Millennials, Mortgages and Student Debt

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Student Debt is One of the Reasons Young Adults Are Now Less Likely to Borrow Money to Buy a Home Twenty-somethings are not borrowing money to buy homes at the rate they were a decade ago—a trend that may have as much to do with high levels of student debt and poor job prospects as [Read More…]

Gainful Employment Rule Survives For-Profit Group’s Court Challenge

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A federal judge on Tuesday, June 23 rejected a serious legal challenge, brought by the Association of Private Sector Colleges and Universities, to the controversial Gainful Employment rule. The lobbying group’s lawsuit was the highest hurdle remaining for the proposed Gainful Employment rule, which will judge career-oriented programs on their graduates’ ability to repay their [Read More…]

CFPB proposed “Ability-to-Repay” Rules in Short-term Lending – The Need for Income and Employment Verification

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During a recent Equifax webinar discussing the Consumer Financial Protection Bureau’s (CFPB) proposed rules in short-term lending; the majority of the participants indicated that they currently require income information as part of the loan origination process (poll 1), yet two thirds of the participants indicated that they were relying on borrower-furnished income and employment information. [Read More…]

More Effective Cross-Selling In Seconds

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It’s the simplest strategy to boost revenue potential: Offer the right customers the right product at the right time at the right price. It is the essence of cross-selling, yet what sounds simple in theory is often more difficult to execute in real life. Financial institutions have discovered that making the cross-sell at the point [Read More…]

Webinar: The HELOC Landscape – Risk Management and Customer Retention

Upcoming HELOC webinar

Webinar: The HELOC Landscape: Risk Management and Customer Retention Date: Thursday, July 23, 2015 Time: 1:00 PM ET According to the latest Equifax National Consumer Credit Trends Report, U.S. consumer appetite for home equity lines of credit (HELOCs) is increasing. More than 1.2 million new HELOCs were opened in 2014, a 15.8% increase over 2013. [Read More…]

Webinar: Improving Patient Record Matching

How To Incorporate Financial Data For Better Ad Targeting

On July 16, Michael Nelson, DPM, VP of Healthcare Strategy and Business Development for Equifax Identity and Fraud Solutions, will conduct a CHIME College Live Presentation on the topic of improving patient data matching as a key for health information exchange. Accurate and complete patient personal and health information is required to meet industry requirements for [Read More…]

WSJ: Home-Equity Lines of Credit See Jump in Delinquencies

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Equifax data cited in The Wall Street Journal shows that borrowers who signed up for home equity lines of credit (HELOCs) in 2004 were 30 or more days late on $1.8 billion worth of outstanding balances just four months after principal payments started kicking in — which represents 4.3% of the balance on outstanding 2004 [Read More…]

A Better Way to Help Assess DDA Risk

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It is no revelation that the Consumer Financial Protection Bureau (CFPB) wants to ensure that banks and credit unions are appropriately and fairly meeting the needs of consumers. This includes the agency strongly recommending that financial institutions implement an open-all strategy for consumer demand deposit accounts (DDAs) and help provide deposit account options for “credit [Read More…]

Regional Household Wealth Tier Breakdowns

Forecasting SUI tax rates

This month we wanted to take a closer look at estimated household wealth across the U.S.  Specifically, the map below shows the percent of households that fall into each estimated wealth tier within each region. How do regions along the east and west coasts stack up against the rest of the country?  Do regions in [Read More…]

Subprime Auto Bubble? Not Likely Say Experts

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There’s been a lot of chatter lately about a potential bubble forming as a result of subprime lending in the automotive industry. Phil LeBeau, at CNBC, recently interviewed Dennis Carlson, Deputy Chief Economist at Equifax, to get his take on the issue. Carlson and analysts at Equifax looked at data for new and used cars [Read More…]