Experian credit report agency says a preliminary study of 30 day auto loan late payments shows an 8.1% increase over a year earlier. That means $22.9 billion worth of loans are 30 days late.
Even more striking is the increase in 60 day delinquency rates. Those loans more often turn into repossessions. They are up 12.7%, putting $7 billion at risk of being unpaid.
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Equifax credit report agency announced the launch of an industry-first solution that gives credit unions a new way to leverage critical information for consumer and business lending. Now, credit unions can benefit from an interface that connects Equifax’s APPRO loan and account origination solution and CUNA Mutual Group's LOANLINER® Document Web Service. With this interface, credit unions can quickly access the most up-to-date, compliant loan documents – enabling them to address key compliance needs, reduce processing times and deepen customer relationships.
APPRO and LOANLINER® customer Merrimack Valley Federal Credit Union recently integrated this solution to further automate its lending applications.
Personal loan and credit card resource serving millions of good and bad credit U.S. consumers.
