How Financial Network, Inc. is helping customers with The Work Number

Financial Network, Inc. (FNI) recently joined forces with Equifax to provide employment and income verification solutions to customers through a connection to  The Work Number® (TWN) database — the nation’s largest centralized repository of employment and income information provided directly from employers. We asked Phil Mazza, FNI’s CEO, about the relationship and how it will [Read More…]

Best Practices for Fighting Synthetic Identity Fraud

Synthetic identity fraud is a well-organized activity of fraud rings looking for ways to create and then nurture fake identities over a long period of time. Fraudsters can build a synthetic identity by creating a fake SSN or obtaining/stealing a real Social Security number (SSN) and adding non-matching identifying information such as name, date of [Read More…]

Credit through the Ages: Where it all Began

Exploding volumes of data and staggering advances in analytics and technology provide financial institutions with limitless opportunities to assess and predict consumer financial behavior. This insight is then used to inform credit decisioning, acquisition and account management strategies. But where did it all begin? Just where did the concept of credit get its start? View [Read More…]

Do Retail Store Closures Affect How Consumers Pay Their Private Label Credit Cards?

In our changing retail landscape, many stores are closing and retail chains head into bankruptcy. Consumers who owe money on their private label credit card may wonder what it means when their local store disappears or the retail chain liquidates. Some consumers could decide not to pay their debt, either thinking “why should I pay?” [Read More…]

The Impact of Synthetic Identity Fraud… By the Numbers

What is synthetic identity fraud? Synthetic identity fraud occurs when fraudsters create new, fictitious identities by using different components of real identities – such as a name from one person, an address from another place, or the Social Security number (SSN) of a minor or deceased individual.  Fraudsters attempt to gain credit with the fictitious [Read More…]

Delivering Insights that Drive More Profitable Deals

Without proper insight into dealership behaviors, loan performance, and the competitive landscape, it’s difficult for auto lenders to assess risk and identify high-value dealers to build relationships. For truly successful auto lending, lenders need to: Understand market share within each dealership. Gain deeper insight into positive and negative selection for each dealership they do business [Read More…]

Affordability: The Important Missing Detail in a Car Buying Decision

By: John Giamalvo, VP, Dealer Services, Automotive Elements of the car shopping process have certainly moved upstream to the consumer over the last 25 years, and not just because of the internet. Massive make/model competition, longer finance options, leasing, certified pre-owned, and simply cars that last longer contribute inherently to more consumer data to manage. [Read More…]

How Fraudsters Are Using Synthetic Identities

Pathways to Synthetic Identity Fraud Fabricated social security numbers (SSNs) and authorized user abuse are the two main pathways into synthetic identity fraud.  Fraudsters can build synthetic identities by creating a fake SSN or obtaining/stealing a real SSN and adding non-matching identifying information such as name, date of birth, and address.  Perpetrators often prefer to [Read More…]

J.D. Byrider uses Equifax Ignite to Increase Auto Buyer Approvals by 10 Percent

When J.D. Byrider, a  leading used car sales and finance enterprise, expanded geographically and organically, they needed to better identify risk and streamline deal structures. They turned to Equifax Ignite™. To create a more robust profile on buyers, the Equifax team used Ignite to develop a configurable origination risk model that uses traditional credit data, [Read More…]