TRANZACTIONS - DATA STRATEGIES FOR FINANCIAL SERVICES MARKETERS

Direct Marketing Success Begins with a Good Data Provider - Part 3

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In my first two posts on this subject, I covered the importance of considering the following factors when choosing a data provider:

• Multi-sourced data aggregation strategy
• Thorough data hygiene practices
• Flexible data access and delivery system
• Availability of data optimization tools
• Industry experience

In this post, I will focus on the following additional evaluation factors: frequency of data updates, FCRA compliance support and focus on innovation.

Factor #6: Frequency of Data Updates
Staying on top of the most recent information is a challenging task, but one that should be of the utmost importance to all data providers. The delivery of timely information is one of our top priorities, as you can see by reviewing our update policies below:

• Daily Updates - Equifax and TransUnion daily inquiry triggers (and their respective phone numbers)
• Weekly Updates - Experian and Equifax weekly inquiry triggers, bankruptcy records
• Monthly Updates - all other data sets

Factor #7: FCRA Compliance Support
Navigating the requirements of the Fair Credit Reporting Act (FCRA) can be a daunting task. Marketers leveraging our tri-bureau prescreen credit database will appreciate the FCRA support offered by our Client Services team. While we do not offer legal advice on how to comply with the mandates set forth by the FCRA, we do have a full-time team that is not only well-versed on the topic, but also well-equipped with support collateral that can provide directional support with FCRA compliance.

Factor #8: Focus on Innovation
Finding a company that is committed to keeping you ahead of the curve through the development of innovative data strategies is vital to an organization's ability to achieve award-winning success with their direct marketing efforts. At Tranzact Information Services, we are fanatical about our commitment to innovation, as we see a direct correlation between our customers' success and our own. You can learn about one of our latest innovations, Loyalty Assurance, in the post entitled: "Customer Retention is a Sticky Issue".

I hope you have found this series of posts helpful in providing you with some valuable insight into what you should (and can) expect from your data provider. As always, we invite you to learn more about our capabilities by calling us at 888-707-7600!