LEADCRITICLendingTree Takes Steps in Securing Their Network.
Filed Under: LeadIdentity, featured, LendingTree
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Hopefully this will be the last LendingTree post for a while, but amongst all the drama last week LendingTree announced its plan to implement a lead identification code to all their leads. No this is not LeadIdentity, which it would be much better if it was because of the fact that LeadID is generated by a third party, but the concept is similar.
Quite simply, LendingTree will be passing a certain portion of the lead ID that is already created to the consumer which will then ask the matched loan officers to verify. There obvious goal is to enable consumers to justify the legitimacy of the companies calling them. If a bank calling the consumer cannot verify the number then the consumer will be encouraged not to speak with them.
The idea is great, but is flawed in how it is being implemented. The issue with LT’s recent data breech was do to unscrupulous employees, not a hack into the system. I am not completely familiar with the data that is included with a LT lead and who has access to that data, but I would imagine that an insider would also be able to obtain the lead ID information as well. Plus, if it is already included in the lead and is now simply going to be passed to the consumer, anybody stealing the lead would have this information too.
It now seems that Mr. Patel’s LeadID organization is even more important then ever. I really hope that LeadID becomes the norm in our industry for the sake of the consumer.
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Dan | Apr 28, 2008 | Reply
I like this idea. Give the consumer the ID. It would be great if the ID were match/lender specific as well.
Ryan | Apr 29, 2008 | Reply
I think that verifying leads in this manner or the way that lead ID does, will be the norm in the industry someday in the near future. As the lead gen industry becomes more known to the everyday web user, the ID process will probably grow more popular.
skeptic | Apr 29, 2008 | Reply
I’m not sure a 3rd party verification system is what’s necessary. As long as lead providers are willing to share their internal lead ID that they generate with the consumer, and that ID identifies who the lead was delivered to, that consumer is somewhat protected. How about an email to the consumer with the 4 lead ids and the name of the institutions their lead was delivered to. That would absolve that lead provider from a lot of liability.
Also, a 3rd party lead ID does not prevent anyone from stealing or copying and selling leads to another broker / organization. Lead theft, and the lead black market will continue and borrowers will bear the brunt of that. All LendingTree and others can actively do is better inform their consumers who they are sending their lead to and a way to verify with that broker/bank that they are the rightful owner of that lead.
This is something that the lead providers can implement in short order without any need for new technology. With the new voice technologies out there, you can even automate a call to the borrower after they complete the form with a recorded message that would greet the borrower and let them know who should be calling them. Every time a lead is distributed, another notification (email or vmail) can go out to the borrower.
That’s really it. Let’s not complicate something that doesn’t require it.