Bankcard origination volumes increased by 21 percent from the same quarter one year ago

Posted on Sep 18 2013 by

An Experian analysis of bankcard trends from Q2 2013 showed a 21 percent year-over-year increase in bankcard origination volumes, equating to $12 billion increase in new bankcard limits issued. Other insights offered by Experian, the leading global information services company, include record lows in early-stage bankcard delinquencies.

Bankcard originations continue to track with the recovery in terms of steady growth. While we may never hit the volumes we saw in 2007, the consistent growth rates that we are currently seeing in bankcard originations signal that the market is coming back online.

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60 Minutes Story: Misleading Representation of Credit Reporting Industry

Posted on Aug 26 2013 by

As you may have seen, 60 Minutes ran a story on the credit reporting industry tonight, and unfortunately, much of the story was inaccurate and misleading.

As we said when it first aired, many parts of the story did not accurately reflect the facts that have been validated by independent third party studies, the industry’s position or Experian’s position. As such, we would like to clarify our industry position and specific allegations about Experian’s practices.
>> Read More

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How to Get Out of Debt in 5 Steps

Posted on Aug 09 2013 by

This guest post is from Benjamin Feldman (@BWFeldman), writer and content strategist at ReadyForZero.com, a company helping people get out of debt.

Is personal debt an impossible problem to fix? No way! Thousands – actually, millions – of people across the U.S. are struggling with personal debt right now, but the situation is not hopeless for any of them.

I know, because just last year I was one of them. In January of last year, I had over $3,000 in credit card debt and a vowed to get it paid off before the year was over. I’m grateful that I was able to accomplish my goal and along the way I learned a few things that can help others who are still on their way to being debt free. If that includes you, keep reading to learn the 5 steps that will help you get out of debt:

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Experian Releases Findings from its New Metro Business Pulse Analysis

Posted on Jul 22 2013 by

metrobizpulseblog

 

 

 

 

 

 

 

 

 

 

 

You’re sitting at home thinking about opening up a new business…maybe you’re just planning on relocating an existing office…or maybe you’re looking to do business with a new vendor. Whatever the situation may be, you have to ask the question, which cities are primed for new business opportunity? Where are businesses performing at a high level? Are businesses in City A paying their bills faster than City B?

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National credit default rates hit post-recession low in June 2013

Posted on Jul 19 2013 by

The past several years have been somewhat of an uphill climb for our country’s economy and this has impacted the default rates for consumer credit. However, now that we’re out of the recession, consumers are managing their credit back to pre-recession levels.

In June 2013, the S&P/Experian Consumer Credit Default Indices, a monthly comprehensive measure of changes in consumer credit defaults, showed that default rates have fallen at a national level, as well as, in all four major buckets it tracks including, bankcard, auto, first mortgage and second mortgage. Additionally, the national composite and first mortgage defaults rates hit new post-recessions lows at 1.34 percent and 1.23 percent, respectively.

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Public Sector: Study shows growing need to validate benefit determinations

Posted on Jul 02 2013 by

A recent study conducted by the Governing Institute and commissioned by Experian confirms that government benefit agencies can greatly improve their eligibility verification processes through automated data analytics.

Historically, assorted health and human service programs have been compartmentalized, with each benefit agency having its own data collection system, eligibility requirements and program rules. The technology to streamline processing by allowing one agency to match its data against other content repositories, though available, has not been in place. The result has been frequent re-entry of information causing processing delays, slowing response time and increasing manual labor costs. These shortcomings have limited agencies’ ability to detect and combat fraud.

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Experian Consumer Services Honored with the Best in Class Call Center Award

Posted on Jun 26 2013 by

Experian Consumer Services (ECS) was recognized as the winner of the “Best in Class Call Center” category at the industry-leading Call Center Excellence Awards at the recent Call Center Week’s Awards Luncheon.

The winners were announced by CustomerManagementIQ.com, a division of the International Quality & Productivity Center (IQPC), in front of 1,200 customer service executives at the 14th Annual Call Center Week, the largest, most comprehensive call center event in the world.

The Experian Consumer Services call center is comprised of hundreds of employees who deliver a personalized experience assisting customers with credit- and identity theft-related issues. The center is built on the philosophy of E3: Exceptional Experiences Every time, which allows the team to retain internal and external customers, attract large partners and drive continuous improvement at every touch-point.

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5 Tips to Avoid a Financial “Burn” On Your Summer Getaway [Infographic]

Posted on Jun 19 2013 by

Summer officially arrives on June 21. The busiest travel season of the year is on the horizon, and freecreditscore.com™ wants to help travelers mitigate post-vacation credit debt that can impact their credit long after a vacation ends.

Here are five tips to avoid the pitfalls of a post-vacation credit sunburn:

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Bankcard and mortgage originations kick off the first quarter with double-digit year-over-year growth

Posted on Jun 13 2013 by

Further evidence of economic recovery throughout the nation, an Experian trends analysis of new mortgages and bankcards from Q1 2013 showed a 16 percent year-over-year increase in mortgage origination volume and a 20 percent increase in bankcard limits. Other insights offered by Experian, include evidence of a strong rebound in the Midwest as well as unprecedented lows in bankcard delinquencies.

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Experian helps World Omni design, test, execute and continuously improve its automotive finance decision strategies

Posted on Jun 06 2013 by

Experian has provided World Omni Financial Corp. (World Omni) with a flexible decision management solution based on its PowerCurve™ and Attribute Toolbox™ software that will streamline the processing and decisioning of automotive finance applications.

“We needed a decision management solution, and Experian could deliver cost-effective, robust technology that quickly and seamlessly integrated with our loan origination system. This tool will enable us to grow our automotive finance business,” said Bill Shope, vice president of Portfolio Management at World Omni Financial Corp. “The solution also needed to be flexible enough to provide us with long-term support and growth capabilities as customer needs and market dynamics change.”

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To Buy, or to Lease? … That is the question.

Posted on Jun 04 2013 by

Most people shopping for a new car ask themselves that question all the time. In fact, there are many questions that surround whether to buy or lease a vehicle. What are the benefits of one over the other? Would my payment be lower if I leased? What if I decided to buy the car after, would there be a penalty?

Recently, these questions became very real to me when I found myself having to shop for a new car following the untimely death of my husband’s previous vehicle. The deceased was the typical “Dude” car – huge engine, power everything and it was bright yellow. For the new car, I wanted him to get something a bit more sensible; He wanted everything he had before and then some. So, as you can imagine, shopping was a lot of fun (insert sarcasm here).

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New Real-Time Identity Alerts Reduce Fraud Losses by Notifying Consumers That Their Personal Information is Potentially Being Used Without Authorization

Posted on May 29 2013 by

Consumers are can now be notified when their personal information is being used in an authentication transaction, allowing them to assess whether or not they recognize and expect their identity to be in review by a business. The service enables consumers to respond to the notification, and in cases of potential fraud, to be directed to seamless and effective resolution assistance.

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How Experian Is Helping Victims of Disasters Protect and Preserve their Credit Reports and Scores

Posted on May 24 2013 by


Many consumers are not aware that the credit industry has established special reporting policies for accounts when a consumer is affected by a natural or declared disaster, most recently of note being the tornadoes in Oklahoma. For example, lenders may report the status of an open account as current, but affected by a disaster (or as deferred, but affected by a disaster).

They also have the option to add a special comment that the account was ‘Affected by natural or declared disaster.’ In some cases, they may be able to arrange for deferred payment. This means they do not report that you missed payments. Instead, your payment history is protected from reflecting missed payments if you are able to meet the new payment schedule as agreed.”

Here are ways Experian and the industry are working to help victims of disasters manage their credit:

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The Great Credit Divide: Men vs. Women [Infographic]

Posted on May 22 2013 by

When it comes to credit, who is winning the battle between men and women? The latest credit trends study, released today from global information services company Experian, compares the financial differences between men and women, revealing that, overall, women are better at managing their money and debt.

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Women flexing their financial muscles; women’s credit is in better shape than men’s credit according to Experian

Posted on May 22 2013 by

When it comes to credit, who is winning the battle between men and women? The latest credit trends study, released today from global information services company Experian, compares the financial differences between men and women, revealing that, overall, women are better at managing their money and debt.

For the first time, Experian® analyzed credit scores, average debt, utilization ratios, mortgage amounts and mortgage delinquencies of men and women in the United States. While the national credit scores only vary slightly — with a one point difference — other differences between the population of men and women include the following:

  • Men have 4.3 percent more debt than women
  • Men have a 2 percent higher credit utilization amount
  • Mortgage loan amounts for men are 4.9 percent higher
  • Men have a higher incidence of late mortgage payments by 7 percent

Below is a top-line look at how men and women fared when compared with each other:

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Give Yourself Some Credit [Infographic]

Posted on Apr 25 2013 by

In the spirit of National Financial Literacy Month, freecreditscore.com created this infographic to share some simple credit tips:

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Hybrid Vehicles Grow in Popularity and Attract More than just “Green” Consumers

Posted on Apr 22 2013 by

When Kermit the frog said, “It’s not that easy being green,” he may not have been referring to the automotive market, but he may have been on to something.

Hybrid/alternative power vehicles are one of the smallest segments in the U.S., and have only just recently achieved a little more than one percent of the total vehicles in operation. However, according to Experian Automotive’s recently released Earth Day report, the segment has witnessed steady market share growth, increasing by 40.9 percent since 2011.

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Ford Revved Its Engines and Kept Its Customers Coming Back for More

Posted on Apr 15 2013 by

When I think of large, successful companies, a couple of thoughts come to mind; excellent customer service, constant innovation and the unmistakable ability to attract new customers. While each of these is important in its own right, some would argue, the mark of a truly successful company is one that satisfies its existing customers, and keeps them coming back for more.

In our recently released Loyalty and Market Trends Report, we found that Ford did just that, as they passed GM and Toyota to take the top spot in corporate loyalty during Q4 2012. During the time period, 47.9 percent of the customers who owned a Ford vehicle returned to market to buy another Ford or Lincoln.

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Experian Executive Honored with Mortgage Banking Magazine’s Tech All-Star Award

Posted on Apr 04 2013 by

Linda Haran has been selected for her leadership and contributions to the field of mortgage technology by Mortgage Banking Magazine for the development and introduction of Experian’s IntelliViewSM product.

The company’s new interactive, Web-based query, analysis and reporting tool enables financial professionals to optimize strategic planning, uncover new opportunities and improve decision making by having 24-7 online access to Experian’s aggregated quarterly consumer credit data. Data is available for seven lending categories, including bankcard, retail card, automotive, first mortgage, second mortgage, home-equity lines of credit and personal loans.

IntelliView data is sourced from the information that supports the Experian–Oliver Wyman Market Intelligence Reports and is easily accessed through an intuitive, online graphical user interface, which enables financial professionals to extract key findings from the data and integrate them into their business strategies. This unique data asset does this by delivering market intelligence on consumer credit behavior within specific lending categories and geographic regions.

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Experian Expands Software-as-a-Service Offering with Acquisition of Decisioning Solutions

Posted on Apr 03 2013 by

Organizations across a range of industries and geographies are facing an increasingly complex, new business environment. As a result, they have a desire to implement originations and customer acquisition strategies quickly and at low risk.

The acquisition enables Experian to package Decisioning Solutions’ powerful and proven multitenant, multilingual software with its consumer and commercial data, analytical expertise, and identity proofing and authentication technologies, all from a robust and flexible SaaS model. This will allow small, medium and large organizations to make secure, on-demand, analytics-based customer decisions so they can achieve and sustain significant growth.

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The Truth About Vehicle History Reports

Posted on Apr 02 2013 by

The used car buying process can be as challenging for dealers as it is for consumers. Both parties want to make sure they are getting the best deal on a car that is safe and reliable. But how does anyone really know what they are getting?

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Liz Weston: On Saving for Retirement, Debt and Managing Credit

Posted on Mar 21 2013 by

We had a wonderful opportunity to talk with Liz Weston (@lizweston) about saving for retirement, debt, managing credit, and much more.

Check out the full-interview:

I know you went to the FinCon blogger conference last year, how was that?

Liz Weston: Yeah, that was really a great event. There were a lot of opportunities for socializing and networking. It was pretty cool. I met Phil Taylor, who is the organizer, several years earlier. He was a participant in a savings contest that I co-hosted with FNBO bank, and really liked him. I thought it was going to be a small event, and it wasn’t at all. They had some great speakers and great information. It was really fun.

It sounds like a great event.

Liz Weston: Yeah, and it’s really a chance for a lot of these bloggers who aren’t professional journalists to brush up on their skills and meet some of the companies that they might work with. I found a lot of them were reluctant to call P.R. people and make contacts because they weren’t sure their calls were going to get returned. It’s nice for them to meet people at the various companies they can reach out to.

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Experian Teams Up with the Small Business Administration

Posted on Mar 20 2013 by

Ronald Reagan once said, “Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.” A truth that still holds true. In the current economic climate, however, small-business owners have found themselves under increased pressure to maintain profitability and grow their business.

Since its founding in 1953, the U.S. Small Business Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses.

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Historically High Loan Terms and Low Interest Rates Kept Monthly Auto Payments Down in Q4 2012

Posted on Mar 05 2013 by

Who doesn’t like low monthly payments? Unless you are lucky enough to buy a car outright, most consumers would agree that when making any large purchase, one of the goals is to keep the monthly payments as low and affordable as possible. Whether it is providing a large down payment, extending loan terms or securing the lowest interest rates, keeping costs down is a number one priority (at least in my household).

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Giving Credit a Boost with On-Time Rental Payments

Posted on Mar 01 2013 by

This week, Experian announced its collaboration with payment processor WilliamPaid, which provides renters in any type of property another option for having their rental payment data reported to Experian RentBureau.

WilliamPaid joins Experian’s growing list of rental payment processors, providing more opportunities and options for renters to have their on-time rental payments incorporated into their Experian credit reports. This is not only another step forward for people who are looking to build credit history, but it’s also an opportunity to build credit history for people who are referred to as “underbanked,” or “unscoreable”.

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