Financial Services

Historical data that illustrates lower credit card use and increases in payments is key to finding consumers whose credit trajectory is improving.

Financial health means more than just having a great credit score or money in a savings account. It includes being able to manage daily finances, save for the future and weather a financial shock.

Student loan debt — outstanding debt grew 21 percent since 2013 to reach a high of $1.49 trillion in the fourth quarter of 2016.

Generation Z makes up 1/4 of the US population. By 2020, they’ll account for 40% of all consumers. The oldest members are coming of age.

Mandatory updates to data reporting and collections procedures have been announced and implemented. Have you made the required changes?

In the financial services universe, there is no shortage of players battling for consumer attention and share of wallet. Here’s a look at how credit unions have fared over the past two years compared to banks and online lenders:

Financial health means more than just having a great credit score or money in a savings account.

The first wave of Gen Z are coming onto the credit file. Here is a first look at how they are behaving, and what this means for businesses and finance companies.

Synthetic identity fraud is an epidemic that does more than negatively affect portfolio performance. It can hurt your reputation as a trusted organization.

Synthetic ID fraud is a growing problem driven by an online and mobile-driven market, along with an increase in data breaches and dark web sharing.

New CFPB study demonstrates the importance of moving forward with inclusion of new sources of high-quality financial data — like on-time payment data from rent, utility and telecommunications providers — into a consumer’s credit file.

Experian took a deep dive into the data and performance surrounding the credit union universe in their first-ever “State of Credit Unions” report, featuring insights utilizing data from both 2015 and 2017.

According to State of the Automotive Finance Market report, 30-day delinquencies dropped and subprime auto lending reached a 10-year record low for Q1.

Later this year, FICO will retire its Score V1, making it mandatory for those lenders still using the old software to find another solution.

Weekend getaways, beach vacations and summer camp are all part of the beauty of summer. But they can come with a hefty price tag, and many consumers delay payment by placing summer fun costs on a credit card. In a recent study by Experian and Edelman Berland, travelers rely heavily on credit for vacation purchases and unexpected costs, and many charge more than half of their vacation this summer. A whopping 86 percent spent money on a summer vacation in 2016—an average of $2,275 per person with $1,308 of that amount on credit card spending. And 35 percent of those surveyed had not saved in advance. Even consumers who budgeted for vacation typically accrue unexpected costs. Sixty-one percent of those who set a budget ended up spending more than they planned. Accumulated debt doesn’t bode well for consumers. In the first quarter of 2016, consumers had an average of $3,910 in credit card debt, according to Experian data. That's $44 less than in the fourth quarter of 2015, but up $142 year over year. Overspending on vacation puts consumers in a more hazardous position to rack up debt during the holiday season and carry even higher balances into 2017 and beyond. Many consumers who are overspending consolidate summer debt, and proactive lenders can take advantage of that activity by making timely offers to consumers in need. At the same time, reactive lenders may feel the pain as balances transfer out of their portfolio. By identifying consumers who are likely to engage in card-to-card balance transfers, lenders can prepare for these consumer bankcard trends. Insights can then be used to acquire new customers and balances through prescreen campaigns, while protecting existing balances before they can transfer out of an existing loan portfolio. Lenders can also use tools to estimate a consumer’s spend on all general purpose credit and charge cards over the past year, and then target high-spending consumers with customized offers. With Memorial Day and the end-of-the-school-year fast approaching, card balances are likely already on the rise. Now is the time for lenders to prepare.