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An increasing number of consumers are facing credit and financial stressors. What economic factors are causing this in your portfolio? For the past couple of years, consumer spending has been consistently healthy, but now retail reports are illustrating a shift in consumer spending, focusing more on essentials than on luxury items. Economic data shows that […]
The credit landscape is constantly changing. Rising inflation, student debt repayment, and credit file and score model changes all affect who and how you lend money. But there’s good news. You can upgrade your FICO® credit score model at no additional charge! This will help you stay ahead of potential risk and competition who may […]
Source: The student loan crisis white paper, Shur℠, Equifax, and VantageScore®, July 2022. What will be the day-to-day impact on student loan borrowers in your portfolio? Do you know the balance of your consumers’ outstanding student loans? If not, you could—and should—find out. After more than a three-year pause, student loan repayment will soon restart. […]
Sources: Equifax analysis; CNBC, July 13, 2022, and U.S. Bureau of Labor Statistics Price Index Summary;and “The student loan crisis” white paper, Shur, Equifax, and VantageScore®, July 2022. In uncertain times, businesses are inclined to pause certain business operations and may fail to uncover hidden risks while waiting for the perfect conditions to emerge. But you […]
Did you know that 9% of households hold over 60% of all deposits across the country?* Growing and protecting deposits are top of mind for many financial institutions right now. Consumers are evaluating the best alternatives for their deposit dollars, and firms are shoring up liquidity in the face of possible future defaults. That’s why […]
Stay ahead of losses! If there were ever a time to start regular portfolio monitoring, the time would be now! With the current market uncertainties, you can’t afford not to proactively fend off losses. Equifax offers a simple, inexpensive way to find out which of your consumers might be headed for trouble. With portfolio monitoring, you […]
Removing uncertainty starts with added visibility. Making confident decisions during economic fluctuations can be overwhelming when you don’t know what’s out there. To successfully navigate a rapidly changing market, you need a thorough understanding of the current landscape—only then can you build a roadmap. Confluent Strategies + Equifax provide deeper insights and timely alerts that […]
Right now, your consumers and prospects are spending a higher percentage of their income on general household expenses. Unfortunately, many are spending more on these expenses instead of paying down debt. As a result, we’re seeing some of the most significant increases in 60-day delinquencies in over a decade. Although some consumers have improved their […]
Tips for getting proactive in an unsettled economy We’re three months into 2023, and many consumers are experiencing decreased tax returns, more frequent overdraft charges, dwindling savings, and other financial obstacles. How can you help consumers weather the storm without losing revenue? How can you make the best of an uncertain market? Implement an early-intervention […]
Are you the trusted advisor your consumers need? In the current economy, many consumers are worried about finances and could use support in the way of financial education and money management tools. If your business can provide that, you will likely win the consumer satisfaction game. Beyond digital solutions and fast, convenient service, many Americans now […]
