Experian Automotive launches new tool to help automotive lenders better monitor changes in loan status on vehicles in their portfolios
SCHAUMBURG, Ill., April 16, 2014 /PRNewswire/ -- Experian Automotive today announced the newest addition to its suite of portfolio monitoring services, Lender Triggers™. This new tool is designed to help automotive lenders better monitor changes in loan status on their portfolio, including whether a vehicle has been refinanced, a title loan has been added or a vehicle has been paid off. These actionable insights enable automotive lenders to make more educated business decisions, evaluate portfolio makeup and perfect titles on their active book of business.
"In today's automotive lending environment, it's imperative for finance companies to stay abreast of all changes that could impact their portfolio, whether it's a change to the vehicle or the consumer status," said Kevin Henahan, senior vice president of marketing for Experian Automotive. "By adding Lender Triggers to our full suite of portfolio monitoring services, we're able to provide automotive lenders with the tools and resources to identify changes in their portfolios across the entire life cycle."
Automotive lenders using the new triggers product can select the frequency of monitoring. When changes to the portfolio occur, Experian Automotive will notify the client the details of the change and when the change occurred.
Other triggering products in Experian's suite of portfolio monitoring services include:
- AutoCheck Triggers(SM) — a program designed to help automotive professionals identify changes to a vehicle's history that can impact its value, including reported accidents, title brands and failed emissions, among others.
- Risk Triggers(SM) — a notification service that can help financial institutions monitor and minimize the risks associated with high-risk accounts by alerting the company of accounts with new derogatory information, including recent bankruptcy, late payments, liens or judgments, collections, or changes in public records.
- Retention Triggers(SM) — a daily triggering service that alerts users when their customers are looking for new credit or have opened a new trade. It allows users to take immediate action to retain their most profitable customers.
- Credit Limit, Utilization and Balance Triggers — a value add to the Risk Triggers and Retention Triggers program that enables users to monitor customers' credit profiles for changes in credit limit, utilization and credit balance, ultimately allowing the user to improve risk strategies and gain more insight into key contributors that affect a consumer's credit score.
About Experian Automotive
Experian Automotive provides information services and market intelligence that enables results-driven professionals to gain the fullest possible understanding of the market, the vehicles and the people who buy them. Its North American Vehicle Database(SM) houses data on nearly 700 million vehicles and, when combined with Experian's credit, consumer and business information, provides an integrated perspective into the automotive marketplace. Experian Automotive's AutoCheck® vehicle history reports provide dealers and consumers with in-depth information, allowing them to confidently understand, compare and select the right vehicles. For more information on Experian Automotive and its suite of services, visit our Website at http://www.experian.com/automotive.
Experian® is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2013, was US$4.7 billion. Experian employs approximately 17,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
SOURCE Experian Automotive