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Improved housing market doesn’t lead to improved business credit within construction industry

Posted on Mar 11 2014 by Jordan Takeyama

As a child, one of the things we all learn is cause and effect. If someone is hungry, then they eat food. If someone is tired, then they take a nap. So logically, one can infer that since we are seeing a recovering housing market, more people will want to buy houses, thus creating a need for more homes to be built.

But that’s what makes the findings from Experian’s Q4 Metro Business Pulse analysis all the more intriguing. Although the housing market is showing signs of improvement, the construction industry continues to struggle with below-average business credit health, including a lower-than-average risk score, paying their bills more days beyond contracted terms, had higher bankruptcy rates and had a greater percentage of delinquent debt than other industries.

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Five Truths About Marketing Information Service Providers (aka “Data Brokers”)

Posted on Mar 07 2014 by Tony Hadley

In a world where customized advertising is delivered directly to the right group of people in the most targeted ways, it’s hard to remember that life wasn’t always this convenient.

Because marketing information service providers (aka: “data brokers”) play such an important role in our lives and our economy, I thought I’d share five little-known facts about the marketing data industry.

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FTC’s Proposal for a Central Website for “Data Brokers” Won’t Work…Here’s Why

Posted on Mar 05 2014 by Tony Hadley

The FTC has advocated for the creation of a central website where marketing information service providers (FTC calls them “data brokers”) would be listed, with links to these companies, their privacy policies and also choice options, giving consumers the capability to review/amend the data that companies maintain.

The FTC claims that such a website would bring needed transparency to the practices of companies that are not well-known to consumers. However, the proposal raises many more questions than it answers.

The FTC first discussed this proposal in its 2012 report, entitled “Protecting Consumer Privacy in an Era of Rapid Change: Recommendations for Businesses and Policymakers,” and FTC Commissioners and staff have repeatedly cited the need for a centralized website in testimony before Congress and speeches to stakeholder groups. The proposal was also referenced in December 2013 reports issued by the Government Accountability Office (GAO) and Senate Commerce Committee.

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Consumer trust isn’t just a philosophy, it’s our way of doing business

Posted on Mar 03 2014 by Scott Anderson

Every organization that touches consumer data is responsible for creating and maintaining consumer trust writes Rick Erwin, President of Targeting at Experian Marketing Services, in a recent issue of Direct Marketing News.

Erwin, a direct marketing industry veteran and DMA board member, challenges the data industry at large to adopt strict guidelines and business principles that further consumer trust and effective data stewardship.

Most organizations within the data industry realize the need for greater consumer education around privacy, but how do we address that need and put it into practice? At Experian Marketing Services, for example, we are guided by balance, accuracy, security, integrity and communications, the five tenets of our Global Information Values.

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Car and home buyers underestimate the impact of identity fraud on securing a good interest rate, survey reveals

Posted on Feb 25 2014 by Becky Frost

Most consumers (89 percent) agree that credit plays an important role when buying a home or a car but only 73 percent recognize that identity fraud could affect their ability to get loans with favorable interest rates, according to a new survey from Experian Consumer Services. In addition, more than half of big-ticket purchasers fail to check their credit at any point in the buying process, which leads to surprises when it comes time to close the deal.

“Identity fraud is real and affects consumers at very important times of life,” said Ken Chaplin, senior vice president of marketing for Experian Consumer Services. “In today’s environment, it’s especially important that consumers check their credit regularly to spot signs of fraud, understand better what affects their credit and make decisions that will help them be in the best position possible when it comes time to buy their dream home or car.”

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Experian offers expertise from its Global Consulting Practice to Ser Technology

Posted on Feb 24 2014 by Matt Tatham

Agreement extends Experian data and consulting services to ProAct clients

Experian®, the leading global information services company, today announced an agreement with Ser Technology, developer of ProAct, a Web-based business intelligence consumer lending analysis and data warehousing solution. The agreement integrates Experian’s Global Consulting Practice expertise with ProAct providing SerTechnology’s credit union clients a 360 degree portfolio view, improving efficiency in the delivery of portfolio risk management decisioning.

“We’re excited to collaborate and work more closely with Experian,” said Douglas White, executive vice president of business development at Ser Technology. “Credit unions are overwhelmed with increased risk management compliance burdens as well as executing strategic portfolio risk management strategies. With Experian, credit unions can now leverage ProAct and Experian data and business consulting for strategic portfolio risk management solutions.”

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Experian continues to be recognized for its commitment to financial literacy and consumer education

Posted on Jan 30 2014 by Michael Troncale

Experian North America CEO Victor Nichols recently was recognized by the Consumer Credit Counseling Services of Orange County, California, as its 2014 Community Hero of the Year for his commitment to consumer financial literacy.

Mr. Nichols and Experian are proud to have been honored with this award. Experian has long been committed to consumer financial literacy and removing the mystery surrounding credit reports and scores, and that commitment has not wavered.

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Sundance Film Festival & Finances?

Posted on Jan 17 2014 by Ellen Henderson

Experian is excited to participate in the 2014 Sundance Film Festival in Park City, Utah! We’re lucky to have some great stars stopping by our Experian Coffee Bar to answer some questions about their films. Check out the action on Sundance Channel on the following days and times:

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What’s the rest of your generation driving?

Posted on Jan 06 2014 by Roslyn Whitehurst

Experian’s State of Credit report recently highlighted the credit savviness of four generational groups, and showed how differently they manage their financial obligations. As you’d expect, there were several intriguing findings, so we extended the research to see how these same generational groups would differ when it comes to buying a vehicle.

In a recent analysis of market trends in the automotive industry, Experian Automotive looked at vehicle registrations, and examined the car buying habits of Millennials (up to 32 years old), Generation X (33-48 years old), Baby Boomers (49-67 years old) and the Silent Generation (68-85 years old).

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Has your credit account been compromised? Experian has advice for you.

Posted on Dec 21 2013 by Maxine Sweet

When a criminal steals your account number and security code, they often are planning to use that account to make purchases. Your credit report is not consulted for purchase transactions.

So, in such cases, you should consider contacting your card issuer and request a new account number. At minimum, you should check your account online to see if there has been any activity which you do not recognize.

If the criminal’s goal is to open new accounts in your name, then it is likely that one of your three credit reports would be accessed by the potential lender. In that case, you may want to consider adding an alert to your reports.

Fraud alerts are special statements consumers can have added to their credit report if they have reason to believe they may be a fraud victim or know that they have been victimized.

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Protecting Your Credit history After a Large Data Breach

Posted on Dec 20 2013 by Rod Griffin

News of the Target stores security breach has caused many people to ask what they can do to protect themselves from misuse of their stolen identification information.

The system of fraud alerts that has been in place for decades in the credit reporting systems was designed specifically to help people who are identity theft victims, or have reason to believe they may be, to stop credit fraud resulting from that identity theft.

In the Target incident and similar data breaches, neither a temporary security alert nor a fraud victim statement on your credit report will stop the thief from using your credit card account.

But the alerts may help protect affected consumers from new credit fraud if the identity thief attempts to open new credit accounts using their stolen information.

These services are available at no charge to anyone who is a victim of identity theft, or who has reason to believe they may be a victim:

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Experian Discusses Responsible Information Sharing with Senator Rockefeller, Senate Committee on Commerce

Posted on Dec 18 2013 by Tony Hadley

As Senior Vice President of Government Affairs and Public Policy at Experian, I had the opportunity to testify today before the Senate Committee on Commerce, Science and Transportation. As always, we continue to welcome the Committee’s interest in the marketing data industry.

In the spirit of cooperation, our goal is to help the Committee understand the role our data services play in the economy and in the lives of consumers.

Specifically, here are some key points we have shared to help inform the Committee’s work and interest in better understanding the marketplace:

Experian believes responsible information sharing enhances economic productivity in the United States and provides many benefits to consumers. Economists have stated the manner in which US companies collect and share consumer information among affiliated entities and third parties is the key ingredient to our nation’s productivity, innovation and ability to compete in the global marketplace.

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A holiday gift from the automotive credit world – interest rates at an all-time low

Posted on Dec 09 2013 by Roslyn Whitehurst

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With less than a month left in the year, what does your to-do list look like? Finish holiday shopping? Jotting down your resolutions for the new year? Or perhaps you plan on heading down to the car dealership to take advantage of the great end of year sale offers. If it’s the latter of the three, you might just be in luck, because it’s a very good time to purchase a new vehicle.

According to Experian Automotive’s Q3 State of Automotive Finance Market report, the average interest rate for a new vehicle loan hit 4.27 percent, down from 4.53 percent a year ago. This marks the lowest rate we have seen, since Experian began publicly reporting the data in 2008.

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Experian Named a Top Workplace by The Orange County Register

Posted on Dec 06 2013 by Gerry Tschopp

top-places It was extremely gratifying to see Experian named a Top Workplace by the Orange County Register this week.

No surprise to me. (Though I may be partial.)

To be sure, this is an important milestone. Although we have been part of the Orange County community for 40+ years, this is the first time we have participated in the Top Workplaces Survey. Additionally – and importantly – this was a recognition that was earned by the feedback of our employees who genuinely appreciate their work environment and the Experian culture. That means we, as a company, are putting the right focus on our our employees – or as we prefer to call them, our team members.

It was further gratifying when Steve Churm, vice president of the OC Register and Freedom Communications, said: “The Orange County Register’s top workplace initiative identifies 100 companies that truly understand the essential link between a positive corporate culture and bottom line performance and growth. Experian is one of those great companies in the heart of Orange County that recognize their key assets are their employees, and that their well-being and growth drives Experian’s success.”

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A Glimpse at the Largest Metropolitan Areas’ State of Credit [Infographic]

Posted on Nov 27 2013 by Kristine Snyder

Experian’s fourth annual State of Credit features nationwide data on how four different generations are managing their debts. To provide a more detailed picture of how the nation is faring, we also analyzed over 100 Metropolitan Statistical Areas (MSAs).

Below are two snapshots of average credit scores and debt for the largest metropolitan areas. This study is an opportunity for consumers to better understand how credit works so they can make more informed financial decisions and live credit smart even in the face of national economic challenges. View our interactive map to learn more.

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Average Debt in Largest Metropolitan Areas [Infographic]

Posted on Nov 27 2013 by Michael Delgado

A glimpse at average debt in the largest metropolitan areas …

View interactive map: Experian’s Fourth Annual State of Credit Report

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Credit Scores in Largest Metropolitan Areas [Infographic]

Posted on Nov 27 2013 by Michael Delgado

A glimpse at credit scores in the largest metropolitan areas …

View our interactive map: Experian’s Fourth Annual State of Credit Reportf Credit, 2013

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Money-Saving Holiday Shopping Tips from Favorite Personal Finance Writers

Posted on Nov 26 2013 by Michael Delgado

Do you want to buy gifts for friends and family this holiday season?

Check out these great holiday shopping tips from some of our favorite personal finance writers:

1. Think experience over tangible items

Stay sane. I’m not kidding. It’s so easy to lose control and get wrapped up in the feeling of needing everything. Back up and question each purchase. Especially gifts. By March, very few people even remember what they got in December – so is it worth overspending for? Think experience over tangible items. If you’re going to drop some cash, do a party or a trip. That’s what people recall and often value.

Right now I’m big into Groupon. I love the goods and getaways Amazing deals!

Erica Sandberg is one of the nation’s foremost personal finance authorities. She is editor at large for the Bankrate Inc.‘s subsidiary Credit Card Guide and a columnist and reporter for CreditCards.com

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Greatest Generation Earns More Bragging Rights

Posted on Nov 25 2013 by Editor

This guest post is by Gail Cunningham, Vice President of Membership and Public Relations.

Experian’s recent State of Credit Study revealed that The Greatest Generation has something else to brag about: responsibly managing credit. And that’s no small achievement considering that some of these folks have 50 or more years of credit history under their belt. That’s a lot of on-time payments.

If you fall into the 65+ age bracket, congratulations! You’ve done a lot right. Now let’s keep a good thing going. Here are some tips to help you stay financially healthy moving forward:

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Why Does Generation X Have Lifestyle Envy?

Posted on Nov 22 2013 by Editor

This guest post is from Ted Jenkin, CFP®. Ted is co-CEO of oXYGen Financial and is a top ranked personal finance blogger (www.yoursmartmoneymoves.com). He is a regular contributor to Investment News, The Wall Street Journal, and The Atlanta Journal Constitution.

It’s official. For years and years everyone has labeled my generation (Generation X) the slacker generation. We were the ones that really started on the video game revolution with games like Pong and Atari and now we have relegated ourselves to worst in class when it comes to overall debt.

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Experian’s North American CEO Presented with the Making the Difference Partner Award by the National Foundation for Credit Counseling

Posted on Nov 21 2013 by Michael Troncale

Underscoring Experian’s goal to help consumers and be an advocate for credit education, the National Foundation for Credit Counseling (NFCC) awarded Victor Nichols, CEO of Experian North America, its “Making the Difference” award from their Annual Leaders Conference in Denver.

This prestigious award is presented to organizations that have made significant contributions to assisting consumers with financial literacy, awareness and education, furthering the NFCC’s mission, visions and programs through a national presence.

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Millennials Can Use the Power of Credit Cards for Good

Posted on Nov 21 2013 by Editor

This guest post from Erin Lowry. Erin is the founder of Broke Millennial, where her sarcastic sense of humor entertains and educates her peers about finances. Erin lives and works in New York City, so she’s developed quite the knack for finding deals and free events.

At the tender age of 18 I opened a letter from my bank to find my first credit card. I peeled the card off the letter and took a moment to stare in awe at this powerful little piece of plastic that suddenly offered me access to money.

This was 2007, pre-Credit CARD Act of 2009, when all a college student had to do to get a credit card was head down to the local back — or in some ghastly cases walk through vendor tables set up during orientation days. Students scribbled down their information in exchange for a free t-shirt or water bottle and gleefully received plastic cards that seemingly offered “free money.”

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State of Credit 2013 [Infographic]

Posted on Nov 20 2013 by Editor

The Fourth Annual State of Credit report is Experian’s comprehensive look at nationwide data to determine how four different generations are managing their debts by analyzing their credit scores, the number of credit cards they have, how much they are spending on those cards and the occurrence of late payments.

Additionally, credit scores were examined in Metropolitan Statistical Areas (MSAs) to provide the 10 highest and 10 lowest credit scores in each generation across the nation. The study creates an opportunity for consumers to better understand how credit works so they can make informed financial decisions and live credit smart even in the face of national economic challenges.

Check out the full infographic.

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What do Baby Boomers and millennials have in common?

Posted on Nov 20 2013 by Editor

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This guest post is from Donna Freedman (@DLFreedman). Donna is a former newspaper journalist and staff writer for MSN Money and Get Rich Slowly. Currently she writes for Money Talks News and for her own website, donnafreedman.com.

What do Baby Boomers and millennials have in common? Stereotyping, retirement issues and, sometimes, a residence.

About that last: According to a Pew Research Center study called “The Boomerang Generation,” 29% of adults aged 20 to 34 live with their folks. Which leads us to a two-pronged stereotype: Boomers were overly indulgent parents who never let their kids suffer even a moment of The Sadz, which is why millennials are such an entitled, failure-to-launch cadre.

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State of Credit 2013

Posted on Nov 20 2013 by Michael Delgado

The Fourth Annual State of Credit report is Experian’s comprehensive look at nationwide data to determine how four different generations are managing their debts by analyzing their credit scores, the number of credit cards they have, how much they are spending on those cards and the occurrence of late payments. Additionally, credit scores were examined in Metropolitan Statistical Areas (MSAs) to provide the 10 highest and 10 lowest credit scores in each generation across the nation. The study creates an opportunity for consumers to better understand how credit works so they can make informed financial decisions and live credit smart even in the face of national economic challenges.

Check out the full infographic.

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