Tweet In Experian’s recent State of Credit study which analyzes credit scores in more than 100 cities, Minneapolis took the number one spot, with an average VantageScore® of 787. The Midwest dominated the top 10 spots in the rankings and Wisconsin consumers continue to demonstrate their credit savvy, with four of the state’s metropolitan areas [...]
Tweet The average bankcard balance per consumer in Q2 2012 was $4,170, which is 4 percent higher when compared to the same quarter of the previous year. VantageScore A and VantageScore B tiers (super prime and prime) saw bankcard balances increase by 31 percent and 11 percent respectively, while all other VantageScore® tiers experienced annual [...]
Tweet Loans to customers in the nonprime, subprime and deep-subprime credit risk tiers accounted for more than one in four new vehicle loans in Q2 2012. With 25.41 percent of all new vehicle loans opened by customers in the nonprime, subprime and deep-subprime credit risk tiers, loans for this group were up 14 percent when [...]
Tweet Mortgage delinquencies continued to reach multi-year lows with the delinquency rate for those 60 plus days past due falling to 4.68 percent in Q2 2012 compared to 5.04 percent for the same quarter last year. The decline may be the result of lenders further tightening their criteria, as the average VantageScore® credit score for [...]
Tweet With mortgage interest rates at historic lows, the risk of attrition and its impact on ongoing revenue has become a paramount concern for credit unions. By implementing an automated trigger program as part of its member retention efforts, one credit union was able to improve retention rates and grow its portfolio – achieving a [...]
Tweet When it comes to short sales, a status of “account paid in full for less than full balance” or “settled” will still have a negative impact on a credit score because it means the debt was not paid in full as agreed. According to VantageScore Solutions LLC, a mortgage loan settled through a short [...]
Tweet Total balances of automotive loan portfolios rose for all types of lending organizations in Q2 2012, reaching $682 billion, compared with $646 billion in Q2 2011. Despite this strong growth, overall loan balances still lag behind prerecession levels. In Q2 2007, outstanding loan balances reached $701 billion. The average 30 and 60 day delinquency [...]
Tweet The Experian/Moody’s Analytics Small Business Credit Index edged up 0.9 points in Q2 2012, to 104.1 from 103.2. High-level findings from the Q2 report show that credit quality will be slow to improve in coming months, and threats to consumer confidence and spending have become more prominent. Business confidence is in line with an [...]
Tweet Some borrowers who are deemed subprime by traditional credit scoring criteria are actually quite creditworthy and are identified as prime or near-prime consumers when using the more inclusive VantageScore®. Based on a VantageScore Solutions’ study of infrequent users of credit, 15.5 percent were found to have either prime or super-prime risk. In addition, among [...]
Tweet Consumers want to hear about data breaches – Eighty five percent of respondents in a recent study say learning about the loss of their data is pertinent to them. However, when they do, 72 percent indicated that they are dissatisfied with the notification letters they receive. Companies need to take note of these findings [...]
