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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 […]
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 […]
The “R” word can’t be ignored. Get prepared now! As growth slowed in 2019, we were reminded of the Great Recession of 2009, and we are increasingly on the lookout for the next one. According to some economists, it’s a question of when—not if—a recession will arrive. Now’s the time to prepare so you’re not […]
Current economic conditions are creating uncertainty for many. However, the credit environment remains healthy and presents massive opportunities for lenders. While there is opportunity for growth, it’s not without risks. That’s why Equifax has teamed up with Zest AI to offer an additional scoring solution to help you say “yes” to more members—confidently and efficiently. Other credit […]
You might be noncompliant without knowing it. Standard credit report vs. employment report The credit report you pull to make lending decisions is not the same as the report you run for employment purposes. If you’re using them interchangeably, then you are not adhering to FCRA requirements. When obtaining a consumer report for employment purposes, you must: […]
Buy Now, Pay Later (BNPL) is a short-term installment loan or line of credit made up of individual short-term installments at point of service (POS). The typical duration is six weeks and paid in four biweekly installments—a.k.a. “pay-in-4.” The consumer usually does not pay interest; instead, the merchant pays a transaction fee. BNPL is typically used for retail […]
Do you still write checks? How about visiting ATMs? Do you rely on cashless technologies such as Apple Pay and Venmo? Your answers to these questions depend mostly on your age, and the same goes for your consumers. One size does not fit all when it comes to meeting consumers’ financial needs. As technology continues […]
We are well into the 21st century, but does your scoring model reflect the economic realities of 2022? The financial landscape and consumer behaviors have changed greatly since the release of VantageScore® in 2006, and that’s why it was created it to evolve over time. In its fourth iteration, this tri-bureau credit scoring model includes […]
A sure way to become more financially inclusive is to access alternative data. And we have good news: Equifax’s OneView™ credit report now includes alternative data from DataX and The Work Number® to help you reach creditworthy consumers with thin credit files. This data not only helps consumers but can also help your business with fraud prevention, credit risk assessment, […]
