Defi Solutions, an auto lending technology and services provider, has teamed with Experian to bring Experian’s Premiere Attributes to automotive lenders. As part of the collaboration, lenders using defi Solutions’ loan origination systems will have access to more than 2,000 credit attributes, including over 100 that are specific to the automotive industry. Clients can optionally access Experian’s Attribute Management Studio, which provides the ability to define, code and manage attributes in-house. Using these attributes, lenders can develop a more complete understanding of an individual’s credit behavior, improve predictability and make smarter lending decisions.

Delivered through Experian’s Attribute Premier Attributes enables lenders to make more informed credit decisions across the entire customer life cycle — opening the door for growth, reduced risk and improved customer loyalty. The tool aggregates the freshest credit data available, providing significant performance lift over decisioning models built using other credit attributes.

“Experian’s focus on the delivery of high-caliber, relevant data meshes perfectly with the now and future of Defi Solutions,” said Charles Sutherland, chief strategy officer. “We plan to continue working to not only increase the volume of information available to lenders, but also to develop services that further improve efficiency by enabling the lender to decide at what point the data is introduced into their decisions.”

“We are committed to providing lenders of all sizes with quality data-driven insights to more accurately predict credit risk and make sound lending decisions quickly — and that’s never been more evident than within the automotive industry,” said Robert Boxberger, Experian’s president of decision analytics. “Our Premier Attributes help open the door for lenders to assess risk with decision strategies and credit scores that ultimately improve their bottom line.”

Dealer Specialties announced it has teamed with Experian to make C.A.R.Score reports available within Experian’s AutoCheck vehicle history reports. This new relationship is an added benefit to mutual clients as it gives dealers the opportunity to show C.A.R.Score vehicle condition reports in the VHR, allowing consumers to make their next car purchase decision with confidence.

C.A.R.Score is an all-new, consumer-facing vehicle condition report that displays the exterior and interior condition of the vehicle, including instrument and control panels, mirrors, upholstery, even the scent of the vehicle. These interactive condition reports show specific details that car shoppers are looking for, yet, until now, were not available on vehicle history reports. 

Dealer Specialties vehicle inspectors perform a full, cosmetic vehicle evaluation, which includes photographs of any visual damage. After inspection is completed, the car is rated from 1 to 5 Stars, giving consumers a clear understanding of the vehicle’s current condition.

C.A.R.Score reports will be displayed under the ‘Inspection History Check’ and ‘Detailed Vehicle History’ sections of Experian’s AutoCheck vehicle history report. Each section provides inspection data, location, and a link to the full C.A.R.Score report.

Experian announced it will offer all American-owned small businesses free access to their Experian business credit report from now until May 1, 2020, to help small business owners in need during the impact of the COVID-19 pandemic. By accessing a free business credit report now, small business owners can understand where their credit score stands and look for the best lending options for their business before they obtain funding.

“At Experian, we are committed to helping small businesses with their financial health and we are proud to offer U.S. businesses a free credit report and give lenders and government organizations access to our new COVID-19 U.S. Business Risk Index during this unprecedented time in our country,” said Hiq Lee, president of Experian’s Business Information Services. “Experian knows that small businesses are pivotal to the success of our communities and ultimately our economy as a whole. We want to do our part to ensure that small businesses, who are dealing with the immediate implications of the COVID-19 pandemic, can get free access to their credit report now so they can better understand what capital is available to them.”

Experian Wins Award

March 16, 2020

Experian announced Experian Boost as the winner of the “Consumer Lending Innovation Award” in the 2020 FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global fintech market.

Experian Boost, which is available at no cost to all credit active adults in the United States, helps consumers to contribute positive telecom and utility payment history directly into their Experian credit file for an opportunity to instantly increase their FICO Score, according to Experian. By adding eligible accounts to their Experian credit file, consumers can build a stronger payment history, while helping lenders make more informed decisions about prospective borrowers. Consumers can seamlessly switch the service on and off at any time – putting them in complete control of their information. There’s no limit to how many times a consumer can use Experian Boost to contribute new data.

Since launching in March 2019, on average, two-thirds of consumers who use Experian Boost see their credit scores increase with an average improvement of 13 points.  In addition, 12 percent of Experian Boost users move up a credit tier.

Experian announced at the National Automobile Dealers Association (NADA) Show 2020 an exclusive relationship with CarZing, the innovative online vehicle shopping portal. As part of the strategic alliance, dealerships with AutoCheck subscriptions can now list their inventory on CarZing.com and AutoCheck.com for no additional fees.

“We are committed to helping dealers streamline their processes and sell more vehicles,” John Gray, Experian’s president of automotive, North America, said. “Through our collaboration with CarZing, dealers can increase exposure of their inventory at no additional charge, while simultaneously making it easier for consumers to find the vehicle they want. Additionally, with AutoCheck reports included in the listings, consumers are assured of a more transparent transaction, and can feel more confident in their vehicle choice.”

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