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Credit

U.S. Consumers Paying Down Debt, Remain Cautious, Equifax Reports

Equifax reported that nearly 60 of the top 100 metropolitan statistical areas hardest hit by credit card debt realized double-digit declines in the percentage of income owed to credit card companies — nearly 24 percent in some areas.

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Flagship Credit Renews and Increases Credit Facility

Flagship announced that it has entered into an agreement with Wells Fargo Bank to renew and increase its commercial credit facility to $175 million.

U.S. Consumers Doing Better at Paying Credit Card Bills

A report by Equifax indicated that U.S. consumers continue to make timely payments and pay down their retail credit card and bank card balances, resulting in a significant drop in the number of card write-offs vs. 2010 levels.

Consumer Credit Risk Declines for Seventh Straight Quarter, TransUnion Reports

TransUnion’s Credit Risk Index declined for the seventh consecutive quarter, which the credit reporting agency partially attributed to low demand for credit. The one bright spot was demand for auto credit.

ACC Offers New Credit Reporting Service

Automotive Compliance Consultants (ACC) has launched a new credit reporting bureau service that enable dealers to download credit reports from Experian, TransUnion and Equifax from the company’s Compliant Solved web dashboard.

Consumer Credit Rises in September

Financing for big-ticket items like autos did rise in September, but the Federal Reserve’s latest report on consumer credit also indicated that consumers are paring down debt in other areas.

Prestige Secures $30 Million Credit Line With Chase

The new line of credit from Chase will serve as one of two primary sources of short-term revolving liquidity to fund Prestige Financial Services’ consumer lending activities.

Auto Finance Companies Originating More Loans Than Banks, Credit Unions, Equifax Reports

Auto finance companies have increased lending by more than 47 percent over the past two years, according to the latest Equifax National Credit Trends Report.

SNAAC Sells to Investor Group, Secures Expanded Credit Facilities

Security National Automotive Acceptance Corp. announced it has closed on the sale of the company to a group of private investors and has secured $450 million of senior debt financing.

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Auto Originations Up 17 Percent in 3Q, Reports Capital One

An increase in auto and commercial loan originations helped fuel a 1 percent profit gain in the third quarter for Capital One Financial Corp., the company reported last week.

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