Press Releases

ATLANTA, May 10, 2011 /PRNewswire/ -- In a positive sign for the U.S. economy, automobile lending continues to increase with average loan amounts generated through auto finance companies up 88 percent over 2009 levels -- according to Equifax's National Credit Trends Report for March 2011.

(Logo:  https://photos.prnewswire.com/prnh/20060224/CLF037LOGO )

According to this report, the total number of auto loans originated in January 2011 is up nearly 24 percent over January 2010 originations, with those sourced through auto finance companies increasing by 40 percent, and those sourced through banks, credit unions and savings and loans up 9 percent.

Borrowers with Equifax Risk Scores of 640 or above represented nearly 84 percent of all new auto loans sourced through banks, credit unions and savings and loans in January 2011; while this same group represents nearly 65 percent of all loans sourced through auto finance companies.

Additionally, the industry continues to see a decline in write-offs, with January-March 2011 auto loan write-offs at a five-year low at $5.5 billion, representing a decrease of 35 percent from January-March 2010 levels.

"The number of new auto loans represents the largest increase among tracked lending sectors within the Equifax Credit Trends Report," said Michael Koukounas, Senior Vice President - Special Client Services for Equifax. "The data also reflects declines in write-offs, with delinquencies falling to 2007 levels – following their peak in 2009. This, paired with increasing originations, underlies the beginning of auto portfolio growth."

    --  Editor's Note: Equifax'sNational Credit Trends Reportis released monthly
        and provides detailed levels of analysis of consumer credit information
        from various vertical markets including: bank and retail credit cards,
        mortgage, automotive and student loans – sourced from Equifax's data
        on more than 585 million consumers and 81 million businesses worldwide.

About Equifax, Inc.

Equifax is a global leader in commercial and consumer information solutions, leveraging one of the largest sources of business credit intelligence, portfolio management, income, employment and wealth verification, identity authentication/fraud detection and marketing demographic data worldwide.

Through its unique data and analytical insights, powered by proprietary technology, Equifax delivers customized, high-value decisioning solutions to more than 4.4 billion accounts in 81 million businesses and provides millions of individual consumers with information and services to support management of their personal credit information and protection of their identity that are vital to their financial well being. Headquartered in Atlanta, Ga., Equifax Inc. spans four continents and 16 countries, is a member of Standard & Poor's (S&P) 500® Index and its common stock is traded on the New York Stock Exchange under the symbol EFX. For more information, please visit www.equifax.com.

SOURCE Equifax, Inc.