Cash Rewards Credit Card, so I went for it.

I had to provide my income (so the lender could determine my credit limit, a text informed me), my email address and answer whether I owned or rented my home.

I immediately got a text stating my credit limit on the new card and confirming that it was already on its way.

There was a number to call if I had any questions. Naturally, I had none, since my card was already winging its way to me.

See related: Will companies ever stop using your Social Security number as an identifier?

The overall experience

Once the app downloaded and I signed in, the process was incredibly easy.

And it’s great getting offers that you’re prequalified for because it literally takes seconds to “apply.”

So yes, TransUnion’s promise of a seamless experience proved true, but finding out about the program was definitely not seamless.

If the company wants to promote the app, it must get all of its customer service representatives — stateside and not — up to speed on what it is, how it works and how to sign up.

In this age of instant information, consumers typically aren’t willing to have to dig so deep to find out about a program — they’ll simply move on to the next.

What’s up next?

In Innovations and Payment Systems

Moving toward a cashless society with peer-to-peer payments

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Published: April 12, 2019

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Credit Card Rate Report Updated: May 19th, 2019
Business
15.61%
Airline
17.50%
Cash Back
17.60%
Reward
17.62%
Student
17.79%

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