Tag: data

Last year’s predictions of a new set of Roaring 20’s may not have panned out the way we imagine, but many did evolve. Here are six trends to watch in 2021.

New challenges created by the COVID-19 pandemic have made it imperative for utility providers to adapt strategies and processes that preserve positive customer relationships. At the same time, they must ensure proper individualized customer treatment by using industry-specific risk scores and modeled income options at the time of onboarding As part of our ongoing Q&A perspective series, Shawn Rife, Experian’s Director of Risk Scoring, sat down with us to discuss consumer trends and their potential impact on the onboarding process. Q: Several utility providers use credit scoring to identify which customers are required to pay a deposit. How does the credit scoring process work and do traditional credit scores differ from industry-specific scores? The goal for utility providers is to onboard as many consumers as possible without having to obtain security deposits. The use of traditional credit scoring can be key to maximizing consumer opportunities. To that end, credit can be used even for consumers with little or no past-payment history in order to prove their financial ability to take on utility payments. Q: How can the utilities industry use consumer income information to help identify consumers who are eligible for income assistance programs? Typically, income information is used to promote inclusion and maximize onboarding, rather than to decline/exclude consumers. A key use of income data within the utility space is to identify the eligibility for need-based financial aid programs and provide relief to the consumers who need it most. Q: Many utility providers stop the onboarding process and apply a larger deposit when they do not get a “hit” on a certain customer. Is there additional data available to score these “no hit” customers and turn a deposit into an approval? Yes, various additional data sources that can be leveraged to drive first or second chances that would otherwise be unattainable. These sources include, but are not limited to, alternative payment data, full-file public record information and other forms of consumer-permissioned payment data. Q: Have you noticed any employment trends due to the COVID-19 pandemic? How can those be applied at the time of onboarding? According to Experian’s latest State of the Economy Report, the U.S. labor market continues to have a slow recovery amidst the current COVID-19 crisis, with the unemployment rate at 7.9% in September. While the ongoing effects on unemployment are still unknown, there’s a good chance that several job/employment categories will be disproportionately affected long-term, which could have ramifications on employment rates and earnings. To that end, Experian has developed exclusive capabilities to help utility providers identify impacted consumers and target programs aimed at providing financial assistance. Ultimately, the usage of income and employment/unemployment data should increase in the future as it can be highly predictive of a consumer’s ability to pay For more insight on how to enhance your collection processes and capabilities, watch our Experian Symposium Series event on-demand. Watch now Learn more About our Experts: Shawn Rife, Director of Risk Scoring, Experian Consumer Information Services, North America Shawn manages Experian’s credit risk scoring models while empowering clients to maximize the scope and influence of their lending universe. He leads the implementation of alternative credit data within the lending environment, as well as key product implementation initiatives.

Cloud computing is the new wave – now more than ever during a crisis. But what are the benefits of moving to the cloud?

The mortgage and real estate industries have been uniquely affected by COVID-19. Here's 3 components missing from a truly modernized mortgage experience.

Learn about some specific Experian solutions that are especially timely for lenders strategizing their response to the COVID Recession.

In our most recent podcast, Experian experts discuss how to enhance your portfolio analysis after an economic downturn and drive greater access to credit.

In our July edition of the State of the Economy report, we’ll be breaking down the data that financial institutions can use to navigate a recovery.

Consumer sentiment can help automotive marketers create a more human connection with consumers.

Experian recently released its Q1 2020 Market Trends report, which provides insights about the vehicles on the road and the most popular vehicle segments. 

Every few months we hear in the news about a fraud ring that has been busted here in the U.S. or in another part of the world.

Account management is a critical strategy during any type of economy (pro-cycle, counter-cycle, cycle neutral), but especially now.

This is the third in a series of blog posts highlighting optimization, AI, predictive analytics, and decisioning for lending operations.

Here's a brief FCRA-related compliance overview to refresh your memory on various FCRA requirements when requesting and using consumer credit reports.

Credit reporting companies and data furnishers have been put in the spotlight to provide consumers with assistance that they need during COVID-19.

Shannon Lois, Experian’s Head of DA Analytics and Consulting and Bryan Collins, Senior Product Manager, tackled questions for lenders amidst COVID-19.