Millennials Can Use the Power of Credit Cards for Good

Posted on Nov 21 2013 by

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.”

Share

State of Credit 2013 [Infographic]

Posted on Nov 20 2013 by

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.

Share

What do Baby Boomers and millennials have in common?

Posted on Nov 20 2013 by

ben

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.

Share

State of Credit 2013

Posted on Nov 20 2013 by

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.

Share

Experian Provides 80,000 free memberships to the National Foundation for Credit Counseling®, the nation’s largest financial counseling organization

Posted on Nov 14 2013 by

The National Foundation for Credit Counseling® (NFCC) and Experian® jointly announced today that Experian committed 80,000 free, 12-month memberships to its freecreditscore.comTM product, in support of the NFCC’s Sharpen Your Financial Focus™ program.

The NFCC program, launched in September of this year, includes a broad cross-section of supporters – Experian and others – who are committed to increasing the financial well-being of Americans.

Share

Experian and the Small Business Administration lending a hand to small businesses

Posted on Nov 13 2013 by

Owning your own business is what many perceive to be as the American dream. And if you’ve been fortunate enough to make that dream a reality, then you’ve certainly heard how indispensable your business is to the country’s economy. But as invaluable as your small business is, many small business owners face daily challenges when it comes to sustainability, profitability and growth.

For the last year, Experian and the Small Business Administration (SBA) have lent a helping hand to small businesses that are facing those types of challenges. As a part of their efforts, all Historically Underutilized Business Zone (HUBZone) firms and small businesses that are considered to be socially and economically disadvantaged under the SBA’s 8(a) business development program have full access to BusinessIQ Express.

Share

Experian helps put the spotlight on financial education

Posted on Nov 08 2013 by

Millions of Americans face economic hardships today due to the financial crisis. The Great Recession made a big impact on the financial lives of consumers. Unemployment was high and many struggled to make ends meet, forcing them to tap into their savings and live off credit to survive. Now that our economy is recovering, we believe that education is the key for consumers to unlock the door that leads to financial success and opportunity.

Share

Top five models show Northeast and Midwest on opposite ends of the new vehicle spectrum

Posted on Oct 29 2013 by

Grab a pen and paper. Jot down some differences between the Northeast and Midwest. What came to mind? Maybe it was the bright city lights of the Northeast versus the Midwest’s starlit farms? Or maybe it’s the city’s busy streets compared to quiet open fields? What you may or may not have written down is that Northeasterners prefer to drive more import vehicles than the folks in the Midwest.

According to Experian Automotive’s mid-year review of automotive market trends, in the first half of 2013, the top five new vehicle models in the Northeast region were all import brands. Conversely, as one might have guessed, American-made vehicles dominated the Midwestern roads. In the Northeast, the list was made up of the Honda Accord, Honda CR-V, Toyota Camry, Honda Civic and Nissan Altima. Out in the Midwest, Ford vehicles made up four of the top five and the Chevrolet Silverado 1500 filled out the list. The top five in order included the F-150, Fusion, Escape, Silverado 1500 and the Focus.

Share

Experian Credit Educator Service empowers consumers’ through their credit journey

Posted on Oct 24 2013 by

In the personal finance world, credit is one of the hottest topics to talk about and there are many resources available to consumers.

To further empower consumers to take a more active role in managing their credit, Experian provides a number of solid consumer education programs.

As a positive extension to those, in 2011 we developed Experian Credit Educator, a consumer-education service that offers personalized, live, one-on-one, telephone-based credit education sessions to consumers and customers of Experian’s clients.

Experian recently announced that we’ve added new features to this service in order to give consumers insights into specific actions which may produce an improvement to their credit score.

Share

Experian’s Database Not Accessed by Scammer

Posted on Oct 21 2013 by

Today I’ve been reading sensational and very misleading headlines saying things like “Experian Sold Consumer Data to ID Theft Service” and “Experian Duped into Selling Social Security Nos.”

Let me share with you the actual – and factual – events that led to the investigation and subsequent arrest of the suspect in the case surrounding Court Ventures and US Info Search.

The suspect in this case obtained access to US Info Search data through Court Ventures prior to the time Experian acquired the company.

To be clear, no Experian database was accessed.

Share

ReadyForZero Adds VantageScore 3.0 to Its Industry-Leading Personal Finance Tool

Posted on Oct 17 2013 by

This guest post is from Rod Ebrahimi, CEO of ReadyForZero

At ReadyForZero, our focus has always been on helping people pay off debt and take control of their finances so they can begin building wealth. It’s a mission that has inspired us since our very first user.

We started out very small, when I helped my girlfriend make a spreadsheet to organize her student loans. After that, my co-founder Ignacio Thayer and I realized that many of our friends and loved ones had debt. We decided it was our challenge to create a tool that would help them. Focusing on this mission has helped us create the best debt management tool in the industry. Our users are regular people all across the U.S. who are tired of being burdened by their debt and ready to become debt free.

Share

Experian honored by the National Foundation for Credit Counseling for its Commitment to Financial Literacy; CEO earns NFCC’s “Making the Difference” Award

Posted on Oct 14 2013 by

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

Mr. Nichols attended the conference to accept the award and to speak to the attendees about Experian’s vision and commitment to financial literacy and consumer empowerment.

Share

Experian Acquires Device Identification Leader 41st Parameter

Posted on Oct 01 2013 by

Consumers around the world are increasingly reliant on a variety of Internet-connected devices for everything from banking to shopping to entertainment and media. Creating relevant on-line customer experiences and preventing fraud are large and growing business challenges.

41st Parameter’s patented device identification technology will enable Experian clients and their consumers to interact on the web effectively and securely, recognizing consumers to reduce fraud losses.

Share

Experian Automotive and ScreenBid team to keep Breaking Bad memories alive

Posted on Sep 30 2013 by

breaking-bad-aztec-blog

If you’re anything like the millions of people who counted down the hours until the Breaking Bad series finale, then you too were sitting on the edge of your seat waiting to see how it would all end. But now that it’s all over, what do we have to keep the memories of a show that’s captivated us for the last five years?

Fans of the show don’t have to look too far to answer that question, as vehicles used during filming are now up for auction through ScreenBid, the world’s best source for certified authentic, screen-used Hollywood memorabilia and collectibles. Experian Automotive has also joined in the effort to preserve the show’s history, as it’s providing complimentary AutoCheck vehicle history reports on most of the Breaking Bad vehicles up for auction through the ScreenBid website.

Share

Why I’m Inspired by Experian’s Latest Leadership Announcement

Posted on Sep 24 2013 by

Sr. Appt. Headshots

Today Experian announced five high-level appointments to its North American Credit Services group. Filling these crucial leadership roles are five seasoned women who have a proven track record of success with Experian. These women include:

Share

New York area businesses had lowest business bankruptcy rates in Q2

Posted on Sep 23 2013 by

Most people will tell you that they’re extremely proud when their hometown or current city accomplishes something. Hometown pride is why people are diehard fans for the local professional or college sports teams. Knowing that their city shines bright in any light, gives people a good feeling inside.

With that said, people in the New York Metro area should have a strong sense of pride in how their businesses are performing. According to Experian’s Q2 Metro Business Pulse analysis, which looks at the top metropolitan areas in four key business credit categories, businesses in the New York area had the lowest average bankruptcy rates in the quarter, at just 0.28 percent. Those in the Nassau, NY; Baton Rouge, La; Honolulu; and Miami areas also have reason to be excited, as their businesses rounded out the top five with the lowest rates in this category.

Share

Growth in home purchases and decrease in refinances suggest strength in real-estate recovery

Posted on Sep 19 2013 by

An analysis of trends shows that mortgage originations have increased by 10 percent from a year ago. More important, a look at the most recent completed quarter shows a 29 percent increase in home purchases from the prior quarter and a decrease in the number of refinances, suggesting a sustained recovery is beginning to come from purchases. These findings and others were part of the quarterly analysis from Experian that examines real-estate trends.

The key statistic in the real-estate market is the change in the ratios of refinances versus home purchases, with purchases making up a much greater proportion of the total origination volume. The data from Experian’s IntelliView product indicates that despite a 7 percent decrease from the previous quarter in refinancing activity, home purchases grew by 20 percent year over year and 29 percent quarter over quarter, and this is where we can begin to see some of the real-estate recovery taking place.”

Share

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.

Share

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

Share

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:

Share

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?

Share

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.

Share

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.

Share

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.

Share

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:

Share