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January 24, 2017 - Industry News

AFSA Panel Bursts Subprime Bubble

Representatives from the three major credit bureaus opened the 21st annual Vehicle Finance Conference and Exposition by confirming that there is no forming subprime bubble. They explained why and how millennials are contributing to a healthy auto finance market.

Tags: AFSA Vehicle Finance Conference, American Financial Services Association, Amy Crews Cutts, credit reporting agency, Equifax, Experian Automotive, Jason Laky, Melinda Zabritski, TransUnion, Veritas Auto Finance

January 4, 2017 - Industry News

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.

Tags: CFPB, Credit Agencies, Credit Report, Dodd-Frank Act, Equifax, TransUnion

December 15, 2016 - Industry News

Equifax Adds Income, Employment Verification Tools

In addition to confirming basic income and employment information, dealers can now use this new verification technology to view an applicant's job tenure, officials said.

Tags: Employment Verification, Equifax, Income, technology

September 29, 2016 - Industry News

Auto Finance to Get More Competitive, Equifax Reports

Slowing demand for new vehicles points to auto finance sources having to contend with increased compeittion for consumer loans. That was the conclusion of Equifax's Nation Consumer Credit Trends report for August, which showed that auto originations for the first six months of year grew 3.5% compared to a year ago.

Tags: Auto Loans, Equifax, Subprime

June 16, 2016 - Industry News

Independent Dealers Bearish on Market, Customer Traffic, Survey Shows

According to the latest NIADA Business Confidence survey, dealer outlook for Q3 retail sales growth was less optimistic than growth expectations for the second quarter, although there was an uptick in the number of respondents who thought sales would remain the same.

Tags: Equifax, Industry Sales, NIADA, Used Vehicles, Vehicle Sales

May 24, 2016 - Industry News

Wayne Reaves Adds Equifax Link to BHPH-Geared DMS

The new enhancement allows buy-here, pay-here dealers to furnish credit data to the credit reporting agency using software maker's DMS offering.

Tags: Buy Here Pay Here, DMS, Equifax, Wayne Reaves Software

March 22, 2016 - Industry News

Subprime Loans Accounted for Nearly 22% of 2015 Originations, Equifax Reports

Subprime auto loans accounted for 21.7% of all 2015 originations. The firm notes, however, that credit performance remains excellent, a sign that finance sources 'are prudently extending credit to well-underwritten borrowers.'

Tags: Auto Loans, Equifax, Originations, Subprime

March 1, 2016 - Industry News

Garth Cappy Joins CreditMiner

The former director of dealer enterprise relationships for Equifax joins the firm as vice president of credit service for the North American market, a role in which he'll oversee CreditMiner's automotive vertical.

Tags: CreditMiner, Equifax, Experian, hiring, TransUnion

August 11, 2015 - Industry News

Auto Loan and Lease Balances Top $1 Trillion, Equifax Reports

The auto finance industry originated nine million auto loans through the first four months of year, totaling $182.9 billion. Equifax said these were the highest levels for this time of year since it began tracking auto finance data.

Tags: auto finance, Auto Loans, Banks, captive finance, Equifax, F&I manager, F&I process

July 22, 2015 - Industry News

Westlake Customers See Largest Jump in FICO Score, Equifax Finds

Westlake Financial Services was recognized by Equifax as the national auto lender whose subprime customers have seen the highest credit score increase over the term of their loan.

Tags: Auto Loans, Equifax, subprime lending, Westlake Financial Services

June 23, 2015 - Industry News

Equifax, 700 Credit Expand Partnership

The two firms announced today that they have expanded their relationship to provide dealers and their F&I offices with a fully integrated income and employment verification solution.

Tags: 700Credit, Employment Verification, Equifax, F&I manager, F&I office, Income Verification

March 17, 2015 - Industry News

LendingTree Study Indicates Subprime ‘Auto Bubble’ Unlikely

A new study from LendingTree contradicts media claims of a subprime bubble. It shows that finance sources are not taking part in risky lending practices despite growing subprime originations.

Tags: Auto Lending, Equifax, LendingTree, Subprime, Wells Fargo

February 18, 2015 - Industry News

Equifax Refutes ‘Subprime Bubble’ in New Report

A new analysis by Equifax economists shows the median consumer credit score increased by 52 points after taking out a subprime auto loan.

Tags: Credit, Equifax, Report, Subprime

January 20, 2015 - Industry News

Auto Loan Balances Near $1 Trillion, Equifax Reports

The total balance of auto loans in December 2014 was $975 billion, representing 33.2% of total outstanding non-mortgage consumer debt, according to Equifax.

Tags: consumer debt, Delinquencies, Equifax, Equifax National Consumer Credit Trends Report

January 7, 2015 - Industry News

CreditMiner Adds Equifax to Soft Bureau Data Portfolio

CreditMiner has reached an agreement with Equifax to deploy its Prescreen of One, a service that allows dealers to get real-time, prescreened finance offers for customers without having to collect their Social Security number or date of birth.

Tags: credit prescreening, Equifax

December 16, 2014 - Industry News

‘Great Deleveraging’ Has Ended, Equifax Reports

Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.

Tags: auto finance, Auto Loans, Car Shopping, Consumer Credit Balances, Equifax, New-Car Sales

October 7, 2014 - Industry News

No Subprime Bubble in Sight, Equifax Says

The credit reporting agency says there are no signs of a subprime bubble despite totals for new credit and new loans originated reaching all-time highs through June.

Tags: Equifax, Equifax National Consumer Credit Trends Report, Subprime

August 26, 2014 - Industry News

Equifax Sees No Evidence of Subprime Auto Bubble

A monthly report from the firm shows that subprime auto lending has been fairly stable since 2012, and that originations have been shifting toward the higher end of the subprime credit-score spectrum, despite reports of an imminent ‘bubble’ in subprime lending.

Tags: Equifax, Report, Subprime

June 3, 2014 - Industry News

Auto Finance ‘Running on All Cylinders,' Equifax Reports

Equifax reported today that auto finance’s total outstanding balance reached a record high in the opening quarter. New credit reached an eight-year high, while serious delinquencies fell to their lowest level in more than five years.

Tags: Auto Lending, Credit, Credit Scores, Equifax, Equifax National Consumer Credit Trends Report

May 8, 2014 - Industry News

Equifax Partners With NIADA

Through this relationship, Equifax will provide NIADA-member dealers access to tools and information to help them deliver vehicles.

Tags: Credit Applications, Equifax, NIADA

January 28, 2014 - Industry News

700 Credit, Equifax Partner on Income and Employment Verification Solution

The two firms have partnered on a new solution for dealers that is designed to resolve “stips” raised by their finance sources, allowing them to instantly verify income and employment information.

Tags: 700Credit, auto finance, Employment Verification, Equifax, lenders

December 19, 2013 - Industry News

Equifax Surpasses 34 Million Verifications in 2013

Equifax reached a record level of verifications, processing more than 34 million instant income and employment verifications this year.

Tags: Employment Verification, Equifax, identity verification

October 10, 2013 - Industry News

Equifax Introducing New Decisioning System for Finance Sources

Equifax’s Advanced Decisioning Attributes is a set of analytical building blocks intended to make predictive underwriting decisions for finance sources.

Tags: Equifax, Finance, underwriting and collections

October 1, 2013 - Industry News

Equifax: Auto Loan Balance Hits 5-Year High

The balance of auto loans in August increased 9.7 percent from last year, rising from $760.8 billion to $834.4 billion, according to Equifax’s National Consumer Credit Trends Report.

Tags: Auto Loan Delinquency Rate, Credit, Delinquencies, Equifax, Equifax National Consumer Credit Trends Report

September 3, 2013 - Industry News

Equifax: Auto Loans Make Up Half of New Non-Mortgage Credit

Auto loan originations totaled more than $196 billion in May 2013, representing more than half of all new non-mortgage consumer credit originated in 2013, according to a new report from Equifax.

Tags: auto loan origination, Delinquencies, Equifax, Equifax National Consumer Credit Trends Report, loan originations

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