May 7, 2018 - Industry News
January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.
Tags: auto finance, auto loan origination, Equifax, Subprime Financing
August 16, 2017 - Industry News
Equifax’s TradeSight allows finance sources to analyze originations, current and future dealer partners, and performance of finance contracts booked through dealer partners. The platform works by combining Equifax’s consumer credit information with dealer and vehicle data from third-party data sources.
Tags: auto finance, Equifax, Westlake Financial Services
January 24, 2017 - Industry News
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
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
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
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
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
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 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
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
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 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
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
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
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
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 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
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
November 5, 2014 - Industry News
Dealers who use Credit Bureau Connection's credit reports and compliance solutions will now have the opportunity to access income and employment data from Equifax.
Tags: Credit Bureaus, Employment Verification, Equifax
October 7, 2014 - Industry News
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
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
October 1, 2013 - Industry News
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
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