Compliance was top of mind at the 2014 NADA Convention & Expo, with product vendors showing the way to a faster, more transparent process in the F&I office and throughout the sales process.
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.
Equifax reached a record level of verifications, processing more than 34 million instant income and employment verifications this year.
Equifax’s Advanced Decisioning Attributes is a set of analytical building blocks intended to make predictive underwriting decisions for finance sources.
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.
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.
Finance sources using the new Equifax Dimensions can see up to two years of detailed consumer credit activity, allowing them to make more precise and profitable lending decisions.
Equifax's latest report on national consumer credit trends finds that delinquency rates for auto loans decreased more than 11 percent year over year, while new credit climbs to an eight-year high in the opening quarter of 2013.
Auto loan origination activity this year is the strongest it has been for banks since 2006, with new credit generated during January and February totaling $141 billion.
New York Gov. Andrew Cuomo is demanding that credit bureaus give special allowances for Hurricane Sandy victims. The credit reporting agencies, however, say they are already doing their part.
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