When it comes to credit, who is winning the battle between men and women? The latest credit trends study, released today from global information services company Experian, compares the financial differences between men and women, revealing that, overall, women are better at managing their money and debt. For the first time, Experian® analyzed credit scores, average debt, utilization ratios, mortgage amounts and mortgage delinquencies of men and women in the United States. While the national credit scores only vary slightly — with a one point difference — other differences between the population of men and women include the following: Men have 4.3 percent more debt than women Men have a 2 percent higher credit utilization amount Mortgage loan amounts for men are 4.9 percent higher Men have a higher incidence of late mortgage payments by 7 percent Below is a top-line look at how men and women fared when compared with each other: “When looking closer at our data and cross-referencing it with other data sources, we see that women working full-time in the United States earn approximately 23 percent less income3 than men but that women are taking steps to manage their finances better than men,” said Michele Raneri, vice president of analytics, Experian. “The most notable difference is that men are taking bigger individual mortgage loans than women, but it would appear that they are having a slightly more difficult time making those payments on time.” Mortgage insights Some of the most compelling differences in the study were found in the mortgage category. On average, 72 percent of consumers have joint mortgages (a home loan given to more than one party) and the remaining number represents men and women who borrowed on an individual/independent basis. The data reveals that throughout the United States, men have 18.3 percent more independent mortgages than women, with one exception: Women in Washington, D.C., take out 33 percent more loans than men. See below for a closer look at the states with most and least independent mortgages by gender. With men having more individual mortgages and higher loan amounts when compared with women, where are the most interesting trends when it comes to their loans and financial health? The most significant difference at the state level is in Connecticut, where the average man has a mortgage loan of $229,510 and the average for women is $175,276, creating a gap of 24 percent between them. Men in Connecticut also have late payments 13.6 percent more often than women, carry an average debt that is 8.6 percent higher and have a 5.6 percent higher utilization amount than women. Florida stands out in the study, as the men and women in the Sunshine State both have some financial strain, but women still maintain a better financial picture on average. West Palm Beach, Fla. — Men have 24 percent higher mortgage amounts than women, and their occurrences of late payments on them are 17.5 percent higher than women. Miami, Fla. — Both sexes are struggling to pay their mortgages on time, with men’s occurrences of late payments at 13.1 percent and women’s at 12.7 percent, with a difference of only 2.8 percent between the two. The women in Miami, though, have a 6.9 percent lower average debt than men, which indicates they are approaching their debts better. “Seeing the divide between how men and women approach credit is interesting, but what’s most important is understanding the value of building a good credit history. How you manage credit and debt is critical to your financial well-being,” said Maxine Sweet, Experian vice president of public education. “Paying attention to what’s in your credit report, never missing a payment, and keeping your utilization rates low are three key steps to financial success.” Additional data resources More details from the analysis — including an infographic and statistics for more than 100 U.S. cities and states — are available at Experian’s LiveCreditSmart.com. Experian is sponsoring a TweetChat with @Wisebread on May 23 at 3 p.m. Eastern time focused on the credit differences between men and women. Register at wisebread.com and follow #wbchat. Experian hosts a #CreditChat on Twitter every Wednesday at 3 p.m. Eastern time with consumer credit experts Maxine Sweet and Rod Griffin. Follow @Experian_US to join in. Analysis methodology The analysis is based on a statistically relevant, sampling of depersonalized data of Experian’s consumer credit database from December 2012. Gender information was obtained from Experian Marketing Services.

In the spirit of National Financial Literacy Month, freecreditscore.com created this infographic to share some simple credit tips: [Download the full infographic here.]

When Kermit the frog said, “It’s not that easy being green,” he may not have been referring to the automotive market, but he may have been on to something. Hybrid/alternative power vehicles are one of the smallest segments in the U.S., and have only just recently achieved a little more than one percent of the total vehicles in operation. However, according to Experian Automotive’s recently released Earth Day report, the segment has witnessed steady market share growth, increasing by 40.9 percent since 2011. The report focused on some of the characteristics of a hybrid owner, as well as the financial attributes of hybrid vehicle loans. The infographic here provides a snapshot of a hybrid owner, highlighting that 53 percent are women and that 16 percent of hybrid owners are 25 to 34 years old. Additionally, the report found that it’s not just “green” consumers that purchase hybrids: only eight percent want to be viewed as environmentally conscious. The analysis, in fact, showed consumers purchasing a hybrid have significantly higher credit scores than those purchasing another type of new vehicle. For example, the average credit score for a loan on a new hybrid was 790 compared with the national average credit score of 755 for a loan on any new vehicle. Other loan attributes in the analysis included the average amount financed, monthly payment, interest rate and loan terms of hybrid vehicles purchased in 2012. The analysis also showed that Toyota hybrid vehicles made up more than 62 percent of the vehicles financed in 2012. For more information on this report or other automotive-related insights, please visit ExperianAutomotive.com.

When I think of large, successful companies, a couple of thoughts come to mind; excellent customer service, constant innovation and the unmistakable ability to attract new customers. While each of these is important in its own right, some would argue, the mark of a truly successful company is one that satisfies its existing customers, and keeps them coming back for more. In our recently released Loyalty and Market Trends Report, we found that Ford did just that, as they passed GM and Toyota to take the top spot in corporate loyalty during Q4 2012. During the time period, 47.9 percent of the customers who owned a Ford vehicle returned to market to buy another Ford or Lincoln. General Motors had the second highest corporate loyalty ranking at 47.7 percent, followed by Toyota Motor Corporation at 46.9 percent. The remaining auto manufacturers in the top 10 were Mercedes-Benz (43.4%), Honda (41.8%), Kia (40.0%), Hyundai (38.9%), Subaru (38.9%), Chrysler (38.1%) and BMW (37.0%). Not only did Ford surpass its rivals in corporate loyalty, but it also remained as the top automaker in overall brand loyalty, with 47.1 percent of Ford owners returning to the market to purchase another Ford vehicle. Mercedes Benz was second in brand loyalty with 43.7 percent (a significant increase over the previous quarter when they came in ninth place with 34.6 percent), followed by Mercedes-Benz, Toyota, Honda and Chevrolet, to round out the top five. As if that wasn’t enough good news for Ford, it also had a record eight out of the top 10 models in brand loyalty, led by the Ford Fusion, Ford Flex and Ford Edge. Other Ford vehicles included the Ford Five Hundred, Ford Fiesta, Ford Escape, Ford Focus and Ford Taurus. The only non-Ford models included were the Kia Forte and Chevrolet Sonic. The report also highlighted several other key areas of the automotive industry including registration trends, market share and average age vehicles. To see a webinar recorded presentation of the report or to learn more about Experian Automotive’s other industry insights, please visit www.Experian.com/Automotive. Photo: Shutterstock.com

Linda Haran has been selected for her leadership and contributions to the field of mortgage technology by Mortgage Banking Magazine for the development and introduction of Experian’s IntelliView product. The company’s new interactive, Web-based query, analysis and reporting tool enables financial professionals to optimize strategic planning, uncover new opportunities and improve decision making by having 24-7 online access to Experian’s aggregated quarterly consumer credit data. Data is available for seven lending categories, including bankcard, retail card, automotive, first mortgage, second mortgage, home-equity lines of credit and personal loans. IntelliView data is sourced from the information that supports the Experian–Oliver Wyman Market Intelligence Reports and is easily accessed through an intuitive, online graphical user interface, which enables financial professionals to extract key findings from the data and integrate them into their business strategies. This unique data asset does this by delivering market intelligence on consumer credit behavior within specific lending categories and geographic regions. According to Janet Reilley Hewitt, editor in chief, Mortgage Banking Magazine, the magazine is thoroughly impressed with the ease of use and depth of information that is readily available via IntelliView to help mortgage banking professionals improve their strategies and make better business decisions. Only seven people received Mortgage Banking Magazine‘s Tech All-Star Award in 2013. In Linda Haran's current position, she leads a dedicated team in packaging and executing solution sets that encompass analytics, consulting and software capabilities based on market trends and client needs. To find out more about IntelliView, go to https://www.experian.com/market-intelligence.

Organizations across a range of industries and geographies are facing an increasingly complex, new business environment. As a result, they have a desire to implement originations and customer acquisition strategies quickly and at low risk. The acquisition enables Experian to package Decisioning Solutions’ powerful and proven multitenant, multilingual software with its consumer and commercial data, analytical expertise, and identity proofing and authentication technologies, all from a robust and flexible SaaS model. This will allow small, medium and large organizations to make secure, on-demand, analytics-based customer decisions so they can achieve and sustain significant growth. This is extremely important for telecommunications, banking and consumer finance organizations that want to acquire customers, automate processing and decisioning, manage customer accounts, and reduce customer acquisition costs and risks. These organizations also require an enhancement in the security they use to prevent fraud as well as the ability to drive profitable growth through targeted, analytics-based customer decisions. This is accomplished by including Experian’s flexible and customizable identity proofing and authentication services within this new SaaS platform. Additionally, the platform will enable organizations to quickly and easily develop and deliver the most relevant and profitable customer strategies because it integrates with Experian’s PowerCurveTM Strategy Management and Optimization software. Even more important is that the platform supports multiple languages, so it can be rapidly deployed into new countries and markets around the world. Decisioning Solutions was founded in 2004 and is based in Canada.

The used car buying process can be as challenging for dealers as it is for consumers. Both parties want to make sure they are getting the best deal on a car that is safe and reliable. But how does anyone really know what they are getting? Across the Internet there are many resources available to help in this process including tips from trusted sites like Edmunds.com, KBB.com and NADAGuides.com. The one common thread among them is that they all tell you to get a vehicle history report as part of the research. And that is good advice. Here at Experian, we offer a vehicle history report called AutoCheck. AutoCheck reports contain information on odometer issues, title brands, frame-damage announcements and other important data points. In addition, where available, the reports contain information on accidents (including airbag deployment, point of impact and whether the vehicle was towed). The reports also include the patented AutoCheck Score, a tool that enables dealers and consumers to quickly and easily understand a vehicle’s past and compare it to other vehicles. The important piece to understand about all vehicle history reports is that no single source of information can be fully comprehensive, since not every accident or other auto-related incident is reported. However, at Experian, we are constantly working to enhance and expand our information sources to provide as much detail as possible. For example, our reports contain exclusive auction announcement information from the two largest U.S. Auction houses that may not appear in other reports. These auction announcements show if the vehicle has any potential issues that dealers and consumers should watch out for including frame damage, major repairs, or if the airbags are missing or defective. Additionally, two of our largest private sources of accident data are exclusive to Experian. These sources provide enhanced accident information that allow AutoCheck users to see additional reported accidents and accident details, even in states where state agencies do not collect or choose to share the information. The truth is, all of this information provides dealers and consumers with a unique view into a vehicle’s past, but it will not eliminate all risk from the used car shopping process. It has long been our philosophy that vehicle history reports should only be one step in the pre-owned vehicle purchasing process. In addition to purchasing an AutoCheck report, we encourage every pre-owned shopper to physically inspect the vehicle whenever possible, and to have a licensed mechanic inspect the vehicle to ensure the best and safest vehicle choice is made. During the shopping process dealers and consumers should also consider: 1. Using online resources such as valuation guides and online sales portals (which can obviously help in showing buyers if there is damage to a vehicle) to get a better idea of the vehicle’s value. 2. Visiting the manufacturer’s website to double check for any safety or recall notices that have been issued on the vehicle. To learn more about AutoCheck vehicle history reports, visit www.AutoCheck.com. Photo: Shutterstock

We had a wonderful opportunity to talk with Liz Weston (@lizweston) about saving for retirement, debt, managing credit, and much more. Check out the full-interview: I know you went to the FinCon blogger conference last year, how was that? Liz Weston: Yeah, that was really a great event. There were a lot of opportunities for socializing and networking. It was pretty cool. I met Phil Taylor, who is the organizer, several years earlier. He was a participant in a savings contest that I co-hosted with FNBO bank, and really liked him. I thought it was going to be a small event, and it wasn't at all. They had some great speakers and great information. It was really fun. It sounds like a great event. Liz Weston: Yeah, and it's really a chance for a lot of these bloggers who aren't professional journalists to brush up on their skills and meet some of the companies that they might work with. I found a lot of them were reluctant to call P.R. people and make contacts because they weren't sure their calls were going to get returned. It’s nice for them to meet people at the various companies they can reach out to. You've been writing about money and personal finance since the early 1990s. Has any of your financial advice changed over the years? Liz Weston: Well, we kind of made a joke when I first started this. My editor at The Orange County Register used to always say there are 14 personal finance stories. And we just keep adding new anecdotes and tweaking the advice. Well — not even tweaking the advice — just sort of freshening them up with new anecdotes. I think the problems that people face don't change a lot. Throughout the 1990s and into the 2000s, I think a couple of the big differences were that credit standards got a lot looser. People who sort of counted on lenders to tell them how much they could afford really got themselves into trouble. Another big trend that's been going on is shrinking incomes. We hit a peak in median income around 1999. People are coping with smaller incomes or a less affluent lifestyle than they expected. I was watching your personal finance seminar on YouTube, and you showed some graphs about how incomes are shrinking. Liz Weston: Yeah, I mean it's sort of been a trend more or less since the 1970s, and household incomes didn't lose ground because a lot of women went back to work. But if you even mentioned the fact that the middle class was getting squeezed, it was like a political statement, and it's not. This is just what's happening, and I think it took a while for some of us to figure it out. It's not just people buying too many lattes. They have more significant, more real, and harder-to-fix issues than just overspending. In your book, The 10 Commandments of Money, you have a chapter titled "Saving for Retirement Must Come First" and emphasize the importance of saving for retirement above everything else. Why is that so important? Even before paying off a mortgage? Liz Weston: There is a lot of advice on the web about "Paying off your debt," and that message misses a couple of things: (1) how very expensive retirement is going to be. You're going to have to replace your income (or at least a chunk of it) for a decade, two decades, or even three decades. And that's not something you can do overnight. And (2) people don't understand the power of compounding, which is when you put little bits of money aside over time (and you don't see much growth), and then, all of a sudden, you start to see real growth because your returns earn returns. The problem with putting it off is that you might not get to that sweet spot, where you're really making some money on the money you put aside. Roger Ibbotson, who is the founder of Ibbotson Associates, does a lot of the market research. He did a deep dive into this, and he looked at what people really need to save to have anything approaching a comfortable lifestyle in retirement. Every way he worked the numbers, if you hadn't started by the time you were at least 35, you had a really tough time catching up. He didn't want to say impossible because that's very discouraging, but it's really, really hard to catch up. People think, "Oh, I'll take care of my debt first and then I'll catch up later." Well, life doesn't work like that. As you get into your thirties and forties, your expenses tend to go up, and if you haven't made room for retirement saving, you're unlikely to be able to do it then. And the other thing is if you start early, you have so many more options later in life. You can take time off if you want to, you can retire early if you want to; you have all these choices that you don't have if you put it off. Don't put off retirement saving. No matter how important you think those other goals are, the most important goal has to be saving for retirement. You can do the other things, as well, but don't skimp on your retirement savings. I think that’s a really important message. In your personal finance seminar, you mentioned that you started saving for your retirement in your mid-twenties. If you could go back in time and give yourself advice about saving for retirement, what would you say? Liz Weston: Well, I got a good start through my twenties. I think I was saving about 20 to 22 percent of my income, but I really didn't understand how 401(k)s worked. I would put even more into it now. When I was starting, we had the big crash of '87. We bounced back from it fairly quick, but I thought it was something my company had done to me (when my 401(k) dropped). I thought that my company had turned on me somehow. That's how little I knew about investing. Fortunately, I didn't sell everything or cash out. I knew enough not to do that, but I'm glad I got a start in my twenties. If I could have gotten started even earlier with retirement savings, that would have been even better. I'm glad you mentioned 401(k) plans. In your book, Easy Money, you talk about the keys for investing for retirement. When someone asks you, "Liz, I'm in my mid-thirties and I want to save for my retirement, what type of account should I open?" Liz Weston: Well, the first thing is if you have a 401(k), 403(b), any kind of workplace retirement plan, take advantage of it. There are some plans that are truly awful but they're actually fairly rare. Most plans are pretty good. Especially if you work for a big employer, you tend to have a lot of options. What's interesting is that with the big employers, the investment options tend to be cheaper than anything you can buy retail, or than most things you can buy retail. So, the basic advice is if you have a workplace retirement plan, contribute to that. If you get a match, contribute enough to get the full match. Then, once you have a full-company match, look into a Roth IRA. The reason I say that is that the 401(k) money is going to be taxable in retirement, but the Roth IRA money is not. It's nice to have two different buckets to be able to pull from. It's nice to have options when you're in retirement. So, those are the two ways to get started. If people are unsure about what to invest in, most plans these days have some kind of target date maturity fund, or lifestyle fund that basically does the heavy lifting for you. It might not be where you want to keep your money forever, but at least it gets you into the market. It gets you started, and then you can kind of figure out where to go from there. This is great advice. Liz Weston: Well, it's the advice that people would get if they went to a comprehensive, fee-only financial planner (CFP). A certified financial planner — and the comprehensive financial planners — look at your whole situation. People have mortgages to pay, they have debt to pay off, they have goals to save for, but the CFPs know how important it is to get that retirement savings going and to keep it up. That's the other thing: don't stop and don't cash out. You're going to need every penny of that money when you get to retirement. Where do you recommend someone go to find a qualified CFP? Liz Weston: I have been talking to and working with NAPFA planners. That's the National Association of Personal Financial Advisors. I've been doing this almost 20 years, and I've never met a lemon in that group. They're fee-only. They tend to have very high ethical education and experience requirements. The problem with NAPFA is that a lot of its people are so good that they limit themselves to high net worth people only. They might want you to have $250,000.00 to invest with them, and that's not an approach everybody can take or wants to take. So, if you can't afford the NAPFA approach, the other option is the Garrett Planning Network. It's a network of fee-only planners who typically charge by the hour, so it's kind of a dentist or doctor model; you sort of pay as you go for the advice that you need. Not everybody needs a comprehensive personal financial advisor or financial planner, but I'd say everyone needs it when they're approaching retirement. That's the time when you're making a lot of decisions that are really critical, and you really want a second opinion and another set of eyes on your plan. But I think anybody can benefit from a financial planner. I'm not discouraging anyone, it's just that it does cost money. So, if you're just scraping by, it's something to put on the list for down the road. Now, let's switch gears and talk about debt. In Deal With Your Debt, you have a chapter where you write that debt isn't the enemy – which is shocking. What do you mean by that? Liz Weston: The new edition of “Deal with Your Debt” just came out — the first version was written in 2004. So much has changed in the debt and credit world. However, that piece of advice on debt has not. I bring it up because it was a shock to me. The first time I was doing a money makeover, the financial planner I was working with told someone to stop focusing on paying off his student loans quickly and work on other things. I had been raised in a household where debt was a four-letter word, and I just couldn't imagine the concept of having debt and not wanting to get rid of it as soon as possible. Then, I went through the CFP program myself, and I learned how some debts actually can help you get ahead. However, you have to be careful in taking on any debt. Most of us need a mortgage to buy a home. A moderate amount of mortgage debt can help you get ahead. A moderate amount of student loans and federal student loans tend to be very consumer friendly (if you don't overdose on them). If you're a business owner, sometimes you need an infusion of capital or credit to keep going or to expand. So, those are the kinds of debts that can help you. If it's a low-rate debt or fixed-rate debt, you probably have better things to do with your money than to pay that off quickly. Right now we've got mortgage rates and a lot of loan rates at just phenomenal lows. If they're not the lowest since the 1950s, they're pretty close, and we're likely to see some inflation come back when the economy recovers, so that 2.875 percent mortgage, or the 3 percent mortgage, or whatever, is going to seem like incredibly cheap money. So, I understand the desire to be debt-free. But you don't want to do that at the expense of other goals, like saving for retirement. We recently did a poll asking bloggers and personal financial writers about their favorite money-saving app. When you wrote Easy Money, you mentioned you liked Microsoft Money and Quicken. And you've also referenced that you like Mint.com. You refer to these types of programs as your control panel. Why are these tools helpful for you? Liz Weston: Well, for one thing, you can keep track of a lot of accounts at once. And one of the things you need to be on the alert for is somebody using your account or bogus purchases that might show up. I was a long-time Quicken user, and really liked that program. It put everything in one place so I could look at our spending pattern and see where we might need to cut back — and Mint does that for you. Obviously, it's owned by the same people that make Quicken. Mint.com makes categorization really easy. It automatically categorizes transactions, and you can change it if you want. The bottom line is it really helps you monitor and keep track of your finances without having to bounce around to a lot of different websites. Experian has its own campaign dedicated to helping others live credit smart. I was wondering if you could share a tip to help others manage their credit. Liz Weston: Don't carry credit card debt. Don't think that it's normal. Don't think that it's required, because it's really not. Fewer than half of U.S. households have any credit card debt, and it actually dropped pretty dramatically during the recession. It went from I think 46 percent down to I want to around 39.6 percent. This idea that we all have $15,000.00 of credit card debt is just baloney. What those figures come from is taking the amount of outstanding credit card debt and dividing it by the number of households that have at least one credit card, and it completely ignores the fact that a lot of that debt is being paid off every month. If you want to manage your credit well, get in the habit of paying off your credit card balances. And use your credit accounts regularly, but lightly. You don't want to be maxing out any cards. Again, if you're in the habit of paying off your cards in full, it's going to be easier to do that. It keeps your utilization rate down, and it's going to keep you from getting into real financial trouble. Who are some of the personal finance writers you like to read? Liz Weston: Oh, this is going to be hard because it's going to be like the Academy Awards. I'm going to forget people that I should mention. One of my favorite bloggers is actually a good friend of mine, Donna Freedman. She has a blog called, Surviving and Thriving. Donna grew up poor, but she squeaked by on small amounts of money. She's a talented writer and makes me laugh. So, I'm always checking in with her. WiseBread.com is constantly surprising me and they have a lot of good stuff. Credit.com is another site I check in with regularly – not just because they give good consumer advice, but they're also breaking news all the time. CreditCards.com has some real newsy stuff on their site, and I still check in with Get Rich Slowly and The Simple Dollar, which have been around for a while. Learn more about Liz Weston by following her @LizWeston and subscribe to her blog.

Ronald Reagan once said, “Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.” A truth that still holds true. In the current economic climate, however, small-business owners have found themselves under increased pressure to maintain profitability and grow their business. Since its founding in 1953, the U.S. Small Business Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. Today, we announced that we joined forces with the SBA to help small businesses in some of their key programs. The collaboration provides all Historically Underutilized Business Zone (HUBZone) firms and small businesses considered to be socially and economically disadvantaged under the SBAs 8(a) business development program with full access to Experian’s BusinessIQ Express. BusinessIQ Express is an online tool that improves cash flow by providing small businesses with the resources they need to better manage their business relationships quickly and easily. It does this in three key ways: Evaluate — BusinessIQ Express users can evaluate prospects, customers, suppliers and partners on their likelihood to pay or deliver on time. Monitor — Users can easily monitor their business relationships with alerts and notifications of key changes, allowing them to take appropriate account actions and maintain beneficial relationships. Collect — The tool offers small-business users unique options that may have been never before easily accessible to them to help collect on outstanding debts and avoid future losses. Providing these firms with access to BusinessIQ Express helps alleviate some of the economic pressures they could be facing by providing comprehensive, actionable information so they can make more strategic business decisions.