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Tag Archives: Experian

Second Mortgage Defaults Post Sudden Increase

According to data released by S&P Indices and Experian, the default rate on second lien mortgages has increased for the first time in at least five months. The agencies' report shows second mortgage defaults rose from 1.42 percent in March to 1.51 percent in April. First mortgages, on the other hand, saw a decrease in default rates. These results are based on data extracted from Experian's consumer credit database, which covers approximately $11 trillion in outstanding loans sourced from 11,500 lenders.

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S&P and Experian Continue to Record Declines in Mortgage Defaults

Data released by S&P Indices and Experian showed a decline in mortgage default rates for the fourth straight month. The agencies' index of first mortgage defaults fell to 2.33 percent in March and is down 41 percent from a year earlier. Second mortgage defaults dropped to 1.42 percent, down 49 percent over the past year. Not only has the ratio of on-time mortgage payments improved, but the report indicates consumers are making headway on their debt obligations overall, with declines in monthly default rates across all major credit lines.

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Credit Reporting Companies Implement New Scoring Model

VantageScore 2.0, the latest credit scoring model from VantageScore Solutions, is now fully implemented at all three major credit reporting agencies - Equifax, Experian, and TransUnion. VantageScore 2.0 was created in response to significant changes in consumer credit repayment behavior, and the company says it enables lenders to better mitigate risks and make more informed lending decisions.

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Experian Designs Program to Help Underbanked Consumers

Experian announced this week that it will incorporate positive rental data into the traditional credit file in an effort to help underbanked consumers build credit. According to the FDIC Web site, an estimated 17.9 percent of U.S. households, roughly 21 million, are underbanked. Experian says having positive rental history reflected in their credit scores will help consumers who may have faced financial hardships such as foreclosure or bankruptcy rebuild their credit.

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Mortgage Defaults Decline Despite High Unemployment: S&P

Consumer default rates declined in September across certain structured finance categories, including first- and second-lien mortgages, according to a report issued Thursday by Standard & Poor's. The improvements, which S&P's data shows have continued since last year, came despite a national unemployment rate that is still near its recession peak. The agency's analysts explained that job growth typically lags an economic recovery, and noted tighter underwriting standards are having a positive effect.

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VantageScore Launches New Version of Credit Scoring Model

VantageScore Solutions, an independently managed business created by the three major credit reporting agencies, has unveiled its new credit score model, VantageScore 2.0. The update was brought about by the significant change in consumer credit repayment behavior, said company officials, who added that all credit models should be updated regularly to ensure they remain accurate.

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FICO Analytics Incorporated into Experian’s MBS Solution

Analytics provider FICO recently announced that Experian Capital Markets is adding FICO credit scores to its CreditHorizons for Securities solution. Sellers and investors of mortgage-backed securities (MBS) use Experian's CreditHorizons for Securities to surmount the limitations of loan-level data when analyzing credit risk in potential bond investments. FICO says the addition of the FICO score will give securities managers, marketers, and investors deeper insight into the creditworthiness of underlying mortgages in loan pools.

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Late Payments Rise on Second Mortgages, Decline for Firsts: Report

Default rates in July declined for first mortgages, but a larger number of homeowners fell behind on their second lien payments, according to data released jointly by Standard & Poor's and Experian. The companies' credit indices show defaulting balances on first mortgages were 3.2 percent last month, down from June's 3.3 percent, demonstrating continued improvement in the performance of first lien home loans. Second mortgage defaults, however, increased to 2.8 percent from 2.4 percent the month prior.

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