Free press releases distribution network?

Agency / Source: LexisNexis (a division of Reed Elsevier Inc.)

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!



LexisNexis® Study Reveals Rising Popularity of New Data and Analytics to Help Non-Traditional Consumers Qualify for Auto and Credit Card Loans - Young adults, low-income individuals and a growing population of
LexisNexis® Study Reveals Rising Popularity of New Data and Analytics to Help Non-Traditional Consumers Qualify for Auto and Credit Card Loans

 

PRZOOM - /newswire/ - Atlanta, GA, United States, 2013/06/11 - Young adults, low-income individuals and a growing population of "underbanked" consumers with non-traditional credit histories among beneficiaries of new alternative data tools to determine creditworthiness - LexisNexis.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Financial/Legal/Venture Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

LexisNexis® Risk Solutions today announced the results of an inaugural study which provides the first holistic view of lender, consumer and regulator attitudes on the use of alternative credit decisioning tools to evaluate consumer creditworthiness. Alternative data not included in credit bureau reports could have generated $1.7 billion for credit card issuers and $1.9 billion for auto lenders in 2012 alone. The study also reveals that auto and credit lenders, consumers and regulators are embracing the benefits of using alternative data in credit decisioning.

The report,"Evaluating the Viability of Alternative Decisioning Tools: A Study of Auto and Credit Card Lending Markets," conducted by Javelin Strategy & Research, provides insights on the emerging category of Alternative Credit Decisioning Tools (ACDTs) built on consumer information that doesn't appear on credit bureau reports to predict creditworthiness. This information may include public record information such as property values, professional licenses and other consumer data.

Findings from the study show that ACDTs provide viable options to evaluate young individuals who are just gaining financial independence; low-income consumers; thin- and no-file consumers; and most prominently -- a growing population of "underbanked" consumers with nontraditional credit histories.

"While independent studies show the predictive capacity of alternative data tools, there hasn't been a comprehensive view into the societal, economic and regulatory effect of their implementation until now," said Mark Luber, vice president, data and analytics, LexisNexis Risk Solutions. "The study points out that while lending is currently rebounding from an economic recession, traditional measures of creditworthiness are falling short and consumers are defying prerecession risk categories."

The study also explains that alternative data is already being used with success in the U.S. marketplace, and consumers are familiar and comfortable with it. 93 percent of all consumers have applied for a credit card and/or auto loan at some point in their lives, and nearly 9 out of 10 applicants were engaged in an underwriting process in which they were asked to actively provide information beyond the basics of DOB, name, SSN, and which is not part of a traditional credit report. When asked to identify the components of a credit score, three out of five consumers selected a combination of traditional and alternative credit-scoring factors.

Consumers that could benefit from ACDTs represent an underserved market, which are more difficult to evaluate through traditional methods and encounter great obstacles to obtaining credit than all other consumers.

To compensate for the deficiencies of traditional credit scores, lenders undergo an intensive manual underwriting process to gather supplemental information for consumers with blemished or insubstantial credit histories.

Auto and credit lending executives interviewed in the study have positive views on alternative data. The primary reason cited by all categories of auto and credit card lenders for adopting alternative credit-scoring solutions is to increase the precision of their risk assessment methods and generate lift on their portfolios. In fact, one large auto lender interviewed in the study said it increased its booked loans from 8 to 15 percent for thin and no-file customers.

Regulators are optimistic that ACDTs will increase access to credit and loans and improve the economic inclusion of underserved segments, and are also focused on ACDT's compliance with the Fair Credit Reporting Act (FCRA) and the Equal Credit Opportunity Act (ECOA).

About Javelin Strategy & Research
Javelin Strategy & Research (@JavelinStrategy), a division of Greenwich Associates, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin's independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.

About LexisNexis Risk Solutions
LexisNexis Risk Solutions (lexisnexis.com/risk) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading global provider of professional information solutions across a number of sectors.

Our financial services solutions assist organizations with preventing financial crime, achieving regulatory compliance, mitigating business risk, improving operational efficiencies and enhancing profitability.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Financial/Legal/Venture Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: LexisNexis (a division of Reed Elsevier Inc.)

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Financial/Legal/Venture articles,
CATCH Visitors via Your Competitors Announcements!


LexisNexis® Study Reveals Rising Popularity of New Data and Analytics to Help Non-Traditional Consumers Qualify for Auto and Credit Card Loans

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
LexisNexis |
Contact: Stephen Loudermilk - LexisNexis.com 
678-694-2353 stephen.loudermilk[.]lexisnexis.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any LexisNexis (a division of Reed Elsevier Inc.) securities in any jurisdiction including any other companies listed or named in this release.

Financial/Legal/Venture via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!




Read Latest Press Releases From LexisNexis (a division of Reed Elsevier Inc.) / Company Profile


Read Financial/Legal/Venture Most Recent Related Press Releases:

Infinera to Participate in Upcoming Investor Conference
Propel Financial Services Partners with Clear Payment Solutions
Digital Payments Power Growth in Booming Asia-Pacific Financial Technology Landscape Notes Frost & Sullivan
Digital Readiness Key to Growth Opportunities in the Financial Services Market
Prairie Capital Advisors Announces The Sale of Cornerstone Treatment Facilities Network to An ESOP
Koch Agrees to Invest Over $2 Billion in Infor
FTI Consulting Recognized as a Top Service Provider in the Legal Industry
GE Completes Spin Off and Demerger of Bank BPH Core Bank to Alior Bank
ALM Expands Senior Leadership Team, Organization Focused on Customers and Transformation
Lazard Acquires Remaining 50% Stake in MBA Lazard - Fully Integrating its Latin American Operations

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



PREMIUM Members


Visit  Triggr & Bloom

Visit  BizJobs.com

Visit  La Bella Bakery Artisan Bakery Arizona







 
  ©2016 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today