Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Equifax launches TIP scores for auto lenders
ATLANTA (10/22/12)--Equifax has released a tool that helps auto lenders better market to consumers by using pre-determined identifiers, which measure borrowing propensity and delinquency likelihood at any given time.

True In-Market Propensity (TIP) Scores can help lenders, including credit unions, identify consumers in the market to purchase or lease and more effectively tailor marketing campaigns with timely offers to prospects, said Equifax.

The tool assigns consumers a digitized score, with a higher number indicating a borrower's increased likelihood to open a new loan and maintain timely payments in the future. Equifax's solution provides lenders a comprehensive view of borrowers and limits financial exposure to bad debt.

The auto industry is nearing a full recovery--Equifax's National Consumer Credit Trends Report indicates auto balances through September totaled $766 billion, an increase of more than $50 billion from same time a year ago. The most recent data also reported $243 billion in lending through July--the highest amount in five years.

"The auto lending market's performance has been the strongest lending improvement to date, and is evidence of an increasing consumer confidence within this specific industry," said Michael Koukounas, Equifax's senior vice president of analytics. "This has created a necessity to provide lenders the most cost-effective way to accurately identify and then meet the demand of appropriate consumers to maintain this success."


RSS





print
News Now LiveWire
#BlackFriday financial promotions at #creditunions via @GOBankingRates http://t.co/mvcbv5A3QN
30 minutes ago
.@PayPal co-founder launches payment-plan lending for online purchases via @CNBC http://t.co/c1FnZHaQya
1 hours ago
Skimming remains biggest security threat for ATMs says @ATM_Industry global survey #NewsNow http://t.co/VIcX8yGqmY
1 hours ago
Media outlets widely share @CUNA-CFA #holiday spending outlook #NewsNow http://t.co/9gBFwdfBKv
1 hours ago
National #LouiseHerring awards for #creditunion philosophy in action selected #NewsNow http://t.co/two4z5lBAU
2 hours ago