CreditMiner has been granted full global reseller status with all three national credit bureaus, allowing for a seamless transition from a soft bureau transaction to a full application within the company’s software platform.
The Consumer Financial Protection Bureau has received more than 677,000 consumer complaints as of August 1, according to the bureau’s monthly consumer complaints snapshot. The biggest increase was in credit reporting complaints.
According to S&P and Experian, consumer credit defaults continue to rise, with the bank card default rate leading the way. The auto loan default rate also increased.
A new analysis by Equifax economists shows the median consumer credit score increased by 52 points after taking out a subprime auto loan.
Ally Financial Inc. will begin piloting in February a new program designed to provide customers with free access to their FICO score. The company expects to fully launch the new service this summer.
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.
The NADA Used Car Guide expects credit conditions to become ‘slightly less favorable’ by the end of the year as finance sources take on more risk.
So far in 2014, the credit approval rate is clocking in at 68.3%, close to the level Swapalease.com considers “healthy” at 70%.
GM Financial realized its second best year for credit metrics in 2013, which drove profitability for the captive finance company. But officials believe credit will be ‘a bit weaker’ in 2014.
Dealer Marketing Services Inc. has hired Steve Aeschliman in the newly created position of director of credit and compliance. He will have oversight of the strategic direction, expansion and operation of both credit services and compliance.
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