ATLANTA, Jan. 24, 2017 /PRNewswire/ -- Equifax Inc.
(NYSE: EFX) today joined other U.S. Credit Bureau representatives
at the American Financial Services Association (AFSA) Vehicle
Financing Conference and Expo in New
Orleans to address concerns around the stability of the
subprime auto lending market.
In response to mixed reports and conflicting analysis in the
marketplace, Equifax conducted research examining auto
lending dynamics and the resulting performance differences.
Findings point to continued strength within subprime auto lending
in what has increasingly become a segmented sector within which
different lender types specialize in narrow credit bands. The
research also found that most lenders remain very conservative
relative to their pre-recession lending habits, while some are
meeting the needs of consumers with lower credit scores.
"The fact is loan performance is good relative to historical
levels and the slight weakening we are seeing cannot be attributed
to a change in how lenders are underwriting their loans or call
into question the stability of the subprime market as a whole,"
said Amy Crews Cutts, senior vice
president and Chief Economist for Equifax. "Consumer data tells us
that market share is shifting across different lender types and
specialty lenders are lending in higher-risk segments that are not
otherwise being served."
An infographic highlighting the Equifax research on subprime
lending in the U.S. can be viewed here:
http://www.visualcapitalist.com/subprime-auto-loans/.
Over the last 10 years, Equifax has focused on utilizing the
data it has on hand to support the sustainability of the financial
marketplace, as well as the needs of creditworthy consumers.
Consumer credit data is one of the most accurate way to assess a
consumer's financial health and a useful tool in assessing current
economic performance. Equifax is working to revolutionize consumer
credit information to enhance its offerings in support of consumers
and economies around the world.
About Equifax
Equifax powers the financial future of
individuals and organizations around the world. Using the combined
strength of unique trusted data, technology and innovative
analytics, Equifax has grown from a consumer credit company into a
leading provider of insights and knowledge that helps its customers
make informed decisions. The company organizes, assimilates and
analyzes data on more than 820 million consumers and more than 91
million businesses worldwide, and its databases include employee
data contributed from more than 6,600 employers.
Headquartered in Atlanta, Ga.,
Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia
Pacific region. It is a member of Standard & Poor's
(S&P) 500® Index, and its common stock is traded on the New
York Stock Exchange (NYSE) under the symbol EFX. Equifax employs
approximately 9,400 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13
on the American Banker FinTech Forward list (2015); named a Top
Technology Provider on the FinTech 100 list (2004-2015); named an
InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace
by Atlanta Journal Constitution (2013-2015); named one of Fortune's
World's Most Admired Companies (2011-2015); named one of Forbes'
World's 100 Most Innovative Companies (2015). For more information,
visit www.equifax.com
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SOURCE Equifax Inc.