Latest news with #Experian
The Independent
9 hours ago
- Business
- The Independent
What's your credit score and how do you improve it?
Nowadays, contactless payment, Buy Now Pay Later and online loan approvals makes maintaining a good credit score even more difficult. Whether you're applying for a mortgage, switching utility providers or even signing up for a new mobile phone contract, your credit score plays a quiet but integral role in how easily, and affordably, you can access it. Yet, many people have no idea how it's calculated – or how to improve it. So we hear from consumer finance experts what you need to know about your credit score and how to boost it. A credit score explained and why it matters Many of us wouldn't dream of applying for a job without knowing what our CV says – yet when it comes to borrowing money, we often forget to check the financial CV that is our credit score. This three-digit number, used by lenders to judge our trustworthiness, can affect everything from mortgages to mobile phone contracts. 'A credit score is a personalised number that lenders use to assess how trustworthy you are when it comes to borrowing money,' explains TV's consumer finance expert and founder of Nous, Greg Marsh. 'A higher score means you're more likely to get approved for a loan, and offered better rates.' These scores are based on information held by three main credit reference agencies – Experian, Equifax and TransUnion – and each can possess slightly different records. Marsh says it's worth checking all three periodically. What affects your score Your score isn't arbitrary – it reflects your financial past. It includes whether you've paid bills or loans on time, how much of your credit limit you're using and the age of your accounts.'Avoid going over your credit limit or using too much credit, as this will incur additional fees and charges and potentially damage your credit score,' says Tesco Bank' s director of Help Me Borrow, Mamta Shanbhag. Opening too many credit cards in a short space of time, or maxing them out, can count against you.'Making multiple credit applications at once – such as several credit cards in a week – can negatively affect your score, as it signals to lenders that you may be in financial difficulty,' says Equifax UK' s chief strategy and innovation officer, Craig Tebbutt. How to improve it Improving your score is less about tricks and more about habits. 'It's crucial to pay your bills and loan repayments on time to show lenders you've been reliable in the past,' says Marsh, 'setting up Direct Debits is useful as you don't need to remember to make a payment.' Other positive steps include keeping credit card balances low, staying within any arranged overdraft and registering to vote at your current address – a surprisingly important detail for verifying identity. 'Being on the electoral register and having a positive track record with different types of credit can also boost your score,' says Tebbutt. 'The best way to improve your score is to always pay your bills on time, keep credit card balances low, and avoid applying for too much new credit in a short period of time.' Shanbhag recommends using 'eligibility calculators' before applying for credit. These tools show how likely you are to be accepted without affecting your score. 'If you apply for a credit card or loan in full and get rejected, or complete multiple applications, it could affect your credit score,' she warns. What tools to use It's important to remember that you don't have to pay to check your credit score. There are several free and paid-for tools to monitor and improve your score. ' ClearScore gives free access to your Equifax report, while Credit Karma offers your TransUnion file,' says Marsh. 'Experian Boost also lets you add regular payments – like council tax or Netflix – to your score to demonstrate reliability.' He also points to paid-for sites like Loqbox, which reports your savings habits to credit agencies, and specialist credit cards for those with low scores – although these can carry high interest rates if not paid off in full. It's a long game Credit scores don't change overnight. 'Generally, you'll start to see improvements within three to six months after making positive changes,' says Marsh. But rebuilding after defaults or missed payments will take longer. The key is consistency and patience. 'Check where you stand, build good habits and monitor your progress,' says Shanbhag. 'It's not about perfection – it's about showing that you're responsible with money.'
Yahoo
20 hours ago
- Automotive
- Yahoo
What's your state's average car loan balance?
Texas has the highest car loan balance of $7,920. While vehicle expenses vary across the country, drivers can still work to secure a competitive rate by improving their credit and comparing different lenders, Vehicle affordability is still a challenge for many drivers and has resulted in more auto loan delinquencies. Geographical location isn't a big factor influencing average car loan delinquency rates, interest rates and payments. Rather, they are determined by a driver's credit score and history, income, debts and the loan amount and term. But when you break those stats down by location, you get a peek at the economic conditions in each state. Over the past year, drivers have had to borrow more for their vehicles. These higher auto loan balances, combined with steep interest rates, have made vehicle ownership a challenge for many. As interest rates and loan balances increase, find out how your home state is doing. The average monthly payment for new cars is $745, according to first quarter data from Experian. The average monthly payment for used cars is $521, according to Experian. New cars cost an average of $48,799, according to Kelley Blue Book. The average loan term for new cars is 68.63 months, and rates sat at an average of 6.73 percent. (Experian) The average loan term for used cars is 67.22 months, and used cars had an average rate of 11.87 percent. (Experian) Drivers pay an average down payment of $4,078 for used vehicles, according to Edmunds. An auto loan balance is the remaining amount a driver has to pay on their loan. The amount that drivers are spending on their vehicles has been on an upward trend since 2020, according to the Federal Reserve, at $1.63 trillion nationally. The average car loan balance across the country is $5,680, according to the Federal Reserve. Below are the 10 states with the highest car loan balances in the country. State Average car loan balance Texas $7,920 Louisiana $6,890 New Mexico $6,780 North Dakota $6,630 Florida $6,560 Georgia $6,530 Mississippi $6,470 Arkansas $6,330 West Virginia $6,320 Oklahoma $6,270 While vehicle costs have been leveling out, they are still not at pre-pandemic levels, explains Satyan Merchant, senior vice president and automotive and mortgage business leader at TransUnion. Looking ahead New vehicle prices and used car prices are getting closer together as used car price averages increased to over $30,000 in the first quarter of 2025, according to Edmunds. Ideally, those purchasing in the coming year will be able to find better car prices, but new tariffs may mean prices continue to rise for both new and used vehicles. In addition, drivers have been choosing longer loan terms to lower the monthly cost of their car payments. Average used vehicle terms in the fourth quarter of 2024 reached 67.20 months. New vehicle terms told a similar story, with drivers financing for an average of 67.98 months. State Average used car APR Average monthly payment Hawaii 12.55% $729 Mississippi 12.89% $775 Louisiana 12.42% $806 Georgia 12.39% $808 New Mexico 12.86% $798 Nevada 11.95% $775 West Virginia 11.55% $743 Alaska 10.07% $861 Texas 11.78% $776 South Carolina 12.17% $782 Sources: iSeeCars and Edmunds The average monthly payment figures for each state were calculated using a combination of the average used car price, interest rate for each state and a 60-month loan term. However, we didn't factor in a down payment, which would reduce the monthly payment. Loan terms typically last between 24 and 84 months. A few lenders even offer 96-month terms. A longer term lowers the monthly cost, but it leads to a higher cost overall. The interest rate you pay for your vehicle depends on various factors, such as your credit, the vehicle type, and the terms you choose. According to fourth quarter 2024 data from Experian, drivers can expect to pay around 6.35 percent for new cars and 11.62 percent for used cars. State Average used car price Wyoming $41,405 Alaska $40,462 Montana $38,943 North Dakota $37,773 South Dakota $37,192 Idaho $37,092 Arkansas $36,343 Washington $36,119 Georgia $36,016 Louisiana $35,893 SUVs remain the most popular new vehicle type, totaling about 64 percent of financed vehicles in the first quarter of 2025, according to Experian. State Average delinquency rates Texas 7.92% Florida 6.54% Nevada 6.39% Arizona 6.23% California 5.42% Ohio 5.11% Pennsylvania 4.93% New Jersey 4.91% Illinois 4.81% Michigan 4.77% Source: New York Fed Consumer Credit Panel Texas has the highest average car loan balance and also the highest average delinquency at 7.92 percent. Florida has the second highest at 6.54 percent, notably more than a point lower than the Texas rate. When it comes to prioritizing your payment, the key is preparedness. To do this, you must only finance what you can afford. The best way to do this is to calculate your monthly payment and your loan's lifetime interest, then compare it with your budget. Learn more: Calculate your monthly car payment State Average auto loan balance Hawaii $4,090 Oregon $4,270 Massachusetts $4,290 New York $4,460 Connecticut $4,520 Source: New York Fed Consumer Credit Panel Hawaii takes the gold medal for lowest average auto loan balance, followed closely by Oregon. These states carry averages significantly lower than the national average of $5,680. But as explained, the auto loan balance is independent of ZIP code and rather relates to the economic circumstances of residents. Financial literacy, income and cost of living all play important roles. When looking at the states with the lowest balances, for example, three out of the five hold some of the highest median household incomes in the country, according to the Census Bureau. Average credit scores also tend to be higher in these states. Hawaii's average FICO score is 732, falling under the good category, according to Experian. That's higher than the national average credit score of 715. The remaining states carry similarly high averages. No matter what state you call home, you can still secure a competitive auto loan rate by working to improve your credit score and shopping around with several lenders. While there are factors outside your control, such as vehicle price tags and current rates, the better your credit score is, the better your rates will likely be. If you are struggling to find a monthly payment that you can afford, consider shopping for bad credit auto loans, which cater to those with little or no credit. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
a day ago
- Business
- Finextra
Experian signs 10-year cloud deal with Amazon Web Services
Amazon Web Services, Inc. (AWS), an Inc. company (NASDAQ: AMZN), today announced that Experian, a global data and technology company, is embarking on the next phase of its cloud migration and has selected AWS as its preferred cloud. 0 By leveraging AWS's advanced cloud capabilities, Experian can provide faster, more scalable solutions that empower clients with deeper insights and more secure data services. Experian's cloud first strategy, in partnership with AWS, accelerates innovation by enhancing performance, scalability, and reliability, while enabling the company to better serve its clients with innovative products and solutions. By migrating off mainframe computers and moving multiple on-premises servers to the cloud, Experian is able to centralize its technology platforms in the cloud and use its data to drive deeper insights and predictive capabilities. Leveraging AWS's robust infrastructure, Experian can quickly adapt to evolving client needs, ensuring secure and efficient data handling. As part of this new 10-year strategic agreement, Experian has selected AWS as their strategic partner for generative artificial intelligence (AI), developing more than 100 generative AI use-cases. This collaboration will drive operational efficiency, democratize data technologies for employees, and develop new credit and financial analytics offerings. With the integration of generative AI, Experian is streamlining the complex process of database migrations, automating and optimizing the transfer of vast datasets, reducing downtime, improving data accuracy, and further solidifying its position as a leader in the global data and technology industry. 'AWS is delighted to partner with Experian to unlock opportunities that drive innovation, increase agility, and accelerate their modernization,' said Scott Mullins, Managing Director, Worldwide Financial Services at AWS. 'As they build intelligent data platforms, develop cutting-edge applications with generative AI, and gain real-time insights, Experian is demonstrating how organizations can reinvent their operations while maintaining security, compliance, and resilience at scale." "Our initial migrations gave us enhanced performance, security, and reliability, making it an easy choice to take that a step farther and embrace a cloud-first strategy," said Rodrigo Rodrigues, Chief Technology Officer at Experian. "Having our data readily available in the cloud sets us up to invest in new capabilities like generative AI and advance products and solutions for our clients with proven security. By moving to AWS, we've reduced our data processing time by 60%, improved our ability to launch new products from months to weeks, and can now analyze credit data in real-time to better serve our customers." By leveraging AWS's robust security controls and advanced threat detection and mitigation capabilities, Experian can ensure the highest levels of data protection and regulatory compliance. Together, Experian and AWS are committed to creating transformative experiences that benefit both businesses and consumers, fostering growth, trust, and innovation across the digital landscape.
Yahoo
a day ago
- Automotive
- Yahoo
7 Certifications That Will Boost Your Salary and Cost Less Than Your Car Payment
Whether you consider owning a vehicle a necessity or a privilege, monthly car payments have become a financial burden that even the most dependent of drivers are questioning. Although monthly car payments for new and used vehicles declined slightly from Q4 2023 to Q4 2024, average car payments were still a pricey $742 and $525, respectively, per Experian data. What if we told you that investing less than what you pay for your car could result in a higher income for you? For You: Read Next: While transportation is important, investing in a course to enhance existing skills or a certification program can cost you less than your car payment and help you make more money. Learning and becoming accredited in your field is a smart move that can open doors to new career opportunities. Even a solid personal finance course can help increase your earnings. Here are seven in-demand certifications in several industries that will increase your salary for less than your average car payment. LEED Accredited Professional (AP) certification cost: $250 (prerequisite LEED Green Associate exam), $350 (LEED AP specialty exam) Average base salary: $72,642 See also: Professional Engineer (PE) If you don't have an engineering background, another route to specialization and a salary boost in the building or construction industry is to go green and get your LEED Accredited Professional (AP) certification. Sustainable building and design are growing fields that are accessible to anyone willing to put in some study time and a few hundred dollars for testing. Certification as a LEED Green Associate, then a LEED AP, will cost you $600 total, according to the U.S. Green Building Council. Explore More: Project Management Professional (PMP) certification cost: $425 (PMI Member), $675 (Non-Member) Average base salary: $122,388 See also: Certified Associate in Project Management (CAPM), Certified ScrumMaster (CSM) According to its 'Earning Power' salary survey, the Project Management Institute (PMI) found that respondents with a Project Management Professional (PMP) certification reported a 33% higher median salary than those without. Earning your PMP certification increases your salary and job opportunities in many industry jobs, demonstrates an ability to lead people and projects and shows a commitment to expanding your knowledge. Chartered Financial Analyst (CFA) certification cost: $2,400 to $3,500 total (3 levels) Certified Public Accountant (CPA) certification cost: $1,400 (depending on state licensing fee) Average base salary: $100,458; $91,980 See also: Certified Management Accountant (CMA) Two accounting certifications can enhance your career and skill sets and boost your salary considerably: a Chartered Financial Analyst (CFA) certificate and a Certified Public Accountant (CPA) certificate. Both are worthwhile depending on your chosen career path, whether you want to specialize in investment management and analysis or financial reporting, taxation and auditing. Both can increase your income potential or allow you to work in a role you find more interesting or fulfilling. CompTIA Security+ certification cost: $404 Average base salary: $71,689 See also: Certified Ethical Hacker (CEH), Certified Information Systems Security Professional (CISSP) According to the U.S. Bureau of Labor Statistics, the information security industry is predicted to grow 33% between 2022 and 2032 and the median pay for analysts in 2024 was $124,910. The need for cybersecurity experts has never been greater. Although the CISSP certificate might look better on your resume, a CompTIA Security+ certification — which demonstrates one's ability to audit an organization's security, monitor and secure cloud, mobile and internet of things environments — is easier and cheaper to get. Digital Marketing and E-Commerce Professional certification cost: $0 (free trial) to $49 a month Data Analytics certification cost: $0 (free trial) to $49 a month Average salary: $52,948; $81,518 See also: Project Management, Cybersecurity, IT Support, UX Design, Google Ads Google offers loads of Career Certificates (through Coursera) for those wanting to find a skill-based job or advance or switch their careers. Based on a 2024 Google program graduate survey, 75% of certificate graduates report a positive career outcome (career advancement including landing a promotion, salary increase, new job or career switch) within six months of completion. Salary expectations might not equal those obtained from traditional institutes (such as the Project Management Certificate) but employers are increasingly welcoming candidates who have completed a Google Career Certificate and the cost (free 7-day trial, then $49 per month) and time (typically two to six months) required to obtain a certificate in a popular field like Digital Marketing and E-Commerce or Data Analytics can't be beat. Editor's note: Average base salaries were sourced from ZipRecruiter. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 8 Common Mistakes Retirees Make With Their Social Security Checks I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on 7 Certifications That Will Boost Your Salary and Cost Less Than Your Car Payment Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Experian Accelerates Migration to AWS to Drive Innovation with Generative AI
Global data and technology leader expands its cloud footprint to enhance performance and reliability, using AWS analytics and AI capabilities to give financial organizations access to real-time intelligence SEATTLE, June 19, 2025--(BUSINESS WIRE)--Amazon Web Services, Inc. (AWS), an Inc. company (NASDAQ: AMZN), today announced that Experian, a global data and technology company, is embarking on the next phase of its cloud migration and has selected AWS as its preferred cloud. By leveraging AWS's advanced cloud capabilities, Experian can provide faster, more scalable solutions that empower clients with deeper insights and more secure data services. Experian's cloud first strategy, in partnership with AWS, accelerates innovation by enhancing performance, scalability, and reliability, while enabling the company to better serve its clients with innovative products and solutions. By migrating off mainframe computers and moving multiple on-premises servers to the cloud, Experian is able to centralize its technology platforms in the cloud and use its data to drive deeper insights and predictive capabilities. Leveraging AWS's robust infrastructure, Experian can quickly adapt to evolving client needs, ensuring secure and efficient data handling. As part of this new 10-year strategic agreement, Experian has selected AWS as their strategic partner for generative artificial intelligence (AI), developing more than 100 generative AI use-cases. This collaboration will drive operational efficiency, democratize data technologies for employees, and develop new credit and financial analytics offerings. With the integration of generative AI, Experian is streamlining the complex process of database migrations, automating and optimizing the transfer of vast datasets, reducing downtime, improving data accuracy, and further solidifying its position as a leader in the global data and technology industry. "AWS is delighted to partner with Experian to unlock opportunities that drive innovation, increase agility, and accelerate their modernization," said Scott Mullins, Managing Director, Worldwide Financial Services at AWS. "As they build intelligent data platforms, develop cutting-edge applications with generative AI, and gain real-time insights, Experian is demonstrating how organizations can reinvent their operations while maintaining security, compliance, and resilience at scale." "Our initial migrations gave us enhanced performance, security, and reliability, making it an easy choice to take that a step farther and embrace a cloud-first strategy," said Rodrigo Rodrigues, Chief Technology Officer at Experian. "Having our data readily available in the cloud sets us up to invest in new capabilities like generative AI and advance products and solutions for our clients with proven security. By moving to AWS, we've reduced our data processing time by 60%, improved our ability to launch new products from months to weeks, and can now analyze credit data in real-time to better serve our customers." By leveraging AWS's robust security controls and advanced threat detection and mitigation capabilities, Experian can ensure the highest levels of data protection and regulatory compliance. Together, Experian and AWS are committed to creating transformative experiences that benefit both businesses and consumers, fostering growth, trust, and innovation across the digital landscape. About Amazon Web Services Since 2006, Amazon Web Services has been the world's most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 117 Availability Zones within 37 geographic regions, with announced plans for 13 more Availability Zones and four more AWS Regions in Chile, New Zealand, the Kingdom of Saudi Arabia, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit About Amazon Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's Most Customer-Centric Company, Earth's Best Employer, and Earth's Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit and follow @AmazonNews. About Experian Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money. We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. We invest in talented people and new advanced technologies to unlock the power of data and to innovate. A FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 23,300 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at View source version on Contacts Media Contacts: AWS:Naomi Littlenjlittle@ 1 771 233 2089Experian:Scott 1 949 531 1783 Sign in to access your portfolio
