Rarely do lenders focus their attention on applicants to whom they have declined credit. This is a mistake, says Sarah Jackson, Director, Equiniti Credit Services. With the right technologies, an attractive and affordable alternative product can be quickly found, so both customer and lender can walk away happy.
No-one likes to be told ‘no’. Even the word itself is irritating. Dressed up in diplomacy, it doesn’t get any better: ‘Your application has been unsuccessful’, ‘Your credit application has been declined’. Both annoying. And not just for the customer, either. A ‘no’ means the lender has also wasted their time. What’s more, for a credit institution that depends on customer relationships, saying ‘no’ isn’t just damaging – it can be terminal. ‘No’ means ‘no revenue’, and no lender likes that.
