Credit Lending
For members of the U.S. military, relocating often, returning home following a lengthy deployment and living with uncertainty isn’t easy. It can take an emotional and financial toll, and many are unprepared for their economic reality after they separate from the military. As we honor those who have served our country this Veterans Day, we are highlighting some of the special financial benefits and safeguards available to help veterans. Housing Help One of the best benefits offered to service members is the Veteran’s Administration (VA) home-loan program. Loan rates are competitive, and the VA guarantees up to 25 percent of the payment on the loan, making it one of the only ways available to buy a home with no down payment and no private mortgage insurance. Debt Relief Having a VA loan qualifies military members for a Military Debt Consolidation Loan (MDCL) that can help with overcoming financial difficulties. The MDCL is similar to a debt consolidation loan: take out one loan to pay off all unsecured debts, such as credit cards, medical bills and payday loans, and make a single payment to one lender. The advantage of a MDCL? Paying a lower interest rate and closing costs than civilians and far less interest than paying the same bills with credit cards. These refinancing loans can be spread out over 10, 15 and sometimes 30 years. Education Benefits The GI Bill is arguably the best benefit for veterans and members of the armed forces. It helps service members pay for higher education for themselves and their dependents, and is one of the top reasons people enlist. Eligible service members receive up to 36 months of education benefits, based on the type of training, length of service, college fund availability and whether he or she contributed to a buy-up program while on active duty. Benefits last up to 10 years, but the time limit may be extended. Saving & Investing Money According to the Department of Defense’s annual Demographics Report, 87 percent of military families contribute to a retirement account. Service members who participated in the Thrift Savings Plan, however, are often unaware of their options after they separate from service, and many don’t realize the advantages of rolling their plans into an IRA or retirement plan of a new employer. Safeguarding Identity Everyone is a potential identity theft target, but military personnel and veterans are particularly vulnerable. Routinely reviewing a credit report is one way to detect a breach. The Attorney General's Office provides general information about what steps to take to recover from identify theft or fraud. Today is a great time to consider ways to support your veteran and active military consumers. They are deserving of our support and recognition not just today but continuously. Learn more about services for veterans and active military to understand the varying protections, and how financial institutions can best support military credit consumers and their families.
Experian analysis shows that 2.5M consumers will have a foreclosure, short sale or bankruptcy fall off their credit report between June 2016 and June 2017
Experian announces partnership with U.S. Communities to help state and local public agencies prevent fraud, maximize revenue, strengthen security
Will they still aspire to achieve the “American Dream” of education, homeownership and raising a family? Are Millennials ready for a mortgage?
Most businesses are familiar with credit bureaus today, but myths still exist around reporting credit data. Let's examine the top three and bust them.
CNP fraud accounts for 60%-70% of card fraud in many countries & is increasing. US merchants/card issuers likely will see rise in CNP fraud w/EMV migration
Prescriptive solutions can synthesize big data, analytics, and business strategies to provide businesses an optimized workflow to reach a final decision.
Experian conducted a joint-survey that uncovered insights into the topic of conversational commerce and voice assistants. The survey asked about general consumer satisfaction with the voice-recognition capabilities of Amazon's Alexa relative to other smart voice assistants such as Siri and Google.
The first six months of 2016 has shown that the total credit card limits among the subprime and deep subprime credit range totaled $6.4 billion, the highest amount reported for those groups in the last five years. Our Q2 2016 Experian-Oliver Wyman Market Intelligence Report webinar will analyze the trends impacting consumer credit decisions in the current economy. The data is from the latest Experian Market Intelligence Brief report.
For lenders to capitalize and identify the right consumers for their respective portfolios, they need insights. Trade level fields can bridge the gap.
Consumer card balance transfer activity is estimated to be $35B to $40B a year. Identify these consumers before they make transfers by using trended data.
With HELOC end of draw peaking, lenders must consider best practices and actions to take to manage and optimize their portfolios.
Experian defines how businesses should approach Identity Relationship Management for user authentication and devices to enable better fraud protection.
With a wave of HELOCs reaching the end-of-draw period, lenders are anxious to see how this will impact their portfolio. A new Experian study reveals likely consumer behaviors.
Bank executives don’t realize is they’re facing fraud because they’re literally inviting the fraudsters in bank branches.