August 9, 2018 - Industry News
Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.
Tags: auto finance, Auto Leases, Equifax, loan originations
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
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
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
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
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
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