All posts by Carrie Janot
As new vehicle prices continue to rise, more consumers are turning to leasing as a cost-effective auto financing option. Findings from the most recent State of the Automotive Finance Market report show that the average lease payment for Q4 2015 was $412 (versus the average loan payment of $493). Not surprisingly, due to the fact that most consumers tend to finance vehicles based on monthly prices, leasing reached a record high, accounting for 33.6% of all new financing during the quarter. Lenders can design more effective strategies by using analytics to gain insight into the latest trends and to target the right customers for automotive leases and loans. >> Video: Auto Acquisition Strategies
A recent Experian study reveals that tax filing, document collection and refund processing are done online more often, yet only 6% of consumers file taxes on a computer with up-to-date antivirus software. 79% filed their most recent tax return online, up from 73% in 2011 18% scan and save their tax documents electronically, up from 6% in 2011 More than 75% of respondents have used EFT for tax refunds As electronic filing continues to grow, identity theft is likely to increase. While consumers should take steps to protect themselves, businesses also need to employ identity theft protection solutions to safeguard consumer information. >> Identify and prevent fraud
A recent study by VantageScore Solutions, LLC analyzed if consumers would continue to be creditworthy over time. Highlights about consumer credit score migration over time include: Over 3 months, 49% of consumers experienced a credit score improvement averaging 19 points, and 30% experienced a score decrease averaging 24 points At 12 months, 51% of consumers had credit score increases averaging 27 points, while 38% had their scores decline by an average of 34 points 6.4% of the total population would have received the opposite credit decision because of score migration if they had been reviewed three months later Lenders looking to enhance credit strategies may benefit from using quarterly or monthly score trends for credit approval rather than a conventional, single-point-in-time credit score. >> Credit score migration study
According to Experian’s State of the Automotive Finance Market report, the average amount financed for a new vehicle in Q4 2015 was $29,551 — up $1,170 from 2014 and the highest amount on record since Experian began tracking auto loan amounts in 2008.
According to a recent Experian study, women handle money, debt and financial decisions better than men.
Millions of people around the world are wearing green to celebrate St. Patrick\'s Day today. Some interesting facts on the color: Green is associated with St. Patrick\'s Day because it is the color of spring, Ireland and the shamrock Green ink originally was used in U.S. currency to prevent counterfeiting and because of its resistance to chemical and physical changes The Chicago River is colored green for the St. Patrick\'s Day parade each year using 45 pounds of vegetable dye >> Gain insights and earn more green with the Market Intelligence Brief
Top states for billing and shipping e-commerce fraud With more than 13 million fraud victims in 2015, assessing where fraud occurs is an important layer of verification for e-commerce. Experian® analyzed millions of e-commerce transactions from 2015 to identify fraud attack rates across the United States. With the switch to chip-enabled credit card transactions and possible growth of card-not-present fraud, online businesses should utilize advanced fraud solutions to monitor their riskiest locations and prevent losses. >> View the Experian map to see 2015 e-commerce attack rates for all states
Bankcard origination volumes reached $97.5 billion in Q4 2015, the highest level on record since Q3 2008 and an increase of 22% over the same quarter in 2014. The 60–89-days-past-due bankcard delinquency rate came in at .53% for Q4 2015 — significantly lower than the 1.22% delinquency rate back in Q3 2008. The increase in bankcard originations combined with lower delinquencies points to a positive credit environment. Lenders should stay abreast of the latest bankcard trends in order to adjust lending strategies and capitalize on areas of opportunity. >> Key steps to designing a profitable bankcard campaign
A recent survey commissioned by VantageScore Solutions, LLC found that among consumers who are unable to obtain credit, 27% attribute the situation to lack of a credit score. Most consumers support newer methods of calculating credit scores 49% feel that consistent rental, utility and telecommunications payments should count in determining credit scores 50% agree that competition in the credit scoring marketplace is beneficial Lenders can help solve the credit gap by using advanced risk models that can accurately score more consumers. The result is a win-win: More consumers get access to mainstream credit, and lenders gain more customers. >> Infographic: America’s Giant Credit Gap VantageScore® is a registered trademark of VantageScore Solutions, LLC.
According to Experian’s latest State of the Automotive Finance Market report, auto loan balances reached an all-time high of $987 billion in Q4 2015 — an increase of 11.5% over Q4 2014.
A recent Experian survey shows a growing concern over identity theft and tax fraud. 42% of consumers are concerned that someone could access their personal data through their tax return, compared with 35% in 2014 and 38% in 2015 28% of consumers have been a victim or know someone who has been a victim of tax fraud Tax season is a busy time of year for identity thieves. While consumers should take steps to protect themselves, businesses also need to employ ID theft protection solutions in order to safeguard consumer information. >> Identify and prevent multiple types of fraud
According to the latest Experian–Oliver Wyman Market Intelligence Report, HELOC originations came in at $43 billion for Q4 2015 — a 22% increase over Q4 2014. HELOC originations for all of 2015 totaled $160 billion — a 21% increase year over year. As HELOC originations continue their growth trend, lenders can stay ahead of the competition by using advanced analytics to target the right customers and increase profitability. >> Revamp your mortgage and HELOC acquisitions strategies
According to a recent Experian Marketing Services study, 36% of companies interact with customers in five or more channels.
For marketers, the start of a new year is an opportunity to look ahead.
As millennials continue to experience challenges in obtaining credit, Experian’s latest research finds that this population is very receptive to nonbank lenders for the ease, speed and accessibility they provide.
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