Credit report – Killer Kash http://killerkash.com/ Wed, 23 Nov 2022 10:13:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://killerkash.com/wp-content/uploads/2021/07/killer-150x150.png Credit report – Killer Kash http://killerkash.com/ 32 32 Erie County sees less fraud and identity theft in 2022: David Bruce https://killerkash.com/erie-county-sees-less-fraud-and-identity-theft-in-2022-david-bruce/ Wed, 23 Nov 2022 10:13:17 +0000 https://killerkash.com/erie-county-sees-less-fraud-and-identity-theft-in-2022-david-bruce/ Erie County residents are reporting slightly less fraud and identity theft so far in 2022 than they did during the same period last year. Imposter scams are the most commonly reported type of fraud in the county. This is when a criminal calls you, texts you, or sends you emails, posing as a law enforcement […]]]>
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End of the era of stimulus-distorted consumer credit: car loans, delinquencies, prime and subprime https://killerkash.com/end-of-the-era-of-stimulus-distorted-consumer-credit-car-loans-delinquencies-prime-and-subprime/ Thu, 17 Nov 2022 17:27:55 +0000 https://killerkash.com/end-of-the-era-of-stimulus-distorted-consumer-credit-car-loans-delinquencies-prime-and-subprime/ Auto loan balances are rising at exorbitant prices, despite falling sales. Delinquencies increase until the pre-pandemic downsubprime defaults are back to 2016-2019 levels. By Wolf Richter for WOLF STREET. The auto loan and lease balance continued to rise in the third quarter, even though third-quarter new-vehicle sales were at levels first seen in the late […]]]>

Auto loan balances are rising at exorbitant prices, despite falling sales. Delinquencies increase until the pre-pandemic downsubprime defaults are back to 2016-2019 levels.

By Wolf Richter for WOLF STREET.

The auto loan and lease balance continued to rise in the third quarter, even though third-quarter new-vehicle sales were at levels first seen in the late 1970s — and that’s no fault impact – with the number of vehicles sold down 19% in the third quarter compared to Q3 2019; and with unit sales of used vehicles down around 15%.

Auto loan balances have jumped because new vehicle prices have jumped as automakers continue to upscale because that’s where the money is, and because they’re constrained by supply and are trying to increase their dollar revenues and profit margins by prioritizing more expensive models and through price increases even though new vehicle sales are in dire straits.

Auto loans also increased because the prices of used vehicles rose ridiculously, although there was never a shortage of used vehicles. Some of these price spikes have finally started to pull back a bit.

As a result, auto loan and lease balances rose 2.2% in Q3 from Q2, and 6.1% year-over-year, to a record $1.52 trillion, according to report data. on New York Fed household debt and credit, on a mix of soaring prices, moving upmarket because that’s where the money is, and falling unit sales, resulting in fewer but larger loans with longer tenors:

But in terms of the number of units delivered to the end customer, new vehicle sales in Q3 fell 19% compared to Q3 2019. But sales had also declined in the years before the pandemic. Compared to Q3 2016, sales are down 22%. At 3.48 million vehicles, sales returned to their late 1970s level.

Price increases and upselling are driving the industry – even as more and more Americans are shut out of the new car market – and this process has been happening for many years:

Delinquencies hit Good Times lows from all-time lows.

The rate on all auto loans and leases — prime and subprime — that were 30 days or more past due hit 6.2% in the third quarter, according to New York Fed Household Debt and Credit data. . That was still below pre-pandemic record lows.

In 2020 and 2021, consumers used their stimulus money and extra unemployment benefits and their PPP loans and leftover money to avoid having to pay rent or mortgages to catch up on their car loans. And some borrowers were able to put their delinquent auto loans into forbearance programs, which turned “delinquent” loans into “ongoing” loans. And the crime rate has plunged to ridiculous historic lows, one of the many distortions of pandemic stimulus economics.

But that era is over and crime rates are returning to pre-pandemic lows, and that’s what we’re seeing here: crime is normalizing to very low levels.

That doesn’t mean it’s going to stay that way: the delinquency rate began to rise in late 2005, alongside the housing crisis, more than two years before the Great Recession, as mortgage troubled borrowers also took behind on their car loans. The crime rate continued to rise during the financial crisis and peaked in 2009 at almost 11%, then began to decline.

But today, unemployment is at very low levels, the number of jobless claims is near historic lows, and the economy is a far cry from the kind of unemployment crisis it experienced during the Great Recession. So for now, consumers are still taking good care of their auto loans.

Subprime and unpaid loans.

The share of subprime auto loans — borrowers with credit scores below 620 — that were originated in the third quarter fell from a record low to a 17.8% share of total auto loans in the quarter, and remained in the same low range of the last two years. Before the financial crisis, the share of subprime auto loans that were issued varied between 25% and 30% and more (red line).

In contrast, prime loans with a credit rating of 720 and above that were issued in Q3 accounted for a 47.8% share of total originations, at the upper end of the range (green line).

This means that the overall credit quality of auto loans issued in the third quarter – as perceived by credit ratings – was relatively high.

Total outstanding subprime car loans was around $250 billion, according to data from Experian. So the dollar amounts are not huge.

Delinquent Subprime Auto Loans fell to 5.1% of subprime auto loan balances in October, according to the Fitch Auto Loan 60+ Days Delinquency Index which tracks subprime loans that have been turned into asset-backed securities (ABS) and sold to investors .

October’s delinquency rate of 5.1% was down from the October 2019 rate of 5.4%. The index has been in this range since 2016, after subprime lending and more aggressive securitizations came into vogue from around 2014.

Securitization of subprime auto loans spread the risk and make them immensely profitable due to high interest rates, relatively easy warranty retrieval, and the liquidity of the wholesale used-vehicle market where these repossessed units are sold. Most subprime loans finance the purchase of used vehicles that are several years old, and the losses to the lenders when they repossess the vehicle and resell it at auction are usually not huge.

As for the lenders: most of them securitize their subprime auto loans and sell them to investors, so if something goes wrong, investors bear a lot of the risk. The lenders have a little skin in the game by having to keep a small part of the equity of the ABS which suffers the first losses.

Some small, specialty subprime lenders periodically collapse because they have tripped up in some way. Some of them did before the pandemic. And there will be others, but that’s the way it is. In a 2009-type jobs crisis – if we get another one like this – most of the losses will be borne by investors such as bond funds, pension funds, life insurers, etc. .

But the amounts just aren’t huge: the total amount of outstanding subprime auto loans is only about $250 billion, and that’s mostly spread across investors’ fixed-income portfolios.

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How to build credit without a credit card https://killerkash.com/how-to-build-credit-without-a-credit-card/ Mon, 14 Nov 2022 17:49:00 +0000 https://killerkash.com/how-to-build-credit-without-a-credit-card/ Creditworthiness is something every financial institution considers before lending someone money. A credit report that shows responsible use of credit can make borrowing money to buy a house or car more affordable through lower interest rates. It can also be assessed by employers when you apply for a job, landlords when you want to rent […]]]>

Creditworthiness is something every financial institution considers before lending someone money.

A credit report that shows responsible use of credit can make borrowing money to buy a house or car more affordable through lower interest rates. It can also be assessed by employers when you apply for a job, landlords when you want to rent an apartment and car insurers when they set your rates.

“We use credit every day,” says Jeanne Kelly, New York-based credit coach and founder of The Kelly Group. But everyone starts with a clean slate, and building credit can take time.

What credit score do you start with?

Credit scores are three-digit numbers created from information in your credit report, including payment history and the amount of debt you have. The score tells lenders how likely you are to repay what you borrow.

To have a score, your credit report must show one or more accounts that are at least six months old and at least one account that has been reported to one of the three credit bureaus (Equifax, Experian, or TransUnion) in the past last six months. .

Credit scores range from 300 to 850. A lower score indicates that there is a greater risk of not paying your bills, based on your history. “Without good credit, you can get a high interest rate, or worse, you may not even qualify for the loan,” says Lyle Solomon, senior attorney at Oak View Law Group, a California-based firm specializing in consumer credit. the consumption.

A good credit score, according to the Fair Isaac Corporation (FICO) scoring model, is 670 or higher. Another scoring model used by financial institutions is VantageScore, which considers 661 or more to be a good score.

6 Ways to Build Your Credit Without a Credit Card

Opening a credit card, making purchases, and paying off your balance each month is a common way to build up credit from scratch. But this is not the only way.

In fact, 10% of your FICO score is based on your “credit mix,” or the types of loans or lines of credit you have. When you’re just starting out and have little or no payment history, your credit mix is ​​even more important, according to MyFICO.com.

Here are six alternatives to opening a credit card to build credit.

1. Credit-generating loan

A credit loan essentially lets you lend money to yourself, Kelly explains. This is an installment loan with fixed monthly payments, but instead of giving you the money up front, the lender deposits it in a savings account or certificate of deposit (CD).

Some banks withhold access to the account until you repay the loan in full, while others will release funds monthly if you make payments on time. “The good thing about it is you show a payment history, and the money will come back to you, and that’s why it’s a loan for yourself,” Kelly explains.

However, these loans often charge interest and origination fees, so make sure you understand the total costs before getting one.

2. Personal loans

Personal loans, which can be secured or unsecured, allow you to borrow a large or small amount of money to use for anything. You repay the loan in fixed installments over several years. The lender reports the balance and your current payment activity to the credit bureaus.

With a low or no credit score, it can be difficult to qualify for a personal loan at a competitive interest rate. Asking a trusted friend or relative with good credit to co-sign the loan could help you get approved and may lead to a better interest rate.

However, warns Kelly, the co-signer should be prepared to step in if you can’t make a payment on time, because a late or missing payment also affects their credit.

3. Car loan

A car loan is money you borrow from a car dealership or third-party lender to buy a car. Usually this requires a cash deposit, although this is not always the case. And without a credit history, you might want to add a co-signer to qualify for a better interest rate.

Payments are part interest and part principal, and due on the same day each month until the balance is paid off. If you miss a payment, the lender may be able to repossess your car. It is similar to a mortgage in this way, since the loan is secured by a physical asset. As with other loans, the lender is responsible for reporting your car loan payments to the credit bureaus. An on-time payment history will boost your credit score.

4. CD loan

A CD is like a savings account, except your money is locked in for one to five years. The trade-off is that you can earn more interest than you would by keeping your money in a traditional savings account. You can always withdraw your money earlier, but you will have to pay a penalty.

A CD loan involves taking out a loan and using the CD as collateral. This means that you receive a lump sum of cash and then pay back what you borrowed, plus interest, to the bank each month. If you miss payments, the bank may take your CD and may even charge a penalty, Solomon says. “Using a CD-secured personal loan to improve your credit score will only work if you make payments in full and on time,” he adds.

5. Federal Student Loan

The U.S. government lends students money to pay for undergraduate and graduate degrees and professional certification programs — and you don’t need a credit history to qualify.

Unlike private student loans, there is no credit check to obtain most federal student loans. Instead, eligibility is based on citizenship, registration, and in some cases financial need, so it can be a good way to start building credit early.

On-time payments will increase your credit score, while late or missed payments will have a negative impact. “Student loans can also help improve your credit score by increasing your average account age and diversifying your credit mix,” Solomon says.

Some student loans only go into repayment after the borrower has left school, which is called forbearance. Even if you are not actively making payments while forbearing, the loan will still appear on your credit report as being in good standing.

6. Peer-to-peer lending

Peer-to-peer (P2P) lending platforms help you borrow money from individuals rather than a bank or credit union. Investors lend money and profit from the interest you pay on the loan.

“Generally, P2P lenders look for scores ranging from fair to excellent, i.e. 580 or higher,” Solomon says, so you’ll need a credit history to qualify. “Because the whole process is online and streamlined, you can get a loan in just days if you qualify,” he adds.

Another benefit is that P2P lenders only do a soft inquiry to check your credit report, Solomon says. Traditional lenders usually do a thorough investigation that could affect your credit score.

A disadvantage of using P2P platforms is that they can send your account to collections faster than a traditional lender if you miss a payment.

Other options

If you’re looking to potentially speed up the process of building credit or are worried about borrowing money just yet, here are some additional strategies to increase your score.

  • Piggybacking on someone else’s good credit: Many credit card companies allow cardholders to add authorized users to their accounts. As an authorized user, you may obtain a card to use for purchases, but the primary account holder is ultimately responsible for payments. The potential benefit to you, assuming the primary account holder is a responsible borrower, is that their credit account will show up on your credit report, along with payment activity. But not all lenders report authorized users to the credit bureaus, Kelly says, so make sure that’s an option before you tangle with another borrower.
  • Report rent and utility payments to offices: The three major credit bureaus do not require landlords and property managers to report rental or utility payment activity, but they will welcome information when submitted. If you pay your rent and utility bills on time, consider asking your landlord if they can report your payments to the credit bureaus or do it yourself. There are several online services (many are free, but some charge a one-time or monthly fee) that you can sign up for. Some of them will even report the last two years of positive payment history.
  • Report recurring bills to offices: Reporting recurring payments, such as streaming subscriptions and mobile phone plans, is another way to prove your reliability. bill payment. Various online services, including one offered directly by the Experian credit bureau, allow you to connect the bank accounts you use to pay your recurring bills, then report those with a positive payment history to some or all three credit bureaus .
  • Pay your bills on time: The most important factor when it comes to establishing good credit is debt payment history, which makes up 35% of your FICO score. Making full and timely payments on every loan or line of credit is imperative to maintaining strong credit.

The take-out sale

The best way to build credit is to borrow money and pay it back on time. You can do this through credit cards or installment loans, although it can be difficult to qualify for either if you don’t have a credit history to back it up. . The solution can start with options that don’t require a credit check, like federal student loans or credit loans, or options that ask for collateral in exchange for a lower interest rate, like CD loans. .

You can also sign up for a service that reports non-debt bills that you regularly pay on time, such as monthly fees or rent, to the credit bureaus. “These are things that can work so quickly [as loans] and they’re inexpensive,” Kelly says. “These are building blocks.”

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How to keep your credit score safe – NBC 5 Dallas-Fort Worth https://killerkash.com/how-to-keep-your-credit-score-safe-nbc-5-dallas-fort-worth/ Fri, 11 Nov 2022 03:09:00 +0000 https://killerkash.com/how-to-keep-your-credit-score-safe-nbc-5-dallas-fort-worth/ A student from North Texas contacted our NBC 5 and Telemundo 39 Responde teams after learning of thousands of dollars in debt incurred in his name. Find out what parents can do now to help protect their children’s financial future. ‘THIS IS REALLY STRESSFUL FOR ME‘ Shortly after turning 18, Josue Guevara said he went […]]]>

A student from North Texas contacted our NBC 5 and Telemundo 39 Responde teams after learning of thousands of dollars in debt incurred in his name.

Find out what parents can do now to help protect their children’s financial future.

‘THIS IS REALLY STRESSFUL FOR ME

Shortly after turning 18, Josue Guevara said he went to his bank to apply for a credit card for the first time. It was there that he learned that his credit was already in bad shape.

“Surprising to me. I ran out of words,” Guevara said.

Guevara said he discovered thousands of dollars in debt, accumulated in his name, from when he was just a baby.

“They even said I owed $40,000, which is important to me because the highest amount I’ve had in my hands is $100, not $40,000,” Guevara said.

The student has filed a police report and is struggling to unravel years of debt that he says doesn’t belong to him. Guevara worries that it will be difficult to obtain student loans to continue her studies once her scholarships run out.

“I really want to solve this problem because it’s really stressful for me,” Guevara said.

IDENTITIES OF TARGETED CHILDREN

“Stories of identity theft from children are absolutely heartbreaking because these are young people trying to get started,” said Eva Velasquez, president and CEO of the Identity Theft Resource Center.

Velasquez explained that children’s identities are an attractive target for thieves. With a few data points including a Social Security number, full name and date of birth, Velasquez said a thief can make a few changes to start spending.

“There is no file for this child in the credit reporting agencies, one will then be created with this new date of birth, the social security number and the thief is building this credit file for this minor”, Velasquez said. “A lot of times they’ll tap into it and take advantage of it until they’ve maxed out the lines of credit, and then they’ll walk away.”

While adults watching bank statements, tax returns, and credit reports can spot a problem early, a child’s identity theft can go undetected for years.

A Javelin Strategy & Research study published in 2021 estimates that child identity fraud affects one in 50 children each year. The same study indicates that children’s personal information is increasingly being targeted by criminals and people the child may know.

Javelin’s study indicates that most, 73%, of child victims of identification know their abusers.

STEPS PARENTS CAN TAKE

Parents can take steps to make their children a harder target for identity theft.

First, find out if your child has a credit report with all three credit reporting agencies: Experian, Equifax, and TransUnion.

“You can, as a parent or legal guardian, check your child’s credit report or request one for free to make sure nothing is wrong. If there’s no credit report on file with Experian, that’s a good thing,” says Rod Griffin, Director of Public Education and Advocacy at Experian.

Parents should complete documentation to prove they are entitled to this information. If the child is under 16, parents can also freeze their child’s credit report with each of the three credit bureaus free of charge.

Here are links to instructions for freezing a minor’s credit report at Experian, Equifax, and Transunion.

Parents must fill out an application for the freeze and send it, along with a copy of their child’s birth certificate and social security card, by mail.

“I understand that some parents are wary of sending paper documents in the mail, and that’s a valid fear, but I’m more concerned that the child’s credentials are already in the wild. , which they most likely are, and trying to reduce that risk surfaced by freezing credit,” Velasquez said.

There are other safeguards that parents can take. The Federal Trade Commission says parents should question any form or document asking for personal information about their child. Ask if it’s really necessary to share your child’s social security number on a standard form. If so, ask how this information will be protected and whether it is possible to use a different ID or just the last four digits of the child’s SSN.

Studies show that people you know can pose a risk, so don’t share too much information about your child on social media. Also watch what your kids are sharing.

RED FLAGS

Velasquez said parents should act quickly if they receive collection letters, bills, credit card offers or other personal financial correspondence on behalf of their child. Don’t assume this is a clerical error.

“It could just be a mistake, but you won’t know until you follow up. The sooner you catch these issues, the easier it is to fix them,” Velasquez said.

If you’re being denied government benefits because someone is already using your child’s social security number, that’s a red flag. Parents should also take action if someone calls about an overdue bill on their child’s behalf, but it’s not an account you opened for the child.

RESOURCES

If you learn your child has been the victim of identity theft, the FTC says you should report fraudulent accounts. Contact each company’s anti-fraud department to close the account. Ask for written confirmation that your child is not responsible for the fees.

Contact all three credit bureaus to report that someone has used your child’s information. Request that fraudulent accounts be removed from your child’s credit report.

The Identity Theft Resource Center offers a helpline to guide consumers through the steps they can take.

The Federal Trade Commission also has information on identifying and preventing child identity theft here.

If you are a victim of identity theft, you can report it here.

NBC 5 Responds is committed to finding your concerns and getting your money back. Our goal is to provide you with answers and, where possible, solutions and resolution. Call us at 844-5RESPND (844-573-7763) or fill out our customer complaint form.

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Fannie, Freddie Credit Score and Credit Report Requirements to Change | PC Weiner Brodsky Kider https://killerkash.com/fannie-freddie-credit-score-and-credit-report-requirements-to-change-pc-weiner-brodsky-kider/ Tue, 08 Nov 2022 04:28:50 +0000 https://killerkash.com/fannie-freddie-credit-score-and-credit-report-requirements-to-change-pc-weiner-brodsky-kider/ The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the GSEs) will eventually require two credit scores for each loan, and announced a future change to the tri-merger credit report requirement. The transition to these new planned requirements is not immediate and may take several years. Credit scores The FHFA announced […]]]>

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the GSEs) will eventually require two credit scores for each loan, and announced a future change to the tri-merger credit report requirement. The transition to these new planned requirements is not immediate and may take several years.

Credit scores

The FHFA announced that it has validated and approved the FICO 10T and VantageScore 4.0 models for GSEs. Once fully implemented, GSEs will require both a FICO 10T credit score and VantageScore 4.0 instead of the traditional FICO score. This change is expected to increase the accuracy of borrowers’ credit scores, allow for more equitable and inclusive access to mortgage credit by increasing the variety of credit history sources (i.e. utility and mobile phones) and increase the strength of the housing market.

Credit reports

In addition, the FHFA has announced its intention that GSEs in the future will only require two credit reports from consumer reporting agencies, instead of the current requirement of three credit reports – Equifax, Experian and Trans Union. FHFA expects this change to reduce costs and increase innovation in the industry.

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Does closing a bank account affect your credit? https://killerkash.com/does-closing-a-bank-account-affect-your-credit/ Sat, 29 Oct 2022 20:00:45 +0000 https://killerkash.com/does-closing-a-bank-account-affect-your-credit/ (NerdWallet) – Ready to close a bank account, but worried about losing your credit score? Do not be. By taking a few simple steps and adopting good banking habits, you can prevent your credit from being affected by a bank account closure. Here’s what you need to know. Generally, closing a bank account does not […]]]>

(NerdWallet) – Ready to close a bank account, but worried about losing your credit score? Do not be.

By taking a few simple steps and adopting good banking habits, you can prevent your credit from being affected by a bank account closure. Here’s what you need to know.

Generally, closing a bank account does not affect your credit

Simply closing a bank account has no direct impact on your credit. The Consumer Financial Protection Bureau confirms that the three major credit bureaus – Experian, Equifax and TransUnion – generally do not include checking account history on their credit reports. But your credit could suffer if you’re not careful when closing an account.

Your credit score could drop if your bank account is not in good standing

Certain imperfections in your bank account history could affect your credit. For example, if you close an account while the balance is negative or a bank closes your account because it’s overdrawn for an extended period of time, the negative balance could go to a third-party collection agency. This could hurt your credit report.

“If the bank sends this unpaid debt to a collection agency, it could be reported to one of three credit bureaus,” said Marguerita Cheng, certified financial planner and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland, in an email. “Collections can trigger a drop in your credit score.”

How to close your bank account so your credit isn’t affected

You will need to ensure that your account is in good standing and remains so even when you close it. Here are the steps to properly close your bank account:

1. Make a list of recurring deposits and withdrawals. Periodically record invoices and payments paid by direct debit from your account. It is equally important to note all the deposits you receive, even if they are only occasional. You don’t want your tax refund going to a closed bank account, for example, Miguel Gomez said in an email. Gomez is a wealth advisor at Lauterbach Financial Advisors in El Paso, Texas, and host of the “Dinero en Español” podcast.

2. Open your new account and transfer money and automatic transactions to it. “If you have automatic payments taken from the account you’re closing and you don’t update them before you close the account, it can affect your credit due to missed payments,” Gomez said.

3. Pay off any balance on your old account. You should leave money in your old account to cover any pending transactions you might have overlooked, Cheng said. You can also contact your bank to ask if you have any outstanding balances. If you opened an account to take advantage of a cash bonus, make sure your account has been open for the minimum time required to avoid an early closure penalty fee.

4. Close your old account and confirm its closure. Once you have ensured that there are no pending transactions, you can close your account. You may be able to close online, but some financial institutions require you to complete a mail-in form, visit a branch, or call to close your account.

The bank may send you an email to confirm the account has been closed, or you may contact a representative by phone or in person to confirm that the account has been closed and request confirmation in writing.

Note that if your account earned interest or a cash bonus during the year, you will need to obtain the appropriate documents from the bank for your taxes.

Follow these steps when you close your bank account and you’ll avoid fees, missed bills, and credit issues.

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Experian explains why loss of signal doesn’t slow demand for targeting data https://killerkash.com/experian-explains-why-loss-of-signal-doesnt-slow-demand-for-targeting-data/ Tue, 25 Oct 2022 04:45:02 +0000 https://killerkash.com/experian-explains-why-loss-of-signal-doesnt-slow-demand-for-targeting-data/ An interview withJeremy HlavacekCCO Consumption of digital media is on the rise, but the supply of high-quality data signals is declining. “The personalized targeting data points we’ve grown accustomed to are being reviewed,” said Jeremy Hlavacek, CCO of data services provider Experian. But “every time there is a change in a market,” he said, “there […]]]>

Consumption of digital media is on the rise, but the supply of high-quality data signals is declining.

“The personalized targeting data points we’ve grown accustomed to are being reviewed,” said Jeremy Hlavacek, CCO of data services provider Experian.

But “every time there is a change in a market,” he said, “there is an opportunity.”

Hlavacek joined Experian in March after more than six years at IBM, most recently as CRO for Watson AI advertising and The Weather Company’s digital media business. He also served as vice president of global automated monetization for The Weather Company prior to the acquisition by IBM in 2015.

Advertisers want better identity data, better segments and a better understanding of consumer behavior,” he said. “So they will move to higher quality, more precise, more accurate and more reliable datasets.”

Hlavacek spoke to AdExchanger.

AdExchanger: As brands begin to rely more on anonymized data signals and AI-based probabilistic models for targeting, will there be less demand for personal data exchanged by Experian?

The demand for targeted, data-driven precision media is growing, and it’s not going to slow down. There are just different use cases. There’s a case for personalized advertising on the performance side of the bottom funnel where there’s a lot of scale, a lot of dollars, and a lot of big companies involved.

AI-based probabilistic models can work well in outreach and upper funnel models. But with that kind of probabilistic approach, you’re not engaging the consumer, and consent isn’t always obvious.

Are you worried that financial data, credit scores and related information will be subject to regulatory scrutiny or that advertisers will decide it’s too risky to use for advertising purposes?

We must always be aware of this. If consumers have a bad experience, they will tell their regulators.

We treat privacy very seriously. Everything we do is consented and PII secure. We closely monitor our partners and we do not share data in risky environments. Experian has a rigid legal and compliance department, and we sometimes struggle with that, but it’s the right long-term approach.

With the push for privacy, what kinds of data companies will be at risk?

Businesses of all shapes and sizes are affected. There are plenty of headlines about Big Tech companies facing fines and lawsuits in the US and EU. But if you’re a small business in California and have an email list, it’s a lot of work to comply with this regulatory burden.

We’re going to find out over time that it’s not so simple to say, “Let’s stop data-driven advertising, because big tech is bad for the world.” You will also find that you are hurting small and medium-sized businesses in some cases.

How does Experian benefit from its Acquiring Tapad?

We are working on translating Experian’s offline data into the digital space. We’ve taken the Tapad Identity Chart and married it to Experian’s offline chart, and are working to bring our team and the Tapad team together under one brand as we approach next year.

Is Experian considering other acquisitions?

Experian is an acquisition company. We’re going to need more connections and more technology to bring this dataset to life in the tech ecosystem.

As we move into a world of consented first-party data, these data-sharing relationships are strongest on the sell side. Many more people are going to have a relationship with The New York Times or Weather.com than with The Trade Desk and WPP. You’re going to see us do more sales-side partnerships.

Are buyers more interested in targeting based on first-party data?

It depends on the market. For CTV, it’s almost entirely controlled by the vendor. For retail media networks, all data comes from retailers. Programmatic open exchange buyers who have been doing things the same way for the past 10 years are probably not pushing for seller-defined audiences.

But as dollars move from open exchange programs to fast-growing channels like retail media and CTV — which are already using the sell-side approach — there’s a chance that CMOs will start saying “Maybe we should do everything this way”.

What is Experian’s position on data clean rooms?

We are agnostic. We chose no clean room. We work with all the names you would expect – Snowflake, AWS, InfoSum, Habu – really in all areas. It reminds me of the early days of DSPs or SSPs, where suddenly there were so many. Are we going to live in a world with 15 different clean rooms? Probably not. I guess it comes down to two, three or four winners.

How does Experian think about a potential recession?

The movement of interest rates has an important effect, and not only on consumer demand. When interest rates are higher, people take out fewer loans and refinance less. Typically, when people take out loans, they use a credit report, so we have an indicator that things have slowed down.

Mortgages, auto loans and retailer behavior are currently question marks.

This interview has been edited and condensed.

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San Francisco FBI Warns Public of Possible Federal Student Loan Forgiveness Fraud Schemes – FBI https://killerkash.com/san-francisco-fbi-warns-public-of-possible-federal-student-loan-forgiveness-fraud-schemes-fbi/ Fri, 21 Oct 2022 17:39:22 +0000 https://killerkash.com/san-francisco-fbi-warns-public-of-possible-federal-student-loan-forgiveness-fraud-schemes-fbi/ Scammers often use electronic communication methods (email, SMS, website) to explain how a recipient is eligible for government assistance and claim to need information or money from the victim to complete the application process. They can email or text the victim, with a body text containing a link to follow. Once a victim clicks on […]]]>

Scammers often use electronic communication methods (email, SMS, website) to explain how a recipient is eligible for government assistance and claim to need information or money from the victim to complete the application process. They can email or text the victim, with a body text containing a link to follow. Once a victim clicks on what is considered a legitimate link to the official federal website, the website will ask for personally identifiable information (PII) such as name, social security number, date of birth, current and previous addresses, phone numbers, e-mail addresses, mother’s maiden name or social media IDs to complete the process. This personal information can be used to conduct additional fraudulent activities at the victim’s expense.

Websites may solicit financial information such as bank and routing account numbers, credit or debit card numbers, digital wallet addresses, or other peer-to-peer money transfer account information. peer to process an application fee or complete the application process.

Phone scammers can call victims claiming to be representatives of a bank or the Ministry of Education and request the victim’s PII and financial information to begin the loan repayment process.

Tips to protect yourself

  • Remember: the US government will not charge a processing fee regardless of the type of currency – traditional or cryptocurrency.
  • Do not open links or download images or files from suspicious email addresses.
  • Always check official US government websites, such as https://studentaid.gov.
  • Confirm any loan repayment information with the financial institution or company providing the loan.
  • Use caution when entering PII or financial information on websites.
  • Make sure there are no spelling or grammatical errors on the website or in the email. This may indicate a potential scam.

If you are a victim

If you are the victim of an Internet scam, the FBI recommends taking the following steps:

  • Report it to the FBI Internet Crime Complaint Center at www.IC3.gov as soon as possible.
  • Report the activity to the online payment service used for the financial transaction.
  • Contact your financial institution immediately to stop or cancel transactions. Ask your financial institution to contact the corresponding financial institution where the fraudulent or suspicious transfer was made.
  • Keep all transaction information, including prepaid cards and bank statements and all phone, text or email communications.
  • Monitor your financial accounts and credit reports for fraudulent activity.
  • Report the fraud to the Department of Education at https://studentaid.gov/feedback-center and to the Consumer Financial Protection Bureau (CFPB) at www.consumerfinance.gov/complaint.
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Equifax will provide telecommunications and utility information alongside mortgage credit reports https://killerkash.com/equifax-will-provide-telecommunications-and-utility-information-alongside-mortgage-credit-reports/ Thu, 13 Oct 2022 20:45:00 +0000 https://killerkash.com/equifax-will-provide-telecommunications-and-utility-information-alongside-mortgage-credit-reports/ Expanded information has the potential to help create greater homeownership opportunities for millions of first-time mortgage applicants in the United States ATLANTE, October 13, 2022 /PRNewswire/ — Equifax® (NYSE: EFX) is the first to provide certain telecommunications (telco), pay TV and utility attributes to the mortgage industry to help streamline the mortgage underwriting process and […]]]>

Expanded information has the potential to help create greater homeownership opportunities for millions of first-time mortgage applicants in the United States

ATLANTE, October 13, 2022 /PRNewswire/ — Equifax® (NYSE: EFX) is the first to provide certain telecommunications (telco), pay TV and utility attributes to the mortgage industry to help streamline the mortgage underwriting process and support lending in the secondary mortgage market. The majority of American adults have at least one utility bill in their name. Providing certain telecommunications, pay-TV, and utility attributes to mortgage lenders alongside traditional credit reports can help create greater homeownership opportunities for 191 million U.S. consumers, 80% of whom have credit records. traditional credit, but can benefit from additional information about their financial profile that can make mortgage underwriting faster and easier. Using this expanded data insights can also provide visibility to millions of unseen credit consumers—those without traditional credit records—and improve the financial profiles of thin, young, and unrated consumers when ‘they fill out first mortgage applications.

For many Americans, buying a home is a crucial first step in building wealth. However, credit-blind consumers may struggle to take the first step toward homeownership. Often these consumers have to go through a lengthy manual underwriting process of obtaining physical documentation from third parties to prove they have a credit history when applying for a mortgage. By providing certain attributes, based on a consumer’s aggregate history with telecommunications, pay TV and utilities, Equifax is able to deliver powerful new insights that help automate, save time and resources and Streamline the first mortgage process for each applicant – creating more opportunities for consumers to get a loan.

“At Equifax, we strive to create economically healthy individuals and communities everywhere we do business,” said Mark W. Begor, CEO of Equifax. “While traditional credit reports remain a strong indicator of credit history and past financial reliability, we believe that more data leads to better decisions. Reviewing traditional credit reports alongside other information on data enables the mortgage industry to develop a more complete picture of a consumer’s financial profile to drive greater financial inclusion by potentially streamlining mortgage underwriting processes for more consumers.This new offering is another how we leverage differentiated data assets to help more consumers access traditional financial services and opportunities.

This Fair Credit Reporting Act (FCRA) compliant information provides anonymous information to streamline the mortgage application process when consumers seek approval for a home loan. This expanded data cannot be used by lenders to deny applications for credit or other services.

“The path to financial well-being and equity often begins with home ownership,” said Craig Crabtree, Senior Vice President and General Manager, Equifax Mortgage and Housing Services. “The key to greater financial inclusion lies in higher levels of visibility. By offering these consumer-grade, highly structured telecommunications, pay-TV, and utility attributes in addition to its traditional mortgage credit reports, Equifax offers the mortgage industry the ability to access enhanced data sets that can further facilitate mortgage processes for more consumers. We look forward to working with the mortgage industry so that together we can unleash all the potential to help millions of Americans achieve their goal of home ownership.

This additional consumer information, provided alongside Equifax’s traditional mortgage credit report, will be provided at no additional cost to lenders, helping them simplify the manual underwriting process, improve the customer experience and reduce lender costs. . Equifax will begin making this information available to customers in the first quarter of 2023.

The inclusion of telecommunications, pay TV and utility attributes to mortgage lenders is just one of the many ways Equifax promote better access to credit. Equifax is committed to removing barriers to financial inclusion, supporting a number of industry initiatives designed to provide underserved populations with the same opportunities to succeed and benefit from the nation’s financial system as others.

For more information on Equifax mortgage and housing solutions, visit equifax.com/mortgage.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe that knowledge is the engine of progress. As a global data, analytics and technology company, we play a vital role in the global economy by helping financial institutions, businesses, employers and government agencies make critical decisions with greater trust. Our unique blend of differentiated data, analytics and cloud technology generates insights to support decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe and the Asia-Pacific region. For more information, visit Equifax.com.

FOR MORE INFORMATION
Rebecca Paul Martin
[email protected]

SOURCE Equifax Inc.

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Money Matters: Breaking Down the Basics – Credit Reports vs. Credit Scores – Franklin County Times https://killerkash.com/money-matters-breaking-down-the-basics-credit-reports-vs-credit-scores-franklin-county-times/ Tue, 11 Oct 2022 20:54:57 +0000 https://killerkash.com/money-matters-breaking-down-the-basics-credit-reports-vs-credit-scores-franklin-county-times/ Credit Scores and Credit Reports – Two Different Things, But What’s the Difference? Your credit report contains information about your credit activity, current credit status, and historical credit information. It contains all the information about your loan payment history and the status of your credit accounts. It also includes other information reported to the credit […]]]>

Credit Scores and Credit Reports – Two Different Things, But What’s the Difference?

Your credit report contains information about your credit activity, current credit status, and historical credit information. It contains all the information about your loan payment history and the status of your credit accounts. It also includes other information reported to the credit bureaus, such as current and former addresses, your employer, inquiries, collection records, and public records.

There are three credit reporting agencies, or credit bureaus, in the United States: Experian, Equifax and Transunion. Each reporting agency compiles your credit information from various reporting sources, such as banks and credit cards, into a credit report.

Your credit report does not include information about your marital status, income, bank account balance, or level of education. Your credit file, however, may include your spouse’s name if reported by a creditor.

Your credit score is a three-digit number calculated based on information in your credit report – basically, summarizing your borrowing and repayment history.

Your credit score is based on five main factors:

  1. 1. Payment history: That’s a big deal! It takes into account whether you have paid your bills on time.
  2. 2. Credit Usage: This is a measure of how much debt you have.
  3. 3. Length of credit history: The longer you have credit, the better.
  4. 4. Types of credit: You want a healthy mix of accounts.
  5. 5. Credit Research History: Excessive credit research can negatively impact your score.

Your credit score is also affected by accounts you have jointly, but there are no joint credit scores.

If you co-sign for someone on a loan or a credit card, it affects both of you, regardless of who is actually responsible for the debt. Having this joint debt will also affect your debt ratio when applying for a loan. Be sure to keep this in mind before signing with anyone. You are both equally responsible for the debt.

Monitoring your credit report and credit score is essential for detecting identity theft and fraud. Knowing what should and shouldn’t be there can help you spot the signs earlier and take action if something fraudulent happens. Knowing more about the basics of your credit report and credit score helps you stay in control of your financial situation.

Emily Mays is Vice President/Administrative Director of Community Spirit Bank in Red Bay, working in finance for 15 years. She is an enthusiastic social media marketer, advocate for financial literacy and a proponent of going local.

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