American Express launched its “ID Protect Premium” comprehensive identity theft prevention service. Assisting consumers in detecting and preventing fraud before it occurs, the service provides enhanced safeguards such as continuous monitoring of black market chat rooms for personally identifiable information, daily credit monitoring for any changes made to a consumer’s credit profile, and access to Norton(TM) Internet Security Online to combat malware. The American Express “ID Protect Premium” offers consumers resolution assistance, customer support and up to $1,000,000 of identity theft insurance. It also gives new sign ups one-time access to reports from top credit bureaus.
Experian will host a webinar to help marketers with the upcoming postal
rate hike. The free webinar features Experian Marketing Service’s top
Steve Lopez, vice president of Postal Affairs, and Mike Yapuncich,
vice president of List Processing who will present the hard numbers on the
rate changes, the impact of the change on a variety of mail types, and
what steps mailers can take now to build a winning strategy around these
cost increases that take effect May 11.
New research reveals that consumer confidence and spending began slowing about eighteen months ago. The analysis, based on data from Experian’s ‘”Simmons” and “Hitwise,” found that from Spring 2007 to Summer 2008, the percentage of U.S. adults who felt they would be financially better off in the next year dropped from 46% to 37%. Not only did the percentage of confident consumers slump, but the number of adults who felt they would be worse off in the coming year grew by 9% to 22%. Other findings: between October 2006 and October 2008, overall visits to retail Web sites declined 4% year-over-year; overall visits to Web sites in the travel category dropped 10%; and online searches for major electronic items saw significant, year-over-year decreases, with “televisions” down 33%, “laptops” down 48% and “computers” down 57%. Experian also found that households earning $250,000 or more were the fastest to abandon the notion they would be somewhat or significantly better off in the coming year, dropping by 40% from Spring 2007 to Summer 2008.
Experian has hired Joseph M. Paulsen, previously with Fair Isaac, as SVP and GM of Integrated Marketing Services (IMS) business. Paulsen was the general manager of Fair Isaac’s Marketing Services Business and had full P&L responsibility for their multi-channel marketing database business. While there, he improved operating performance, increased revenue by 15 percent and grew margins by 200 percent in a short period of time. He also served as director of operations for Consulting Services and was a member of FICO’s executive committee. Prior to running Fair Isaac’s Marketing Services business, Joe held various executive positions and was a consulting partner at PriceWaterhouseCoopers.
CA-based Experian has partnered with VA-based Credit Builders Alliance, a non-profit alliance of community lenders, for the establishment of a reporting database for microlenders. With this development, U.S. based lenders, including asset building organizations and community credit lenders, can report the repayment history of their borrowers. Subsequently, the CBA members are allowed to professionalize their portfolios while helping thousands of entrepreneurs build a credit history and establish capital. Experian has annual sales of over $3.8 billion and employs nearly 15,500 people in 36 countries worldwide while CBA was incorporated in 2006 to help community lenders report loan repayment data to the major credit bureaus.
CA-based Experian Fraud Prevention has been contributing its products and services to support development for the compliance of Red Flag rules. These rules were effective as of January 2008 and require institutions to implement procedures to detect, prevent and mitigate identity theft as part of the recent provisions to the 2003 Fair and Accurate Transactions Act (FACTA), for which full compliance is required by November 2008. Moreover, these rules are requisite of identity theft prevention procedures in a manner best suited to business operations and affect a wide range of financial institutions providing credit or allowing payments/transactions by consumers.
Experian will be providing “Knowledge IQ” Interactive Voice Response with Adeptra’s virtual calling platform for both inbound and outbound calling. With this development, institutions can implement a customized approach to identity authentication to provide both fraud detection mechanisms and automated delivery. Furthermore, with this development, manual operations and resources identity verification will be reduced, subsequently providing operational cost savings and reduced customer wait-time. Using tools for understanding of individuals, markets and economies, Experian provides analytical and marketing services to organizations and consumers while Adeptra Auto-resolution provides services in the U.S. and U.K.
Experian has introduced a data intelligence application that puts enhanced data access and attribute management capabilities directly into the hands of clients. Experian’s “Attribute Toolbox” allows institutions not only to connect to multiple data sources, but also to effectively build, fine tune and manage the attributes that are required to make informed decisions throughout the customer life cycle. “Attribute Toolbox” provides a service-based, platform-independent application that makes it easy to integrate with existing systems and allows a client to manage attributes with common tools across the enterprise. It also provides access to Experian’s industry leading library of more than 400 standard aggregated “STAGG” attributes.
Experian has filed suit against LifeLock for allegedly placing fraud alerts illegally on credit files maintained by Experian. The suit also alleges that LifeLock is engaging in deceptive and fraudulent behavior by adding hundreds of thousands of fraud alerts every 90 days to Experian’s consumer credit database in a manner that was not intended by Congress when it implemented the federal FCRA. The complaint alleges that corporations are specifically prohibited from adding fraud alerts to consumer credit files and that LifeLock’s service uses consumers’ free yearly allocation of credit reports without adequate disclosure. Experian says LifeLock’s activities constitute false and misleading advertising and fraud. The complaint alleges that the long-term effects of LifeLock adding four alerts per year for its 600,000 members to Experian’s database will degrade the effectiveness of legitimate fraud alerts over time.
Experian has appointed 2 new members to its Latin American senior
management team, including Francisco Valim as COO and Elcio Anibal de
Lucca as President of Corporate Affairs. Valim will be responsible for
regional business developments and as the acting Manager of the Board.
Previously, he was CFO at Oi (Telemar) and vice president at Groupo RBS
with an advanced education composed of a masters degree in Business
Administration from Universidade Federal do Rio Grande do Sul
and an MBA from the University of Southern California. Elcio Anibal de
Lucca’s new role will assume responsibilities in Board Management, the
supervision of regional corporate citizenship activities and the management
of government relations with special attention to the adoption of new
legislation. Previously, Lucca was a member of Serasa’s Board of Directors
and is a graduate in Administration by Fundacao Getulio Vargas (FGV) of
Experian Interactive has formed Experian Interactive Media to help consumers make critical decisions that impact their financial situations with free online services. Experian Interactive Media consists of the following brands: LowerMyBills.com, which connects interested consumers with service providers that can offer competitive rates and terms; ClassesUSA.com, one of the Web’s leading higher-education portals, connects prospective students with schools offering online and traditional degree and certificate programs; ExpertsOnCredit.com provides informational content regarding credit-related topics; InstantApprovals.com, which matches consumers with the credit cards that fit their lives and Affiliate Fuel which provides Experian brands, and other external advertisers, with pay-for-performance marketing services.
More than 30% of U.S. consumers improved their credit score by up to 50 points in a six-month period from January to June 2007. The latest “National Score Index” study by Experian Consumer Direct also found that 41% showed no change in their credit score from January to June; 2% had their credit score improve by 51 to 100 points from January to June, whereas 3% of U.S. consumers saw their score drop 51 to 100 points during the same time period; and nationwide, 23% of consumers had their credit score drop up to 50 points from January to June. Addi tonally, 20% of consumers with a credit score between 650 and 699 in January improved their score to between 700 and 749 in June. Fourteen percent of consumers with a credit score between 700 and 749 in January improved their score to between 750 and 799 in June.