Sharpening Decisions With Alternative Data [Podcast]

Auto lenders are increasingly relying on nontraditional data as they hone underwriting to gain a competitive edge. Alternative data can open the door to unbanked and under-banked consumers, enabling lenders to extend beyond their typical customer base without assuming too much risk. “[Lenders] have to broaden their mind to incorporate alternative data,” Chuck Berend, senior […]
  • Nicole Casperson
  • May 30, 2019
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How ‘Furnishers’ Can Avoid Trouble with the Feds

The Consumer Financial Protection Bureau is targeting violations of strict rules for so-called “furnishers,” including auto lenders, plus in many cases their vendors, and potentially some independent dealers and buy-here, pay-here dealers, assuming they all furnish consumers’ nonpublic personal information to credit reporting bureaus. For instance in August 2014, the CFPB reached a consent order […]
  • Jim Henry
  • July 22, 2015
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Got Complaints? Here’s a Review of Lender Extension Policies

Lenders should revisit their policies for working out fresh payment arrangements with borrowers who fall behind. The downside of the Consumer Financial Protection Bureau’s complaint database is, it’s easier for customers to criticize their lenders. Potentially, though, the complaint database also offers lenders ideas for strengthening customer relationships. For instance, more consumers are registering complaints […]
  • Marcie Belles
  • May 15, 2015
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