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.
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.
A new analysis by Equifax economists shows the median consumer credit score increased by 52 points after taking out a subprime auto loan.
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.
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.
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.
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.
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.
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.
Through this relationship, Equifax will provide NIADA-member dealers access to tools and information to help them deliver vehicles.
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