Margin test

“Today, the CFPB announced a final rule addressing its role in supervising certain credit reporting agencies, including Experian and others that are large market participants in the industry. During a field hearing in Detroit, CFPB Director Richard Cordray spoke about a new regulatory focus on the accuracy of the information received by the credit reporting companies, the role they play in assembling and maintaining that information, and the process available to consumers for correcting errors. We look forward to working with CFPB on these important priorities. As we have stated before, Experian is no stranger to regulation – the FCRA was enacted over 40 years ago and has been aggressively enforced by the FTC. We already commit substantial resources to maintaining and improving accuracy and dispute handling. They are essential to consumers, our clients and to the value and equity we bring to our shareholders. We are pleased that Director Cordray, in his comments today, took the time to point out the foundational importance of consumer credit information in facilitating consumer access to fair and affordable credit. He also acknowledged the critical role of credit reporting in consumers’ lives. We are confident that that further careful study by CFPB will confirm the high degree of accuracy achieved by credit reporting companies that operate in a highly complex environment. Consumer participation in the credit reporting system is essential for ensuring accuracy of consumer reports. Consumers have a fundamental right to dispute information they believe is incorrect. Experian, along with the industry, has implemented effective solutions for consumers to dispute what they identify as errors in their credit reports through multiple channels with 24/7 availability, including phone, mail and internet. This system includes trained consumer assistance professionals who help expedite disputes in a timely manner. Moreover, consumers have access to a free credit report online through AnnualCreditReport.com. Any errors identified in that free report can also be disputed by phone, mail and internet. The consumer dispute system is an evolving and dynamic system, and we in fact have made many changes and improvements over the years. So we naturally welcome the opportunity to discuss reasonable ideas for improving the consumer dispute system with the CFPB. Last – and important for consumers – Director Cordray noted that consumers need to be smart about how they manage their credit. We couldn’t agree more, which is why Experian was one of the first companies to create a substantial financial literacy outreach program called “Live Credit Smart,” where we offer tips and advice for consumers through online chats, blogs and community outreach efforts.” – Tony Hadley, Senior Vice President of Government Affairs and Public Policy

The Consumer Financial Protection Bureau is coming up on its one year anniversary, and the questions still persist around what it means for credit reporting agencies and other providers of data to the financial services industry. One major focal point has been the agency’s “new” authority to supervise and examine large market participants, like Experian. Experian, in fact, is no stranger to regulation. The Fair Credit Reporting Act was enacted in 1970, and for over four decades, the Federal Trade Commission has enforced the Act vigorously. Numerous and routine amendments to the FCRA have resulted in a dynamic regulatory environment – one that has brought certainty and benefits to consumers and the economy. Today, consumers enjoy unparalleled access to fair and affordable credit, due in part to the existence of a robust, transparent and well regulated consumer credit reporting system. Consumers also benefit from maximum transparency of industry data collection and use practices, as well as wide ability to access data about them and correct errors they identify. Notably, consumers also have access to a free consumer report annually through Annualcreditreport.com. So, as we engage with CFPB under the agency’s new supervisory authority, we envision a system that will continue to facilitate consumer access to fair and affordable credit. I believe both the CFPB and Experian share this most important and fundamental goal. Meanwhile, Experian will continue to invest in the areas that help consumers, like our National Consumer Assistance Center and our financial education programs like “Live Credit Smart,” as well as our growing and important consumer products and services such as credit monitoring and identity protection, and our financial literacy services such as “credit educator.” Experian is proud of the value we deliver to consumers, financial institutions and other businesses by enabling informed lending activities. We help companies and consumers make informed decisions so our economy can be strengthened. We remain committed to meeting consumers’ and clients’ needs within regulatory guidelines, while continuing to move our business forward. – Tony Hadley, Senior Vice President of Government Affairs and Public Policy

What did you do with that envelope that used to arrive once a year with estimates of your future Social Security benefits? You might have reviewed the information. You may have even filed the statement away as a reference. Now, this powerful financial planning tool is as close as the nearest computer. "Often, people don't think of their Social Security statement when thinking of their financial well-being," says Rod Griffin, director of public education for Experian. "But your statement can be a valuable financial planning tool." Your SSA statement is now available online at www.socialsecurity.gov/mystatement. It provides an estimate of the amount of Social Security benefits you could receive upon retiring, but it can also help you with retirement savings strategies, estate planning and making decisions about disability insurance. Retirement Savings Knowing how much your Social Security payments will be can help you better understand how much you'll need to save in other vehicles to fund your lifestyle during retirement. After reviewing your statement online, you may decide to adjust your 401(k) contributions, open an IRA or seek other avenues for funding your retirement. The statement can also help you work with your current employer to ensure they're withholding the appropriate amounts. Estate Planning Your online statement will also give you an estimate of how much your survivors might be eligible for if you die. This information covers both spouses and minor dependent children. "This could be useful information when you're planning how you will financially take care of your loved ones if you pass away," Griffin says. Estate planning often involves considering what sources of income will be available to survivors, and knowing how much Social Security benefits yours could be eligible for can help in the planning process. Disability Decisions According to the SSA, 62 is the earliest age people can collect a reduced Social Security retirement payment, and the full retirement age is 67 for people born after 1960. But a 20-year-old worker has a three in 10 chance of becoming disabled before reaching retirement age, and the average age of people receiving Social Security disability benefits is just 53 years old. If you have a health problem that you know will lead to disability, knowing how much you could expect to receive from Social Security may help you make decisions about how much disability insurance you'll need. With the availability to access your Social Security earnings and benefit information online, it's easier than ever to make use of this important financial planning tool. The SSA uses Experian's fraud prevention services to securely authenticate and safeguard the identities of people accessing their earnings and benefits information online. To access your statement, go to www.socialsecurity.gov/mystatement, create an account and provide the information as prompted. You'll be able to access your benefit information and even see a history of your annual earnings for every year. For more information on how to live financially smart, go to www.livecreditsmart.com. Photo: Shutterstock

The Social Security Administration recently announced that in less than two months’ time, one million people have gone online, created a My Social Security account and viewed their Social Security Statement. The online Statement provides estimates for retirement, disability and survivors benefits. It also provides workers as young as 18 a convenient year-round way to determine whether their earnings are accurately posted to their Social Security records, which was not possible when the agency mailed paper Statements only to those 25 and older. On May 1, Social Security unveiled this new addition to its popular suite of electronic services at www.socialsecurity.gov/mystatement, which allows people to access their Social Security earnings and benefit information securely and conveniently. According to the American Customer Satisfaction Index (ASCI), users are giving the online Statement a score of 89 — making it competitive with Social Security’s other top-rated, best-in-government online services, such as the Retirement Estimator and online retirement application. The ASCI tracks trends in customer’s satisfaction and provides valuable benchmarking insights for companies and government agencies. As part of this online process, the SSA uses Experian's fraud prevention services to securely authenticate and safeguard the identities of people accessing their earnings and benefits information online. To access your online Statement, you must be at least 18 years old, have a Social Security number, have a valid email address and have a U.S. mailing address. To learn more or to create your own account, please go to www.socialsecurity.gov/mystatement. One Million People Go Online to Access Their Social Security Statement ex.pn/LWqzlG via @tronbueno — Experian News (@ExperianNews) July 3, 2012

Experian Automotive today announced that it will offer National Motor Vehicle Title Information Systems (NMVTIS) Reports to California auto dealers, enabling them to stay in compliance with new government regulations. “As of July 1, 2012, all California dealers are required to provide a NMVTIS report prior to selling a used vehicle,” said Scott Waldron, president of Experian Automotive. Being an authorized NMVTIS seller reinforces our commitment to our dealer customers, enabling them to get an AutoCheck Vehicle History report and a NMVTIS report through their current AutoCheck access point. NMVTIS reports provide basic vehicle information in accordance with California state law. When paired with an AutoCheck® vehicle history report, used vehicle dealers and shoppers can feel confident that they are getting the right information to better understand, compare and select the right vehicle. Used car and truck dealers can access NMVTIS reports through Experian Automotive’s AutoCheck. To learn more about the NMVTIS reports from Experian Automotive, visit www.Experian.com/NMVTIS. For more information on Experian Automotive’s other products and services, visit www.ExperianAutomotive.com. Photo: Shutterstock