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of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum
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TRMA’s Spring Conference scheduled for February 22-23, 2011 As you probably already know, the mission of the Telecommunications Risk Management Association (TRMA) is to “drive positive change in order to reduce fraud and optimize risk for the benefit of the industry, individual members and paying customers.” As part of that mission, TRMA is committed to bringing together risk management professionals several times a year for information-sharing forums. The organization’s 2011 Spring Conference is scheduled for February 22-23, 2011 at the Treasure Island Hotel & Casino in Las Vegas. Experian representation at the TRMA Conference At Experian, we’re committed to investing in new technologies in order to offer our communications customers the most advanced fraud prevention and risk management tools. Being a part of TRMA helps us better understand how we can best respond to existing and emerging requirements to one of the key industries we serve. And it allows us to share what we see as up-and-coming trends as well as new developments in risk management. Experian Decision Analytics personnel are scheduled to present at TRMA’s 2011 Spring Conference, as follows: Jim Nowell, Business Consultant TRMA Learning Lab – The SimTel Business Game Tuesday, February 22, 8:00 a.m. – 12:00 p.m. Jim’s lively Learning Lab will have several small teams of risk managers working together to solve problems for a fictitious Telco portfolio. The results of the game will be delivered on Wednesday morning at 10:45 AM. Linda Haran, Senior Director, Strategy and Marketing Economic Update Wednesday, February 23, 9:30 – 10:30 a.m. Linda serves as one-half of this panel, reviewing the historical linkages between credit conditions and the economy with an emphasis on how they relate to telecommunications. Greg Carmean, Program Manager, Small Business Credit Share Small Business Panel Wednesday, February 23, 11:15 a.m. – 12:15 p.m. Greg serves as one-half of this panel, discussing best practices for small business risk assessment, such as employing a blend of consumer and commercial data to combat fraud. Jeff Bernstein, Executive Strategic Consultant Leveraging Technology to Maximize Returns on Outsourced Collections Wednesday, February 23, 2:00 – 2:45 p.m. Jeff serves as one-half of this panel, discussing ways to avoid the “perfect storm” of rising delinquency rates, lower liquidation and staff drowning in the tidal wave of bad debt. We hope to see you there More details on each of these presentations will follow this post in the coming week. We look forward to seeing you at TRMA’s Spring Conference. If you can’t attend (or even if you can), be sure to follow us on Twitter for live conference updates, and check back here for post-conference blog posts.
For companies that regularly extend credit, the need to establish an identity theft protection program is finally here. After almost two years of delay, the Red Flags Rule is now in force. For readers of the Experian Decision Analytics blog, the Rule has been a familiar topic since passage. If you want to skip ahead to find out what you need to know, we’ve made it easy by boiling it down to three main things. (You’ll find the “3 Things Telcos Should Know About the Rule” towards the end.) However, some background might be helpful to better understand the issues behind the delay. Discussion about Red Flags requirements first began when Congress passed the Fair and Accurate Credit Transactions Act in 2003, requiring the Federal Trade Commission to write and enforce the Rule as the nation’s consumer protection agency. The Red Flags Rule was actually enacted on Jan 1, 2008, but enforcement was delayed until December 31, 2010 to better clarify the terms of compliance and who had to follow them. Why the Red Flags Rule matters A “red flag” is something that signals possible identity theft, including any suspicious activity suggesting crooks might be using stolen information to establish service. The regulation now requires companies to develop a written “red flags program” to detect, prevent and minimize damage that could result from a security breach. Establishing a Red Flags program Companies that regularly extend credit or use consumer reports in connection with a credit transaction need to have a risk-based security program in place. The program must detail the process for detecting red flags, describe how to respond to prevent and mitigate identity theft, and spell out how to keep the program current. Decision to delay: the definition of “creditor” At the center of the FTC’s decision to delay enforcement was a broad definition Congress gave to the term “creditor.” The Rule broadly captured a number of non-financial companies (many of them small businesses) that didn’t know whether it applied to them, and if they did, didn’t have time or expertise to establish proper procedures to comply. And failure to comply could lead to costly fines or civil actions. New Red Flags exemptions To resolve the issue, Congress approved legislation providing exemptions for businesses that provide goods or services and then accept payment later. The bill redefines the term “creditor” to apply only to businesses that advance funds to, or on behalf of a customer, based upon an obligation to repay. 3 things telcos should know about the Red Flags Rule: 1. Telcos are covered by the Rule For companies, like telcos, that obtain consumer reports, directly or indirectly, in connection with a credit transaction the requirement to comply hasn’t changed. In fact, under regulatory guidance, the FTC specifically lists telecommunications companies among those who need to comply. 2. Your company needs a written Red Flags program The FTC Rule requires that organizations identify and address the “red flags” that could indicate identity theft and update the program periodically. The program must address certain “covered accounts,” which includes a consumer account with frequent transactions or those that have a risk of identity theft. An annual report must also be created for senior management or the board of directors. 3. How to comply is up to you The good news is that the Rule doesn't require any specific practice or procedures. Companies have the flexibility to tailor compliance programs to the nature of their business and the risks they face. The FTC will assess compliance based upon whether a company is taking “reasonable policies and procedures” to prevent identity theft.
Let’s face it – not all knowledge based authentication (KBA) is created equal. I, too, have read horror stories of consumers forced to answer questions about a deceased relative or ex-spouse, or KBA sessions that went on far too long for anyone’s benefit. I have to attribute this to vendor inexperience and a lack of consulting with clients. An experienced vendor will use a fraud best practice such as a fraud analytics model to determine that some consumers do not even need questions and then a “Progressive Question” feature, which uses consumer performance on an initial question set to determine if it is necessary for the consumer to answer additional questions. This way, the true consumer completes the process quickly, improving the customer experience. The product of choice should also use a question mix that balances three factors: · how easily the true consumer can answer the question; · the fraud separation of the question (effectively the measured delta over time between how well true consumers answer the question vs. how well fraudsters do); · how many consumers overall the question can be generated. A list of hundreds of possible questions doesn’t mean much if the questions can only be generated for one quarter of one percent of the population, as is the case for something like airplane ownership or pilot’s license. Ultimately, out of wallet questions should be generated for a large part of the population, easily answered by the true consumer but difficult for a fraudster; and not offensive or what a consumer would consider “creepy” (such as their child’s birthday or name). Well designed questions will be personal but not intrusive and mindful of personal relationships that may have changed. The purpose of a knowledge based authentication session is risk management and/or consumer authentication for fraud prevention and compliance purposes – not to cause the loss of business because the fraud tool crossed the line in the mind of your customer.
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With the National Automobile Dealers Association (NADA) Show set to kickoff later this week, it seemed fitting to explore how the shifting dynamics of the used vehicle market might impact dealers and buyers over the coming year. Shedding light on some of the registration and finance trends, as well as purchasing behaviors, can help dealers and manufacturers stay ahead of the curve. And just like that, the Special Report: Automotive Consumer Trends Report was born. As I was sifting through the data, one of the trends that stood out to me was the neck-and-neck race between Millennials and Gen X for supremacy in the used vehicle market. Five years ago, in 2019, Millennials were responsible for 33.3% of used retail registrations, followed by Gen X (29.5%) and Baby Boomers (26.8%). Since then, Baby Boomers have gradually fallen off, and Gen X continues to close the already minuscule gap. Through October 2024, Millennials accounted for 31.6%, while Gen X accounted for 30.4%. But trends can turn on a dime if the last year offers any indication. Over the last rolling 12 months (October 2023-October 2024), Gen X (31.4%) accounted for the majority of used vehicle registrations compared to Millennials (30.9%). Of course, the data is still close, and what 2025 holds is anyone’s guess, but understanding even the smallest changes in market share and consumer purchasing behaviors can help dealers and manufacturers adapt and navigate the road ahead. Although there are similarities between Millennials and Gen X, there are drastic differences, including motivations and preferences. Dealers and manufacturers should engage them on a generational level. What are they buying? Some of the data might not come as a surprise but it’s a good reminder that consumers are in different phases of life, meaning priorities change. Over the last rolling 12 months, Millennials over-indexed on used vans, accounting for more than one-third of registrations. Meanwhile, Gen X over-indexed on used trucks, making up nearly one-third of registrations, and Gen Z over-indexed on cars (accounting for 17.1% of used car registrations compared to 14.6% of overall used vehicle registrations). This isn’t surprising. Many Millennials have young families and may need extra space and functionality, while Gen Xers might prefer the versatility of the pickup truck—the ability to use it for work and personal use. On the other hand, Gen Zers are still early in their careers and gravitate towards the affordability and efficiency of smaller cars. Interestingly, although used electric vehicles only make up a small portion of used retail registrations (less than 1%), Millennials made up nearly 40% over the last rolling 12 months, followed by Gen X (32.2%) and Baby Boomers (15.8%). The market at a bird’s eye view Pulling back a bit on the used vehicle landscape, over the last rolling 12 months, CUVs/SUVs (38.9%) and cars (36.6%) accounted for the majority of used retail registrations. And nearly nine-in-ten used registrations were non-luxury vehicles. What’s more, ICE vehicles made up 88.5% of used retail registrations over the same period, while alternative-fuel vehicles (not including BEVs) made up 10.7% and electric vehicles made up 0.8%. At the finance level, we’re seeing the market shift ever so slightly. Since the beginning of the pandemic, one of the constant narratives in the industry has been the rising cost of owning a vehicle, both new and used. And while the average loan amount for a used non-luxury vehicle has gone up over the past five years, we’re seeing a gradual decline since 2022. In 2019, the average loan amount was $22,636 and spiked $29,983 in 2022. In 2024, the average loan amount reached $28,895. Much of the decline in average loan amounts can be attributed to the resurgence of new vehicle inventory, which has resulted in lower used values. With new leasing climbing over the past several quarters, we may see more late-model used inventory hit the market in the next few years, which will most certainly impact used financing. The used market moving forward Relying on historical data and trends can help dealers and manufacturers prepare and navigate the road ahead. Used vehicles will always fit the need for shoppers looking for their next vehicle; understanding some market trends will help ensure dealers and manufacturers can be at the forefront of helping those shoppers. For more information on the Special Report: Automotive Consumer Trends Report, visit Experian booth #627 at the NADA Show in New Orleans, January 23-26.
The automotive industry is constantly changing. Shifting consumer demands and preferences, as well as dynamic economic factors, make the need for data-driven insights more important than ever. As we head into the National Automobile Dealers Association (NADA) Show this week, we wanted to explore some of the trends in the used vehicle market in our Special Report: State of the Automotive Finance Market Report. Packed with valuable insights and the latest trends, we’ll take a deep dive into the multi-faceted used vehicle market and better understand how consumers are financing used vehicles. 9+ model years grow Although late-model vehicles tend to represent much of the used vehicle finance market, we were surprised by the gradual growth of 9+ model year (MY) vehicles. In 2019, 9+MY vehicles accounted for 26.6% of the used vehicle sales. Since then, we’ve seen year-over-year growth, culminating with 9+MY vehicles making up a little more than 30% of used vehicle sales in 2024. Perhaps more interesting though, is who is financing these vehicles. Five years ago, prime and super prime borrowers represented 42.5% of 9+MY vehicles, however, in 2024, those consumers accounted for nearly 54% of 9+MY originations. Among the more popular 9+MY segments, CUVs and SUVs comprised 36.9% of sales in 2024, up from 35.2% in 2023, while cars went from 44.3% to 42.9% year-over-year and pickup trucks decreased from 15.9% to 15.6%. 2024 highlights by used vehicle age group To get a better sense of the overall used market, the segments were broken down into three age groups—9+MY, 4-8MY, and current +3MY—and to no surprise, the finance attributes vary widely. While we’ve seen the return of new vehicle inventory drive used vehicle values lower, it could be a sign that consumers are continuing to seek out affordable options that fit their lifestyle. In fact, the average loan amount for a 9+MY vehicle was $19,376 in 2024, compared to $24,198 for a vehicle between 4-8 years old and $32,381 for +3MY vehicle. Plus, more than 55% of 9+MY vehicles have monthly payments under $400. That’s not an insignificant number for people shopping with the monthly payment in mind. In 2024, the average monthly payment for a used vehicle that falls under current+3MY was $608. Meanwhile, 4-8MY vehicles came in at an average monthly payment of $498, and 9+MY vehicles had a $431 monthly payment. Taking a deeper dive into average loan amounts based on specific vehicle types—as of 2024, current +3MY cars came in at $28,721, followed by CUVs/SUVs ($31,589) and pickup trucks ($40,618). As for 4-8MY vehicles, cars came in with a loan amount of $22,013, CUVs/SUVs were at $23,133, and pickup trucks at $31,114. Used 9+MY cars had a loan amount of $19,506, CUVs/SUVs came in at $17,350, and pickup trucks at $22,369. With interest rates remaining top of mind for most consumers as we’ve seen them increase in recent years, understanding the growth from 2019-2024 can give a holistic picture of how the market has shifted over time. For instance, the average interest rate for a used current+3MY vehicle was 8.0% in 2019 and grew to 10.2% in 2024, the average rate for a 4-8MY vehicle went from 10.3% to 12.9%, and the average rate for a 9+MY vehicle increased from 11.4% to 13.8% in the same time frame. Looking ahead to the used vehicle market It’s important for automotive professionals to understand and leverage the data of the used market as it can provide valuable insights into trending consumer behavior and pricing patterns. While we don’t exactly know where the market will stand in a few years—adapting strategies based on historical data and anticipating shifts can help professionals better prepare for both challenges and opportunities in the future. As used vehicles remain a staple piece of the automotive industry, making informed decisions and optimizing inventory management will ensure agility as the market continues to shift. For more information, visit us at the Experian booth (#627) during the NADA Show in New Orleans from January 23-26.
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typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.