JR TOC Review

Unfortunately, many people have received poor credit advice and been taken advantage from credit repair companies. Many people don't realize that there isn't anything that a credit repair service is able to legally do for you that you can't do yourself for little or no expense. In 1997, a federal law was created as a response to the number of people who have suffered from a consumer repair scam. Under this act, credit repair companies: Are prohibited from taking consumers’ money until they fully complete the services they promise Are required to provide consumers with a written contract stating all the services to be provided and the terms and conditions of payment. Under the law, consumers have three days to withdraw from the contract Are forbidden to ask or suggest that you mislead credit reporting companies about your credit accounts or alter your identity to change your credit history Cannot knowingly make deceptive or false claims concerning the services they are capable of offering Cannot ask you to sign anything that states that you are forfeiting your rights under the Credit Repair Organizations Act. Any waiver that you sign cannot be enforced Quality credit counseling services are often non-profit and charge little or no fee for their services. Look for non-profit credit counselling organizations in your area if you need help. They will offer, and in some cases require, that you complete budget training and money management courses as part of their non-profit programs. If all a credit counselor offers is to negotiate a debt repayment plan or to set up a “debt consolidation” plan, look elsewhere.  Unless you also learn to manage your credit, you will end up with the same problems or find yourself even deeper in debt in the future. As always, you can always work directly with us to dispute lender debts on your credit report.  It's completely free to report errors with us and you can get started right now on our simple app. Recommended Reading 5 Ways to Rebuild Your Credit Score You Can "Fix" Your Credit Report Without Help Photo:  Shutterstock

Experian Automotive today announced that midrange cars were the highest-selling vehicle segment in the first half of 2012, according to its latest vehicle registration analysis. The analysis also showed that the Toyota Camry topped the list of best-selling vehicles for the first half, with the Ford F-150 coming in a close second. In the first half of 2011, the F-150 was the best-selling vehicle, with the Camry coming in second. High-level findings from the analysis showcase the top-selling vehicle segments for the first half of the year and highlight the top vehicle brands in each category. “The first half of 2012 showed a significant increase (11.9 percent) in vehicle registrations compared to the previous year,” said Jeffrey Anderson, director of consulting and analytics for Experian Automotive. “Lower interest rates and dealer incentives have certainly been great motivators for consumers in need of a new vehicle to purchase one. Additionally, higher gas prices and new model redesigns could be pushing consumers to look at small to midrange cars, instead of the larger vehicle segments.” The complete top 10 best-selling vehicles for the first half of 2012 include: Toyota Camry Ford F-150 Honda Civic Nissan Altima Honda Accord Toyota Corolla Honda CR-V Chevrolet Silverado 1500 Ford Fusion Chevrolet Malibu Interestingly, the analysis also showed that while the Ford F-150 was the second highest-selling vehicle in the first half, it was the top seller in 19 states, with Texas making up more than 17 percent of its total sales. The Toyota Camry claimed the second most states (13), with California accounting for the largest percentage of sales (13 percent). When looking at growth comparing the first half of 2012 with the first half of 2011, the fastest-growing segment was hybrid cars, with a 61 percent increase. On the vehicle level, the Kia Optima saw a 92.7 percent increase in registrations in the same time frame. For more information about Experian Automotive’s industry trends research or leading products and services, please visit ExperianAutomotive.com or follow us on Twitter at @Experian_Auto. >> Subscribe to the Experian Blog by Email

Experian Automotive today announced that loans to customers in the nonprime, subprime and deep-subprime risk tiers accounted for more than one in four new vehicle loans in Q2 2012. With 25.41 percent of all new vehicle loans to customers in the nonprime, subprime and deep subprime risk tiers, loans to credit-challenged customers were up 14 percent compared to Q2 2011. In addition, new vehicle loans to credit-challenged customers now are higher than they were in Q2 2007 (24.96 percent) and Q2 2008 (24.49 percent) just prior to the financial market crisis. However, the Q2 analysis also shows that lenders are still taking a cautious approach, keeping loan-to-value (LTV) ratios (the amount of money paid over the life of a loan versus the purchase price of the vehicle) lower than they were a year ago. For new vehicles, the average LTV ratio was 109.55 percent in Q2 2012, compared to 115.65 percent in Q2 2011. “Despite the rise in subprime loans overall, there is still a strong sense of managing risk,” said Melinda Zabritski, director of automotive credit for Experian Automotive. “Because the overall lending environment has improved, lenders are making loans available to a wider range of customers. This is good for manufacturers and dealers, as it allows them to sell more vehicles. However, the lower loan-to-value ratios show that lenders are not willing to throw caution to the winds.” Additionally, the Q2 report showed that the average customer credit score for new vehicle loans dropped nine points, from 762 in Q2 2011 to 753 in Q2 2012. For used vehicle loans, the average customer credit score also dropped nine points from 671 in Q2 2011 to 662 in Q2 2012. The average amount financed for a new vehicle increased $474, from $25,240 in Q2 2011 to $25,714 in Q2 2012. The average amount financed for a used vehicle jumped $370 from $17,063 in Q2 2011 to $17,433 in Q2 2012. The average monthly payment for both new and used vehicles was relatively flat, with new vehicles rising by $2, from $450 in Q2 2011 to $452 in Q2 2012. For used vehicles, monthly payments jumped $4, from $347 in Q2 2011 to $351 in Q2 2012. Complete findings from the State of the Automotive Finance Market Q2 2012 credit trends analysis will be presented in a Webinar at 11 a.m. Pacific/1 p.m. Central/2 p.m. Eastern on Sept. 6. If you would like to register for the event, visit www.ExperianAutomotive.com. Experian Automotive’s quarterly credit trend analysis features market reporting data and analysis from its AutoCount® Risk Report, which analyzes automotive lending markets based on a uniform measurement of credit quality that segments markets by geography, credit score and vehicle registrations, among other factors. It also incorporates data from the Experian–Oliver Wyman Market Intelligence Reports, which provide topical, quarterly analysis; peer benchmarking options; and commentary on key issues facing the financial services industry. >> Subscribe to the Experian Blog by Email Photo: Shutterstock

Experian Marketing Services showed that email volume has increased 10 percent in Q2 2012 versus Q2 2011 according to the Experian® CheetahMail® 2012 Q2 email benchmark report. Experian CheetahMail also found that total open rates increased 1.5 percent in Q2 2012 versus Q2 2011. Analyzing the email volume among different industries shows that Travel and Consumer Products and Services emails reported the largest increases, with 41 percent and 19 percent, respectively. Media and Entertainment emails also reported a double-digit increase (17 percent) in Q2 2012 versus Q2 2011.There was only a 2 percent change in All Industry email volume from Q1 to Q2 in 2012, as all verticals except Travel had less growth from Q1 to Q2 in 2012 than they had for the same time in 2011. “For Q2 2012, overall email volume increased 10 percent while open rates were slightly above the 2011 Q2 rates, as more than 55 percent of brands had statistically significant increases in open rates for Q2 2012,” said Regina Gray, vice president of strategic services, Experian CheetahMail. “While click rates continued to show a year-over-year decline, there is some evidence that the rates are stabilizing. Email is still the most effective channel to connect with customers as we’ve seen a growing trend of brands utilizing social capabilities to acquire and engage consumers and fans across these new media channels.” The Email and Social Media Connection The Q2 benchmark report analyzed the Q2 2012 mailings that had a reference to a social media site in the mailing name or subject line of the email – such as Facebook, Twitter, and Pinterest – and then were compared to the performance of all other mailings from the same clients for the same time period found that: 70 percent growth in brands sending ‘Like us’, ‘Follow us’ or ‘Pin us’ email campaigns. Pinterest ‘Pin us’ mailings are generating unique click rates that are almost 25 percent higher than other mailings. Unique open rates for Twitter ‘Follow us’ mailings are 9.5 percent higher than those for their other mailings, but unique click rates are virtually identical to all of their other mailings. Coupons had over 50 percent higher click rates and double the revenue per email than campaigns without offers. Experian CheetahMail’s Q2 2012 Quarterly Benchmark Study is available to download.

While the runways boast couture and fashions that you rarely see walking down the street, some of the top cities in the U.S. are keeping comfortable in their sweats. For the second year in a row, the nation’s top per capita consumer of sweats is Philadelphia, PA while New York was seventh, Los Angeles ranked eighth, and Chicago was twentieth. The top 10 cities for sweats consumption:  Philadelphia, PA Hartford, CT Pittsburgh, PA Lafayette, LA Laredo, TX Boston, MA New York, NY Los Angeles, CA Victoria, TX Scranton, PA Perhaps these purchases are travel-related.  Spirit Airlines passengers are the biggest buyers of sweats, followed by Jet Blue, Continental and US Air. Foreign airlines have really high sweat purchase numbers too – especially Asian carriers. On the flip side, Southwest Airlines passengers buy the fewest number of sweat apparel items. Source: Experian Marketing Services Simmons Photo: Shutterstock

According to a new study by Experian Marketing Services, niche social networks significantly increased their market share of all visits to social sites, with Instagram and Pinterest leading the pack. The following graph illustrates the global growth between July 2011 and July 2012, based on share of visits to all sites by country: Other niche social networks that have experienced significant gain include Stock Twits in the US, Redidt in Australia, and FanPop in the UK. According to Bill Tancer, head of Global Research at Experian Marketing Services, the growth of Instagram and Pinterest over the past year has been successful because they haven’t tried to be ‘another Facebook.’ Both networks are image based – something people love and relate to better than just words. For retail brands, sites like Pinterest present a great opportunity to promote products in a compelling and organized way to a wide group of people, globally. Deeper functionally, combined with a lower technical barrier to entry, will result in new leaders in social media being created, accepted and used within a matter of days – compared to the rate of adoption happening now over the course of weeks and months. Also included in the study for July 2011 to July 2012: What social networks do you use most frequently? Do the results of this study surprise you at all? Feel free to share your thoughts with our readers in the comments section below.