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.

Share

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.”

Share

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).

Share

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.

Share

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:

Share

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.

Share

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:

Share

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:

Share

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.

Share

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.

Share

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.

Share

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.

Share

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?

Share

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.

Share

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.

Share

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).

Share

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”.

Share

Joint Statement from Experian Consumer Council Members

Posted on Feb 21 2013 by

At Experian we are committed to helping consumers learn about credit, and how to successfully build and protect their credit profiles. As part of this commitment, we formed the Experian Consumer Council in March of 2010.

The council is comprised of leading industry experts, nonprofit organizations and consumers who partner with Experian to gain insight into consumers’ needs, key issues and education as it relates to credit and financial literacy. Experian turns to the council for guidance and to help inform its products, services and credit education programs.

Share

Data is the Cornerstone of Experian’s Business

Posted on Feb 11 2013 by

There’s a lot of commentary in the press today as a result of a report the Federal Trade Commission issued this morning about the accuracy of credit reports.

This gives me the opportunity to share some insight into Experian’s business and how we actively manage the integrity of our data.

After thoroughly reviewing the FTC report issued today, we believe it confirms that consumer credit reports are predominately accurate and serving lenders and consumers well.

Share

60 Minutes Story: Misleading Representation of Credit Reporting Industry

Posted on Feb 11 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. The focus of the segment was on data accuracy and the results of the yet-to-be released FTC accuracy study.

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.

Share

Experian’s Commitment to Data Integrity, Customer Service and Consumer Education

Posted on Feb 09 2013 by

As the global leader in the credit business, it’s our responsibility to assist lenders in managing consumer credit risk, and importantly, to empower consumers to understand and responsibly use credit in their financial lives.

These responsibilities require a commitment – a commitment from us to play a leading role in helping consumers understand the fundamentals of credit management and how they can benefit from this growing marketplace reliant upon credit. To do this, we continually invest in processes and products that help consumers throughout their credit journey.

Experian has created a long-standing culture of commitment to evolve with the changing marketplace and demands of consumers (and the credit industry). We have a proven track record of continual improvements to our systems over the years, including:

Share

Experian Shares the National Foundation For Credit Counseling‘s Mission of Financial Stability for All

Posted on Feb 06 2013 by

As of 2011, the Hispanic population comprised 16.7% of the United States population, the largest minority group following African-Americans. In addition, 20.3% of U.S. households speak a language other than English. Recognizing the need for expanded financial resources to the Hispanic community, Experian provided a generous grant to translate the NFCC’s MyMoneyCheckUpTM tool into Spanish.

Share

Social Security Empowering Financial Planning

Posted on Jan 23 2013 by

Thanks to the new online tools and services found at SSA.gov, you no longer have to wait on the phone or in line at the Social Security Administration (SSA) to access your benefits.

Today, vital financial information such as your recorded earnings; social security benefits (or expected benefits), and disability and survivor benefits are instantly accessible online.

The SSA recently announced the online “My Social Security” account, a tool that provides access to benefit verification letters and statements. Signing up for an account is easy, free and secure.

Share

Experian Marketing Services Releases Study on Email Acquisition & Engagement Tactics

Posted on Jan 15 2013 by

Email marketing continues to be the hub and driving force in cross-channel integration as consumers are becoming more vocal and more demanding with what they expect from their favorite brands.

Today, Experian Marketing Services released findings from its email market survey that addresses acquisition and engagement tactics email marketers use in tackling these challenges head-on.

Share

Want to Guess Which Auto Maker Has the Most Brand Loyal Customers? It’s Ford!

Posted on Jan 15 2013 by

In today’s ultra competitive world, every organization is doing what it can to not only reach new customers, but, some could argue more importantly, to hold on to the ones they already have.

In the recently released Loyalty and Market Trends Report by Experian Automotive, we looked at Automotive Loyalty at the brand, model and corporate level to see which auto makers were the most successful at keeping their customers coming back for more.

Drum roll please … our analysis found that Ford took the top spot in Brand Loyalty* overall and that the Ford Fusion and the Ford Flex took the top two spots for brand loyalty at the model level during Q3 2012 (surpassing the Q2 2012 model loyalty leader Chevrolet Sonic).

Share