GreatCall wireless services announces a new collaboration with Experian’s “ProtectMyID” full-service provider of identity protection and resolution. With this, GreatCall customers who purchase the Jitterbug cell phone will be eligible to receive a free, one-year membership to “ProtectMyID.” By combining an identity protection product with GreatCall apps and services, Jitterbug customers will now be protected. Feeling secure about your personal finance information is just as important as feeling confident about your physical well-being.
The Experian study on credit card trends consumers are opening 26% fewer credit cards than in 2007 while the number of open bank cards were typically higher than retail credit cards, except for in Pittsburgh, Miami, Columbus and Atlanta. Meanwhile, New Yorkers have with the highest number of open cards- although they aren’t using them as much as some of the other cities- and Phoenix residents have the fewest. Atlanta has the highest average monthly balance is $6,753 on revolving accounts, although the consumers only have an average of 3.06 open accounts, while San Francisco and Houston have the lowest average monthly balance, with $5,323 and $5,328, respectively. The data was pulled and analyzed by Experian Decision Sciences using a statistically relevant sampling of Experian’s File One(SM) consumer credit database.
METRO OPEN CARDS/AVG BAL.
New York 3.77 $5,713
Pittsburgh 3.60 $5,989
Boston 3.49 $6,152
Phili 3.45 $6,078
Minn. 3.39 $6,610
Chicago 3.31 $6,182
SF 3.24 $5,323
LA 3.16 $5,681
Atlanta 3.06 $6,753
Experian global information services company has purchased RentBureau credit bureau for the multifamily industry, bringing to the company an extensive rental payment database for property managers and resident screeners. RentBureau’s database receives rental payment histories every 24 hours from its national network of apartment owners and managers, which currently includes more than 7 million residents nationwide. The planned inclusion of rental history in credit files promises a great benefit for renters, especially those among the United States’ 50 million underbanked consumers. Rental lease payments will be leveraged by consumers to qualify for new leases or other financial products that they deserve. As a result, members receive centrally stored, integrated verification of new applicants’ payment history as part of their existing apartment applicant screening services. Experian also will offer its resident screening partners this robust data to significantly reduce the risk of skips, bad checks, evictions and property damage.
Experian is conducting a nationwide search for a new
“freecreditscore.com” band to represent the brand, giving talent from
anywhere in the country a chance to enter.
Freecreditscore.com kicked off the talent search with MTV News reporting
on sessions in New York, Chicago and Los Angeles before letting bands
across America submit their video entries online.
The four finalist bands will receive national media exposure in
commercials on the FOX broadcast of the Major League Baseball All-Star
Game, as well as a prize package from musical instrument leader Gibson
Guitar. Later this year, freecreditscore.com plans to further emphasize fiscal
responsibility through new creative that will air across MTV in support
of mtvUâs ongoing public affairs campaign on the subject.
The Martin Agency, a full-service advertising agency based in Richmond,
Va., will produce the series of television advertisements that say
goodbye to the old band while announcing the nationwide search for new
Standard & Poor’s and Experian have partnered to launch a series of consumer credit default indices in the United States. The “S&P/Experian Consumer Credit Default Indices” will launch May 18 and seek to measure the balance-weighted proportion of consumer credit accounts that go into default for the first time each month. Unlike other publicly released metrics that recount previously defaulted loans or that measure delinquency rates only on securitized loans, the S&P/Experian Consumer Credit Default Indices are based on a broad cross-section of the entire U.S. consumer credit population. The S&P/Experian Consumer Credit Default Indices will consist of four headline indices as determined by loan type, and a composite index: S&P/Experian Auto Default Index, S&P/Experian First Mortgage Default Index, S&P/Experian Second Mortgage Default Index, S&P/Experian Bankcard Default Index, and S&P/Experian Consumer Credit Default Composite Index.
The recession has had a significant impact on consumer behavior and attitudes surrounding holiday credit card debt, with 55% inspired to make a more proactive effort to avoid incurring any or more credit card debt. This has influenced changes in consumer behavior toward holiday credit card debt with 21% expecting to have credit card debt after January 2010 from the 2009 holiday season, a 5% decrease from the year ago period. This, according to LowerMyBills.com survey, a part of Experian, conducted between Nov. 11 and Dec. 8, also shows 24% of the consumers planning to carry holiday credit card debt after January 2010 are planning to pay it off in one to two months, compared to only 18% Y/Y. Additionally, 69% of those becoming more proactive to reducing credit card debt cited higher credit card interest rates as a reason for their proactivity while 38% included the proliferation of information about the impact of carrying credit card debt and 37% cited the potential damage to their credit score.
Experian has partnered with Convoke Systems to offer the “Convoke Systems Platform” centralized repository used
to manage and provide real-time data on charged off accounts. The “Convoke Systems Platform” provides access to data, documents and chain of
title information for accounts that have been charged off and sold to
debt buyers or assigned to collection agencies and law firms. This
service provides quick and secure online access to information such as
the original application for credit, statement history and itemized
balance due, all of which are required or are becoming a requirement to
verify and validate legitimate consumer debt. Additionally,
the “Convoke” Platform benefits consumers by ensuring the
accuracy and integrity of their data and also helps in resolving and
validating account disputes. As charged-off debt and whole loans are
being bought and sold numerous times, the process of establishing the
chain of title generally has been complicated, making it difficult to
validate and resolve collection accounts.
Experian has agreed to a settlement of its litigation with identity protection provider LifeLock.
In 2008, Experian filed
suit based on allegations that LifeLock’s activities in placing fraud
alerts for consumers violated certain provisions of the Fair Credit Reporting Act.
Though some of the terms of the settlement are confidential, the settlement includes a permanent injunction to be entered
by the court under which LifeLock will be “permanently restrained and enjoined from
directly or indirectly causing any request that a fraud alert be
included in the file of a consumer to be submitted to any consumer reporting agency.
Experian has introduced “Discretionary Spend Estimate” which provides insight about household spending.
Identifying the most appropriate target audience is the first step for marketers who want to
reach the right consumers with their products and services, according to
ExperianÂ®. Knowing which consumers have discretionary dollars to spend
and reaching those who are most likely to spend is key when it comes to
closing the sale. Consumers who appear nearly identical in terms of demographics actually
may vary widely when it comes to discretionary spending. Traditionally,
marketers have used income, net worth and income-producing assets to
enhance their consumer targeting efforts. While beneficial, these data
elements provide insight only into spending capacity, not how much
actually is being spent.
Experian Marketing Services has launched its blog site
(http://greenaware.experian.com) helping marketers target
environmentally conscious consumers, a segment worth about $500 billion.
Featuring content from industry marketing and data experts,
greenaware.experian.com is regularly updated to offer a variety of tips
and tools for marketers looking to reach green-minded consumers. Tools
provided to users include whitepapers, Webinars on demand, case studies,
links to industry resources and topic-related blogs. The blog site is
ultimately designed to give marketers a better understanding of
consumers’ environmental consciousness and how those “green” attitudes
impact lifestyle and buying behavior.
A federal court has denied identity provider LifeLock a reconsideration of a prior ruling of a lawsuit filed by Experian
which found that LifeLock’s practice of setting 90-day fraud alerts for
consumers with the three main credit bureaus is unlawful. Experian filed
the lawsuit in 2008 alleging that LifeLock activities were contrary to
certain provisions of the Fair Credit Reporting Act (FCRA). Experian has requested a
permanent injunction, for which a decision is pending.
A new report confirms a significant migration of consumer balances to well below “prime” credit scoring levels. The study also reveals a growing number of “strategic defaulters,” or those borrowers who default on their mortgages only because the value of their home has declined well below their mortgage balance. According to the new ExperianâOliver Wyman “Market Intelligence Reports,” sub-prime and deep sub-prime outstanding balances have grown by more than 33% in the past three years. Also, during the last 12 months, bankcard credit lines have declined by 17% to $3.1 trillion. In studying the distressed borrower population Experian and Oliver Wyman uncovered a segment of borrowers it calls “cash-flow managers,” that closely mimics “strategic defaulters.”
Unlike “strategic defaulters,” these borrowers continue to make occasional payments on their mortgage, indicating their intention to get out of delinquency. While 60% of “strategic defaulters” are charged-off within six months after serious delinquency, one-third of cash-flow managers cure on their mortgage within six months after serious delinquency and another third remain less than 90 days past due.