For more than 40 years, Orange County has been the home of Experian’s North American headquarters. We have strong roots here. And as part of that, Experian and our employees work and volunteer with organizations around the community to help make the OC a better place to live. As a long-time Experian employee and Orange County resident, I am proud to represent a critically important organization to our community: the Orange County Business Council (OCBC). And as 2015 Chair of OCBC, I thought it was a good time to discuss not only the mission of OCBC, but more importantly, how it relates to what we do at Experian. OCBC’s mission is to advance business and enhance the quality of life for all Orange County residents. As an organization, Experian is committed to assisting businesses around the world understand and harness the power of data and insights to positively move the economy forward. ­ In short, helping businesses grow. One of the goals of Experian’s Business Information Services unit, for which I lead marketing, is to provide information that help business owners manage their credit, enabling them to take action and obtain funding that will increase cash flow and uncover growth opportunities. The business unit works with organizations such as the Small Business Administration (SBA) and the National Federation of Independent Businesses (NFIB) to reach entrepreneurs and sole proprietorships to deliver tools and educational resources that help them better understand the credit landscape and position their business for future success. This is yet a small example of what Experian does and how it correlates to OCBC, and my mission in chairing this important organization. Ultimately, businesses, both large and small, are what drive our economy forward, and we believe the work OCBC does to help businesses is of the utmost importance. Whether in Orange County or around the world, advancing business and enhancing the quality of life for consumers are goals we can all get behind. As Walt Disney would say, “it is a small world after all.”

Just as looking in the rear view mirror can help you navigate your next move, looking into recent trends can serve as a guide to where the industry should head in the future. With that in mind, let’s take a step back and look at some of the trends in the automotive industry that finished off 2014. After all, it’s the insights from these trends that enable dealers, manufacturers, aftermarket retailers and lenders to take the right action to uncover growth opportunities and improve profitability. As we look at Experian Automotive’s 2014 Market Share and Registration Trends analysis, we see that the volume of new and used vehicle sales continued to increase year-over-year to reach 16.3 million and 39.3 million, respectively. However, despite the volume increases, the growth rate for both types of sales has slowed considerably. The growth rate of new vehicle sales slowed to 6.6 percent, while the growth rate for used vehicle sales actually decreased to 1.8 percent from 1.9 percent a year ago. Findings from the analysis also showed that entry-level cross-over utility vehicles and full-sized pickup trucks remained the top two new registered vehicle segments, while alternative-powered vehicles fell out of the top ten. Among new entrants into the top ten was the upscale-near luxury vehicle segment, which includes such cars as the BMW 3-Series, Mercedes-Benz C Class and the Lexus ES350 Other findings from the analysis include: The total number of vehicles on the road increased by 5 million from a year ago to reach 251.1 million More than 92 million vehicles on the road fell within the aftermarket “sweet spot,” model years 2003-2009. Analysis also shows the sweet spot shifting toward a higher share of import vehicles. Ford F150, Chevrolet Silverado/1500 and Honda Accord were the top three vehicle models of all vehicles on the road at the end of 2014 Ford (20.6 percent), International (16.9 percent) and Freightliner (15.8 percent) were top three manufacturers of medium- and heavy-duty vehicles in terms market share of all vehicles on the road General Motors had the highest market share of new vehicle sales in the South and Midwest, while Toyota led the way in the Northeast and West Fast forward three months into 2015, the automotive industry seems to be picking up right where it left off last year – clicking on all cylinders. It will be important to keep an eye on how these trends fluctuate through the rest of the year, as those insights can help the industry navigate and adapt to situations that may arise. Subscribe to this blog by email to learn more about our data and analytics.

In today’s world, it seems as though there is a statistic that we can apply to just about anything. Whether it’s viewership of the Super Bowl, popularity of breakfast cereal or the number of red M&Ms that come in a pack, I bet the data is out there. In fact, there is so much data in the world that Emery Simon of the Business Software Alliance once said that if data were placed on DVDs, it would create a stack tall enough to reach the moon. But let’s take a step back. If you break it down to its bare bones, all data is, is a bunch of numbers. Until you can understand what those numbers mean, data by itself isn’t that helpful. Delivering data insights in order for our clients to make better decisions is at the core of everything we do at Experian. We are continuously looking for ways to use our data for good. This is especially critical for the automotive industry, including dealerships, manufacturers, lenders and consumers alike. For example, with data and insights, manufacturers and dealerships can better understand what vehicles consumers are purchasing, as well as where certain vehicle segments are most popular. This information can help them decide which vehicles models are performing or where to move inventory. For automotive lenders, gaining insight into the shifts in consumer payment behavior, enables them to take the appropriate action when making decisions on loan terms and interest rates. By leveraging this information, lenders are able to minimize their own risk and improve profitability. On the consumer side, a vehicle is often the second largest purchase they will make. It’s important, especially when purchasing a used vehicle, to get as much information as possible to make the best decision. Vehicle history reports contain hundreds of data points from a variety of sources that provide insight into whether a vehicle has been in an accident, has frame damage, and odometer fraud, among other things. Consumers are able to take these insights to assist in the car buying process to ensure the vehicle is safe and meets their own standards. Leveraging the information available to make better decisions across the board will help the industry and consumers cruise down the highway of success. And that’s how we roll … Subscribe to this blog by email to learn more about our data and analytics.

Experian is all about turning insights into action… using data for good. Our commitment is to work with our clients, consumers, non-profits and other parties to help ensure that we, as a company and within society, continue to properly leverage big data for good. As part of that effort, each week we bring you Experian Insights – a round-up of news and resources highlighting how data is used for positive business, consumer and societal actions in many ways and across multiple sectors. Experian Insights in the News The One Thing That Could Instantly Make Your Credit Score Better – Time If both rent and utilities were part of credit scores as many as 54 million people (who are essentially invisible today) would be able to participate in mainstream finance. [Tweet] Five Minutes with Matt Seeley, EMS Group President – The Hub We're working with numerous clients to help guide their organization's data management strategy, putting insights into action to create improved and more meaningful customer interactions. [Tweet] Small Business Insights Drive Action for the Good of the Economy – Experian Blog Small businesses rounded out 2014 performing at a very high level, especially in terms of credit health. [Tweet] Agencies Navigate the Identity-Based Security Ecosystem – GCN Identity systems have become the top priority for organizations looking to safeguard government data from attackers. [Tweet] Experian's Newest CMO Aims to Focus on Consumers – AdAge.com Kristen Simmons will lead strategic direction, development and execution of marketing for Experian consumer services in North America. [Tweet] How Millions of Consumers Could Get Credit for Paying Their Utilities on Time – Experian Blog Study analyzed the financial benefits for consumers by adding positive, monthly utility or rental payments to credit reports. [Tweet] Jump-Starting Car Sales from the Service Lane – Automotive News Automotive News reports how VehicleXchange works with Experian to help car dealers find credit-worthy customers. [Tweet] 5 Tools for Improved Identity Management – GCN  Government agencies will have to rely on improving existing technology solutions to help manage their ongoing security threats. [Tweet] Acting on Insights to Create Value for Marketers and Their Customers – Experian Blog Learn how successful businesses are drawing meaningful insights from data to impact almost every aspect of business operations. [Tweet] Subscribe to this blog by email to learn more about our data and analytics.  

Experian is all about turning insights into action… using data for good. Our commitment is to work with our clients, consumers, non-profits and other parties to help ensure that we, as a company and within society, continue to properly leverage big data for good. As part of that effort, each week we bring you Experian Insights – a round-up of news and resources highlighting how data is used for positive business, consumer and societal actions in many ways and across multiple sectors. Experian Insights in the News The One Thing That Could Instantly Make Your Credit Score Better – Time If both rent and utilities were part of credit scores as many as 54 million people (who are essentially invisible today) would be able to participate in mainstream finance. [Tweet] Five Minutes with Matt Seeley, EMS Group President – The Hub We're working with numerous clients to help guide their organization's data management strategy, putting insights into action to create improved and more meaningful customer interactions. [Tweet] Small Business Insights Drive Action for the Good of the Economy – Experian Blog Small businesses rounded out 2014 performing at a very high level, especially in terms of credit health. [Tweet] Agencies Navigate the Identity-Based Security Ecosystem – GCN Identity systems have become the top priority for organizations looking to safeguard government data from attackers. [Tweet] Experian's Newest CMO Aims to Focus on Consumers – AdAge.com Kristen Simmons will lead strategic direction, development and execution of marketing for Experian consumer services in North America. [Tweet] How Millions of Consumers Could Get Credit for Paying Their Utilities on Time – Experian Blog Study analyzed the financial benefits for consumers by adding positive, monthly utility or rental payments to credit reports. [Tweet] Jump-Starting Car Sales from the Service Lane – Automotive News Automotive News reports how VehicleXchange works with Experian to help car dealers find credit-worthy customers. [Tweet] 5 Tools for Improved Identity Management – GCN  Government agencies will have to rely on improving existing technology solutions to help manage their ongoing security threats. [Tweet] Acting on Insights to Create Value for Marketers and Their Customers – Experian Blog Learn how successful businesses are drawing meaningful insights from data to impact almost every aspect of business operations. [Tweet]    

It seems like every conversation I have regarding how the U.S. economy is doing, I always think about small businesses. After all, small businesses are what drive our economy forward. They are the center of commerce for our country, and create the most jobs for our growing workforce. Quite honestly, without them, who knows where our country would stand today. With that said, how are small businesses really doing? Well, according to the Experian/Moody’s Analytics Small Business Credit Index, small businesses rounded out 2014 performing at a very high level, especially in terms of credit health. Small businesses improved their payment and credit management behavior across the board, increasing their average risk score, reducing the number of days they paid bills past due and lowering delinquency rates. The end of 2014 also saw a decrease in the number of businesses that filed for bankruptcy. Simply put, small businesses fared well at the end of last year. What does this mean in the grand scheme of things? For lenders and suppliers, the continued improvement in payment and credit management performance by small businesses is a welcomed sign. It enables them to feel more confident when extending credit. Understanding these trends give lenders the insight needed to make more informed decisions on loan terms, interest rates and credit limits. On the other side of the spectrum, small businesses have positioned themselves to gain access to a wider availability of credit than several years ago. Staying on top of their payment performance will be critical, as it can open up the credit spigot for years to come. Gaining insight into how lenders and suppliers perceive a small business’s risk, enables owners to understand the areas they need to improve on. At Experian, we’re committed to helping lenders, suppliers and small businesses alike, understand these data points, and turn them into actionable insights to help them move their businesses forward and grow. Enabling our clients to use this data for good and create new opportunities is at the core of everything we do. At the end of the day, the continued improvement in small business credit health is a positive for all parties involved. It enables lenders to feel more confident that they will receive payment on loans they’ve extended, and small businesses will have access to capital that helps them grow and succeed. And when small businesses succeed, it has a very positive affect on our economy.

Experian’s goal is to help consumers understand and actively engage in their credit life because it plays such an important role in building a secure financial future. Today marked another milestone in this quest. In a positive step for consumers and the U.S. consumer credit industry, Experian (along with the other two nationwide credit bureaus Equifax and TransUnion), announced the National Consumer Assistance Plan (NCAP) – a program that will further enhance our ability to collect complete and accurate consumer information, and provide consumers more transparency and a better experience when interacting with credit bureaus about their credit reports. The plan was launched after cooperative discussions and an agreement with New York Attorney General Eric Schneiderman. First, let me touch on what we are doing at Experian specifically. I’m a firm believer that in order to fulfill our goal of being the champion for consumers, we must continuously enhance our own internal processes and adjust our business to the changing needs of consumers and the market. I applaud the industry for coming together to form the NCAP, and in that same vein of commitment to the consumer, I plan to go even further in our efforts to deliver the highest quality data and the best consumer experience possible. For the last few years, we have embarked on a rigorous plan and invested millions of dollars in staffing, training, education and system improvements at Experian to ensure our data is as accurate as possible, to streamline the dispute process, and to make problematic disputes easier to resolve. Let me highlight what we are doing. We are building on our strong foundation of systems and processes to achieve even higher levels of quality. We have a team of more than 100 employees who are focused on receiving, loading and managing the quality of data from data furnishers. We maintain an inventory of more than 400 data quality rules that are applied each time data is furnished to us, so that we can ensure the data is historically consistent and logical before it is loaded into Experian’s database. Every month, we work proactively with data furnishers to further enhance the accuracy of the data they provide to us by pointing out any issues that they need to address; for example, data formatting issues that could result in inaccurate data being added to a consumer credit report. Our goal is to manage our data proactively at the front end to benefit all consumers and lenders. The accuracy, quality and integrity of our data is foundational to Experian’s business, and we are committed to further enhancing the consumer credit experience by attaining the highest level of data accuracy and quality. 98 percent is good – but not good enough. We are making further improvements in data accuracy. Perfecting the credit ecosystem, which includes more than 10,000 data furnishers and 1.3 billion monthly credit report updates, is complicated. As an industry, we have achieved a 98 percent accuracy rate for credit reporting. While that is good, it is not good enough. We are striving for perfection, taking tangible steps and making real investments to further enhance accuracy. We are making the dispute process easier. As the first credit bureau to have launched a national credit education initiative, we have more than 20 years experience working with consumers to help them more effectively manage their credit. In the last two years, we have spent considerable resources to improve engagement with consumers: We have upgraded our website to make it easier for consumers to dispute reports online. We have added a new system that enables consumers to provide dispute documentation through a secure document uploading process. We have added more agents, so consumers can speak to one of our representatives to ask questions. We have increased bilingual support for our Spanish-speaking consumers. These investments have shown results: The number of disputes initiated has dropped, dramatically decreasing 42 percent since 2008. The time it takes to resolve disputes has been reduced in the last year, with almost 59 percent of all disputes resolved within 10 days, and an additional 19 percent resolved in 20 days. The timeframes of the disputes are much shorter than the 30-45 days allowed by federal guidelines. But, of course, our efforts will continue to provide the best consumer experience possible. Credit reporting enables the American way of life. Our industry helps fulfill dreams of owning a car or a home. It allows students to attend college. And it stimulates financial growth. Our work is not without errors, but we are wholeheartedly committed to perfecting our role in the credit ecosystem – empowering consumers and the economy alike. As I said, our goal is to be a champion for consumers. We will continue to invest in and work toward that goal. We will do more. We will do more, and as CEO of Experian North America, you have my commitment.

We’re just a few months into a new year and already there are clear signs how the Consumer Financial Protection Bureau (CFPB) plans to further advance its regulatory authority over bank and non-bank entities across the credit ecosystem. Here is a look at the top three priorities for the CFPB in this space: 1) Debt Collection Complaints about debt collections are near the top of the list of consumer comments for both the CFPB and the Federal Trade Commission. In fact, according to a semi-annual report by the CFPB released in December 2014, 36% of consumer complaints concerned continued attempts to collect debt that was not owed. The high number of consumer complaints coupled with the complexities of the debt collection industry, in general, has prompted the CFPB to take action.  The bureau put out an advanced notice of proposed rulemaking in November 2013 that drew more than 23,000 comments and it’s expected to release a proposed rule later in the spring of 2015. In addition, during a field hearing last December, the CFPB released a report focusing on both medical and non-medical collections. The report highlights the lack of standardization concerning how and when collection tradelines are furnished to credit reporting agencies (CRAs). Specifically, the report suggests that these variations can lead to consumer confusion and may impact accuracy. With collections under the microscope, expect to invest more in data management and data governance systems as part of new compliance and standardization initiatives as well as to alleviate consumer complaints. 2) Consumer financial education and empowerment Consumer financial education and empowerment remains a top priority of the CFPB, since it is baked into the bureau’s organizational structure. The CFPB has encouraged financial institutions to simplify disclosures and to provide credit scores on monthly statements. In remarks before a Consumer Advisory Board meeting in February, CFPB Director Richard Cordray made clear that the initiative is aimed at helping increase transparency and awareness of credit scores so that consumers can better understand the impact that they have on their lives. Furthermore, Director Cordray has stated that, “Financial products can help make life better, but they can also make life harder… Responsible businesses must help make the costs, risks, and benefits of financial products easier for consumers to understand.” To that end, expect renewed calls for improvements in customer service, education and credit data transparency as part of an ongoing move to facilitate consumer empowerment. 3) Accuracy of consumer credit data The accuracy and completeness of information contained in consumer credit files will continue to take center stage as the CFPB focuses on the responsibilities and duties of both credit bureaus and data furnishers, particularly debt collectors. Hearkening back to the field hearing conducted last December in which the CFPB’s study focused on the lack of standardization in collection tradelines, CFPB Director Cordray emphasized the responsibilities of data furnishers — including both debt collectors and lenders — to provide credit bureaus with complete and accurate data.  In addition, the CFPB remains highly interested in ensuring that the consumer dispute resolution system operates efficiently. The CFPB also announced it would require CRAs to provide accuracy reports on data furnishers that identify key risk areas for consumers. New reporting requirements for CRAs include identifying furnishers with the most disputes, industries with the most overall disputes, and furnishers with the highest overall disputes relative to industry. While data reporting will remain voluntary, furnishers will need to take greater steps to ensure fair and accurate reporting of consumer credit data or face greater scrutiny by the CFPB. These top priorities demonstrate some of the key focal points by the CFPB within the consumer credit environment anticipated this year. To that end, it will be important for covered entities to ensure that they not just comply with current federal and state laws, but also strive to advance industry best practices while keeping consumers front and center. For information on the responsibilities of furnishers submitting information to consumer reporting agencies, access Section 623 of the Fair Credit Reporting Act. For information on how to act and comply with new data quality rules, visit Experian Data Integrity Services.

For the second year in a row, Experian Marketing Services has been named one of the top email service providers (ESPs) in the market by The Relevancy Group. The Relevancy Ring — ESP Buyer’s Guide 2015 evaluates and ranks ESP vendors according to the satisfaction of several hundred marketers and the vendor’s ability to meet their challenges and goals through product functionality and innovation. The report also cites Experian Marketing Services for excelling in areas such as integration, omnichannel marketing and production services. According to the report, Experian Marketing Services differs from a traditional ESP in its ability to support real-time optimization and machine learning using a combination of data, services and analysis. “Experian goes out of their way to understand a client’s unique challenges. They can simplify complex systems and create solutions that help clients to make their marketing programs more sophisticated,” said David Daniels, CEO and Founder of The Relevancy Group. The report also praises the Experian Marketing Suite for its infrastructure stability, deliverability tools and services, creative services and technical services. The report states, “Clients interviewed tended to praise the timeliness, quality and the ability to scale Experian’s technical implications. They also are seen as great partners and extensions of their clients’ teams.” Learn more about the Experian Marketing Suite here, and download your own copy of The Relevancy Ring – ESP Buyer’s Guide 2015 today.