A Syracuse, NY TV station had a “Consumer Reports Money Adviser” fill out a LowerMyBills mortgage inquiry to see what actually happens when some one fills out a forms. Needless to say they reported a sub par experience and complained about “too-good-to-be-true” mortgage offers and the overwhelming amount of phone calls.
“Within an hour lenders started calling him. He was swamped with calls at all hours of the day and night, even on weekends.”
You can read the short article here, but they also complain about the misleading advertising that LMB performs. The humorous part was they claimed they found better options at Bankrate. Most people in the industry know that many of the rates listed on Bankrate are completely off base. I specifically reviewed the lowest rates on the site and there was no possible way that were feasible.
So here is the issue. LMB has been struggling for the last 9 or more months. Quality has been in the crapper for at least that long and they haven’t been able to turn a profit for the last 3 quarters, but they continue to deliver the same quality leads from same crazy banner ads. I mean there is a blog that specifically marks every LMB ad that comes out (and I must admit, they are all pretty creative ads). I get the feeling that LMB is more concerned with producing crazy banner ads than good quality leads. There also seems to be some level of turmoil in the company. We all know that Coffin hit the road a few month ago, but now it seems they are either firing or loosing good sales reps to boot. My LMB sales rep completely fell off the map without any notice. They are still selling leads at half price to a chosen few just to keep them on the network. So what going on over there? Are they so detached from the industry that they don’t here all the chatter and complaints. I kind of doubt that.
I understand that LowerMyBills will be introducing a new product or adding on to their current product with more verified fields in their leads. I have heard that they are planning on verifying the consumers debt, loan amounts, credit scores (which they already do) and other key data points. This obviously makes some sense, especially because have Experian as a their parent company, but will this help increase quality? Sure, I guess on many levels it will, but I think they will continue to fall short.
When is LMB going to focus on changing the way the data is collected and the education of the consumer. Its clear, based on this article that people are not educated on the process and have no idea what to expect. I don’t want to beat a dead horse, but LMB has a chance to revolutionize lead-gen. Will they, I doubt it. I assume they would rather make fun ads and verify data all day long.
The game is changing LMB are you going to change with it?