Applications of Credit in Life Insurance
|
|
- Ethelbert Chapman
- 8 years ago
- Views:
Transcription
1 Applications of Credit in Life Insurance Southeastern Actuaries Conference Derek Kueker, FSA MAAA June 25,
2 Proprietary & Confidential All of the information contained in this document is proprietary and confidential and may not be disclosed to any third party without the express written consent of RGA.
3 Agenda Introduction Model Creation & Validation Insured Lives Validation TrueRisk Life Deliverables Applications within Life Insurance 3
4 Introduction
5 Introduction Purpose RGA & TransUnion partnered together to better understand the value of credit data to life insurers and potential applications Background Credit-Based Insurance Scores (CBIS) used in P&C since the 1990 s Wide adoption in pricing & underwriting for auto and home insurance Predictive models built and validated using de-personalized credit data Goal of the Model To predict mortality The model is also extremely good at predicting lapses 5
6 Credit Reporting Process Data flow from the consumer transactions / behaviors to the credit report Consumer Collection Agencies Courts Lender / Creditor #1 Lender / Creditor #2.. Lender / Creditor #9 Utilities Etc. TransUnion Consolidates data, builds models Comprehensive reports on individuals (Scores, Attributes or Full file) Consumers Landlords P&C Insurers Life Insurers Lenders Utilities Collection Agencies Employers (new hires) 6
7 Credit Report Contents Demographics What is on a Credit Report Name, Age, SSN, DOB, Phone Trades (Loans) Credit Cards, Mortgages, Auto Loans, Personal Loans, Home Equity Loans, Other Debt Hard Inquiries Consumer-initiated applications for credit What is NOT on a Credit Report Specific Credit Card Purchase Transactions IRS Data Income, Race, etc. Checking/Savings Account Data Public Records Bankruptcies, Tax Liens, Civil Judgments 7
8 Introduction Credit Regulations and Insurance Adoption Federal Statute Fair Credit Reporting Act (FCRA) Section 604 specifies permissible purposes for use of consumer reports to a person which it has reason to believe intends to use the information in connection with the underwriting of insurance involving the consumer Thus, consumer reports may be used in connection with the underwriting of life insurance. State Regulations 50% of states adopt Model Act for P&C; sensible restrictions on credit variables Most other states propose their own rules for credit use in rating/underwriting P&C Insurers 99% of insurers use credit in connection with underwriting Credit-Based Insurance Scores (CBIS) in use since the 1990 s Life Insurers Underwriters are currently using credit reports Early adopters are using in connection with underwriting Used in direct marketing by several life carriers 8
9 Model Creation and Validation
10 Model Creation Building the Model Starting Data Variable Selection Model Process External Validation of Model TrueRisk Life Score Built the model on 44 million lives and over 3 million deaths Started with over 800 variables offering features of individual s credit history Selected variables that were: Most predictive of the outcome Stable over time Non-gameable Not too correlated with the other variables Binary Logistic Regression Model validated internally using an additional 30 million lives Age, Gender and Region used as control variables Tested model using traditional mortality and lapse studies Used a random holdout dataset of another 18 million lives TrueRisk Life presented as a score from: 1 to 100 Low Risk High Risk Data comes from de-personalized 1998 credit archive (90% of the US population) Model calibrated to actual deaths occurring over a 12-year period TransUnion & RGA built and tested TrueRisk Life on 92 million individuals 10
11 Model Creation Credit Report Variables Scores Credit Seeking Activity Derogatory Credit Information Credit Tenure Credit Usage New trades Inquiries Recency & Frequency Severity Recency Count Amount File thickness (e.g. number of active trades) Longevity (e.g. months since oldest trade) Utilization percentage Recency of use Usage patterns The attributes encompass the breadth of the data with the most emphasis on long-run behavior rather than short-term patterns 11
12 Model Validation Population Study Overall Mortality Details Mortality study performed on holdout sample of 18 million lives using a 1998 TransUnion archive and studying the lives during Score buckets are set to be uniform across the population Study shows 5 times segmentation ( compared to 1-5) SSMDF used as source of deaths; used population mortality tables 12
13 Model Validation Population Study Mortality by Age Group Mortality by Duration 13
14 Insured Lives Validation
15 Model Validation Insured Lives Study Distribution of Insureds (Compared to Population) Details of the Study Important to test the value of TRL on an insured block of business Business Studied: Full UW (term, UL, VUL) and small face WL Study Period: Mortality and Lapse result studied on a count basis Relative mortality and relative lapse results reported 15
16 Model Validation Insured Lives Study Fully Underwritten Mortality Study Mortality of the group is 2.6 times higher than the 1-10 group Term, UL & VUL; Face Amounts $100,000; Issue Ages < 70 16
17 Model Validation Insured Lives Study Fully Underwritten Mortality Study Segmentation exists within risk classes; Mortality for worst TRL scores (71-100) are about double that of best risks (1-10); Non-smokers are shown, but results are similar for smokers. Term, UL & VUL; Face Amounts $100,000; Issue Ages < 70 17
18 Model Validation Insured Lives Study Fully Underwritten Lapse Study Details Overall Lapse Results (Durations 1-2) Term, UL and VUL Face amounts $100k Issue Ages < 70 Results Overall Lapse Results (Durations 3+) Lapse rate of group is 6 times higher than 1-10 group in durations 1-2 Continued segmentation seen in later durations, but less dramatic Similar results seen when looking at the curves by issue age band 18
19 Model Validation Insured Lives Study Fully Underwritten Lapse Study Segmentation of about 6 times seen in first two durations within given risk class Non-smokers are shown, but results are similar for smokers Term, UL & VUL; Face Amounts $100,000; Issue Ages < 70 19
20 Model Validation Insured Lives Study Small Face Whole Life Mortality Study Overall Mortality (Issue Age < 70) Results Mortality about 6 times higher for worst scores Segmentation at higher scores for this business 14% of exposure & 29% of claims have a score > 95 > 10% of the claims have a score of 100 Value also seen beyond issue age 70 Includes Whole Life products < $100k face; most of this business is under $25k-$50k; Issue ages < 70; Scores above 90 are further split out 20
21 Model Validation Insured Lives Study Small Face Whole Life Lapse Study Details Overall Lapse Results (Durations 1-2) Includes Whole Life products Face amounts < $100k; most of this business is under $25k-$50k Issue Ages < 70 Results Overall Lapse Results (Durations 3+) Significantly higher lapse rates at the higher scores Raw lapse rates are much lower for durations 3+, but there is little segmentation by score 21
22 Model Validation Insured Lives Study Comparison of Fully Underwritten to Small Face Whole Life Details Term, UL and VUL; Face amounts $100k Whole Life Products < $100k face; most of this business is under $25k-$50k Issue Ages < 70 Mortality Relative to Total Fully Underwritten Term, UL & VUL $100k TrueRisk Life Score Group FUW Term, UL & VUL ( $100k) Small Face WL (mostly $25k-$50k) % 275% % 294% % 688% Total 100% 453% Results TRL Score alone is not fully indicative of a certain level of mortality Higher mortality for same TRL scores depending on target market, distribution, underwriting, etc. Exposure is much more heavily weighted to lower TRL scores for FUW business TrueRisk Life Score Group Exposure Count Distribution FUW Term, UL & VUL ( $100k) Small Face WL (mostly $25k-$50k) % 22% % 33% % 45% Total 100% 100% 22
23 TrueRisk Life Deliverables
24 TrueRisk Life Deliverables TrueRisk Life Score Adverse Action Codes Credit Report 24
25 Applications within Life Insurance
26 Applications within Life Insurance Dynamic Underwriting Further Risk Segmentation within a Fully Underwritten Environment Further Risk Segmentation within a Simplified Issue Environment Batch segmentation ( pre-approval ) for new firm life offers Cross-sell or up-sell existing customers Inforce Policy Management (lapse & mortality) 26
27 Dynamic Underwriting Example Application Full Application with Tele-Interview & Drill Downs Low TRL Scores Initial Screen TrueRisk Life Score High TRL Scores Issue Age & Face Amount Limitations N Intermediate TRL Scores Y Gather 3 rd Party Data Meets Req s N Y Audit Underwrite & Make Offer without additional testing Apply Full Underwriting Order Additional Req s 27
28 Simplified Issue Example Application Simplified Issue Application with Drill Downs Gather 3 rd Party Data Meets Req s N Y Low TRL Scores Intermediate TRL Scores High TRL Scores Offer Preferred SI Offer Standard SI Refer to Underwriter 28
29 Applications of Credit in Life Insurance Southeastern Actuaries Conference Derek Kueker, FSA MAAA June 25,
Session 8: The Latest on Practical Uses of Big Data and Predictive Analytics. Moderator: Phil Murphy
Session 8: The Latest on Practical Uses of Big Data and Predictive Analytics Moderator: Phil Murphy Presenters: Ron Schaber Tim Hill Derek Kueker Jean Marc Fix Chris Stehno PRACTICAL USES OF BIG DATA AND
More informationSession 60 PD, Predictive Modeling Real Applications in Life Insurance and Annuities. Moderator: Ricardo Trachtman, FSA, MAAA
Session 60 PD, Predictive Modeling Real Applications in Life Insurance and Annuities Moderator: Ricardo Trachtman, FSA, MAAA Presenters: JJ Lane Carroll, FSA, MAAA Allen M. Klein, FSA, MAAA Scott Anthony
More informationBIG DATA and Opportunities in the Life Insurance Industry
BIG DATA and Opportunities in the Life Insurance Industry Marc Sofer BSc FFA FIAA Head of Strategic Initiatives North Asia & India RGA Reinsurance Company BIG DATA I keep saying the sexy job in the next
More informationFICO Score Factors Guide - TransUnion
Factors Guide - TransUnion The consumer-friendly reason descriptions and things to keep in mind below are provided for use within FICO Open Access customer displays. The table includes a reason description
More informationIntroduction. Purpose. Student Introductions. Agenda and Ground Rules. Objectives
Introduction Instructor and student introductions. Module overview. 1 2 Your name. Student Introductions Your expectations, questions, and concerns about credit. Purpose will: Show you how to read a credit
More informationUnderstanding the Use of Credit and Scores for Insurance Underwriting
Understanding the Use of Credit and Scores for Insurance Underwriting 1. Why do insurers use credit? Insurance companies use financial history along with other factors (such as years of driving experience
More informationReason Statement Full Description Actions You Can Take or Keep this in mind
Factors Guide - Experian The consumer-friendly reason descriptions and actions a consumer can take (or things to keep ) below are provided for use within your FICO Open Access customer displays. The table
More informationInsurance Score Models
Insurance Score Models Prepared by State of Alaska Division of Insurance Department of Community and Economic Development www.dced.state.ak.us/insurance (907) 465-2020 Insurance Score Models Some insurers
More informationCREDIT REPORTS & SCORES:
CREDIT REPORTS & SCORES: A Guide to Understanding and Improving Your Credit NYLAG Financial Counseling Division Workshop Financial Counseling Division New York Legal Assistance Group (212) 613-5000 NYLAG
More informationFICO Score Factors Guide
Key score factors explain the top factors that affected your FICO Score. The order in which your FICO Score factors are listed is important. The first indicates the area that most affected your FICO Score
More informationCredit Score Management Seminar. Manage, protect and improve your Credit Score!
Credit Score Management Seminar Manage, protect and improve your Credit Score! Overview What is a Credit Score How Lenders Use Your Credit Score How Your Credit Score Impacts You What Makes Up Your Credit
More informationCredit Scoring and Its Role In Lending A Guide for the Mortgage Professional
Credit Scoring and Its Role In Lending A Guide for the Mortgage Professional How To Improve an Applicant's Credit Score There is no magic to improving an applicant's credit score. Credit scores automatically
More informationSolving the Credit Puzzle. L G & W Federal Credit Union
Solving the Credit Puzzle L G & W Federal Credit Union Knowledge Check How much do you already know about credit scoring? Sample Credit Report Credit Bureaus Equifax TransUnion Experian Who Can Pull Your
More informationClearing Up the Confusion
Credit Scores Credit Reports & Insurance Scores: Credit Scores, Credit Reports & Insurance Scores: Clearing Up the Confusion Credit Scoring Scoring is based on the theory that a customer with a poor credit
More informationFICO Credit-Based Insurance Scores
1. Most consumers benefit from the use of insurance scores Lower premiums In its July 2007 report, Credit-Based Insurance Scores: Impacts on Consumers of Automobile Insurance, the Federal Trade Commission
More informationWHITE PAPER Insurance Rates and Your Credit: What Every Consumer Should Know. October 21, 2013 1
WHITE PAPER Insurance Rates and Your Credit: What Every Consumer Should Know October 21, 2013 1 1. What is a Credit-Based Insurance Score 2. Why do insurers use a Credit-Based Insurance Score? 3. What
More informationUnderstanding How Insurers Use Credit Information
Understanding How Insurers Use Credit Information UNDERSTANDING HOW INSURERS USE CREDIT INFORMATION Many personal auto and homeowners insurance companies look at several factors, including consumer credit
More informationSOA 2013 Life & Annuity Symposium May 6-7, 2013. Session 30 PD, Predictive Modeling Applications for Life and Annuity Pricing and Underwriting
SOA 2013 Life & Annuity Symposium May 6-7, 2013 Session 30 PD, Predictive Modeling Applications for Life and Annuity Pricing and Underwriting Moderator: Barry D. Senensky, FSA, FCIA, MAAA Presenters: Jonathan
More informationEstablishing and maintaining good credit is an important part of financial planning. Typically most individuals do not have enough cash on hand for
Basics of Credit Establishing and maintaining good credit is an important part of financial planning. Typically most individuals do not have enough cash on hand for emergencies, or to make major purchases
More informationPREDICTIVE MODELS IN LIFE INSURANCE
PREDICTIVE MODELS IN LIFE INSURANCE Date: 17 June 2010 Philip L. Adams, ASA, MAAA Agenda 1. Predictive Models Defined 2. Predictive models past and present 3. Actuarial perspective 4. Application to Life
More informationU.S. INDIVIDUAL LIFE INSURANCE PERSISTENCY UPDATE
A 2007 Report U.S. INDIVIDUAL LIFE INSURANCE PERSISTENCY UPDATE A JOINT STUDY SPONSORED BY LIMRA INTERNATIONAL AND THE SOCIETY OF ACTUARIES 2008, LIMRA International, Inc. 300 Day Hill Road, Windsor, Connecticut
More informationReport on the Lapse and Mortality Experience of Post-Level Premium Period Term Plans (2014)
Report on the Lapse and Mortality Experience of Post-Level Premium Period Term Plans (2014) REVISED MAY 2014 SPONSORED BY Society of Actuaries PREPARED BY Derek Kueker, FSA Tim Rozar, FSA, CERA, MAAA Michael
More informationConsumer Credit Trends Key Learnings and Conclusions
Consumer Credit Trends Key Learnings and Conclusions 1 Ray Towler Convicted of rape in 1981 Served 29 years in prison Released from Jail in 2010 as the result of DNA Evidence 2 AGENDA Do we see a shift
More informationUNDERSTANDING HOW INSURERS USE CREDIT INFORMATION
The State of New Hampshire Insurance Department 21 South Fruit Street, Suite 14 Concord, NH 03301 (603) 271-2261 Fax (603) 271-1406 TDD Access: Relay NH 1-800-735-2964 Roger A. Sevigny Commissioner Alexander
More informationWho? Georgia-based. Not... What? Publicly Traded Formerly part of Equifax. Credit Bureau Insurance Company
Who? Georgia-based Publicly Traded Formerly part of Equifax Not... Credit Bureau Insurance Company What? Customers - Products - insurance companies in personal lines property & casualty underwriting information
More informationBIG DATA Driven Innovations in the Life Insurance Industry
BIG DATA Driven Innovations in the Life Insurance Industry Edmund Fong FIAA Vincent Or FSA RGA Reinsurance Company 13 November 2015 I keep saying the sexy job in the next ten years will be statisticians.
More informationLife Settlements. Southeastern Actuaries Conference. David J. Weinsier. November 20, 2008. 2008 Towers Perrin
Life Settlements Southeastern Actuaries Conference David J. Weinsier November 20, 2008 2008 Towers Perrin Agenda Introduction to the secondary market Valuing policies Impact on the life insurance industry
More informationHow To Check Your Credit Report For Not Credit History
Your Credit Report P.O. Box 15128 Spokane Valley, WA 99215 800.852.5316 www.hzcu.org You may not think about them every day, but your credit report and the three little digits that make up your credit
More informationHow To Calculate Pbr Reserves
Credibility Procedures: VM-20 (Life Insurance Mortality) and Proposed VM-22 (Annuity) Session 156 PD, Application of Credibility Theory Thomas E Rhodes, FSA, MAAA AVP & Actuarial Director, MIB October
More informationwhat every insurance agent needs to know about credit-based insurance scores
what every insurance agent needs to know about credit-based insurance scores What every insurance agent needs to know about credit-based insurance scores... Insurance agents have the complex job of being
More informationHow to improve your FICO Score in perilous times By Blair Ball. National Distribution of FICO Scores
How to improve your FICO Score in perilous times By Blair Ball When you re applying for credit whether it s a credit card, a car loan, a personal loan or a mortgage lenders want to know your credit risk
More informationHow To Know Your Credit Risk
Understanding Your FICO Score Understanding FICO Scores 2013 Fair Isaac Corporation. All rights reserved. 1 August 2013 Table of Contents Introduction to Credit Scoring 1 What s in Your Credit Reports
More informationCredit Reporting. Commonly Asked Questions
Credit Reporting Commonly Asked Questions What is a credit score and how does it affect a consumer? A credit score is a number that lenders use to predict how likely an individual is to repay a loan or
More informationA Credit Smart Start. Michael Trecek Sr. Risk Analyst Commerce Bank Retail Lending
A Credit Smart Start Michael Trecek Sr. Risk Analyst Commerce Bank Retail Lending Agenda Credit Score vs. Credit Report Credit Score Components How Credit Scoring Helps You 10 Things that Hurt Your Credit
More informationYour Credit Report. 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net
Your Credit Report 750. 670. 620. 575. You may not think about them every day, but your credit reports and the three little digits that make up your credit score probably influence your life in many ways.
More informationReport on the Lapse and Mortality Experience of Post-Level Premium Period Term Plans
Report on the Lapse and Mortality Experience of Post-Level Premium Period Term Plans Sponsored by The Product Development Section and The Committee on Life Insurance Research of the Society of Actuaries
More informationHELLO, MY NAME IS DEBT
HELLO, MY NAME IS DEBT SCHEDULE Topic Get Your Money Right Hello, My Name is Debt Date Complete Today Homeownership: The Cash Black Hole 10/16 Picking Your 401(k) Investments Pt 1 10/23 Picking Your 401(k)
More informationPredictive Analytics for Life Insurance: How Data and Advanced Analytics are Changing the Business of Life Insurance Seminar May 23, 2012
Predictive Analytics for Life Insurance: How and Advanced Analytics are Changing the Business of Life Insurance Seminar May 23, 2012 Session 1 Overview of Predictive Analytics for Life Insurance Presenter
More informationYour Credit Report. 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net
Your Credit Report 750. 670. 620. 575. You may not think about them every day, but your credit report and the three little digits that make up your credit score probably influence your life in many ways.
More informationCredit Reporting. Credit Reporting, Credit Scoring, and Repairing Bad Credit
Credit Reporting Credit Reporting, Credit Scoring, and Repairing Bad Credit Tanya Grigg Presenters Associate Director of Financial Aid Samuel Merritt College Jeffrey E. Hanson Director of Borrower Education
More informationBuilding a Strong Credit History
Building a Strong Credit History Having good credit improves your ability to get loans, insurance, credit cards, a job, an apartment, and gives you the chance to get lower interest rates on loans and credit
More informationSome Statistical Applications In The Financial Services Industry
Some Statistical Applications In The Financial Services Industry Wenqing Lu May 30, 2008 1 Introduction Examples of consumer financial services credit card services mortgage loan services auto finance
More informationREVIEW.The Credit Process
REVIEW.The Credit Process Credit when goods, services, and/or money are received in exchange for a promise to pay back a definite sum of money at a future date. Wants to acquire an item Does not have enough
More informationLesson 11 Take Control of Debt: Are You Credit Worthy? Check Your Credit Report
Lesson 11 Take Control of Debt: Are You Credit Worthy? Check Your Credit Report Lesson Description Students take on the role of lender in the introduction to this lesson as they consider the information
More informationAll About Credit Reports from A to Z
All About Credit Reports from A to Z Adverse Action Notice A notice that you have been denied credit, employment, insurance, or other benefits based on information in a credit report. The notice should
More informationCritical Illness Rider for Individual Insurance Wendy Lee, FSA, MAAA. Abstract
Critical Illness Rider for Individual Insurance Wendy Lee, FSA, MAAA Abstract The purpose of this paper is to outline the development of a critical illness rider to be launched on a guaranteed level term
More informationU.S. Individual Life Insurance Persistency
A Joint Study Sponsored by LIMRA and the Society of Actuaries Full Report Cathy Ho Product Research 860.285.7794 cho@limra.com Nancy Muise Product Research 860.285.7892 nmuise@limra.com A 2009 Report
More informationTABLE OF CONTENTS. CHAPTER 1: Credit Report.. Page 1. CHAPTER 2: Credit Score...Page 3. CHAPTER 3: Credit Reporting Agencies.
TABLE OF CONTENTS CHAPTER 1: Credit Report.. Page 1 CHAPTER 2: Credit Score.....Page 3 CHAPTER 3: Credit Reporting Agencies.Page 6 CHAPTER 4: How to get a FREE Credit Report Page 8 CHAPTER 5: The 4 th
More informationBalanceTrack. The World of Credit Reports
BalanceTrack The World of Credit Reports Credit reports and credit scores influence our lives in many ways. Your history of credit management can affect the cost of the credit you receive, your ability
More informationTracking Your Credit History By Mark Schug
By Mark Schug Financial institutions (banks, savings and loan associations, credit unions, and consumer finance companies) are private, profit seeking businesses. They expect to be paid back most of the
More informationCredit Reporting FOR A SMALL BUSINESS
Credit Reporting FOR A SMALL BUSINESS Welcome 1. Agenda 2. Ground Rules 3. Introductions Objectives Explain the concept of credit reporting and the impact of credit reports on the operation or growth of
More informationSample Report: LexisNexis RiskView Report
Sample Report: LexisNexis RiskView Report LexisNexis RiskView Report delivers insights into key consumer data and behavior attributes to help strengthen lending decisions, expand your addressable market
More informationHow To Understand Credit History
Lesson Description This lesson teaches students why it is important to establish positive credit history; what information can be found on a credit report; how long negative information is retained on
More informationPredatory Lending and Credit
Predatory Lending and Credit Did You Know? Source: CFED - 2014 Assets and Opportunities Scorecard Here s Why... Credit reports may contain reporting errors that negatively impact credit scores Unknown
More informationSession 10 PD, Who Pays Your Last Credit Card Bill? Final Expense Insurance 101. Moderator: Helen Colterman, FSA, CERA, ACIA
Session 10 PD, Who Pays Your Last Credit Card Bill? Final Expense Insurance 101 Moderator: Helen Colterman, FSA, CERA, ACIA Presenters: Jing Lang, ASA, ACIA Jeffrey Shaw, ChFC, CLU Brian A. Sibley, FSA,
More informationUNDERSTANDING YOUR CREDIT REPORT (Part 1) By Bill Taylor
UNDERSTANDING YOUR CREDIT REPORT (Part 1) By Bill Taylor Most studies about consumer debt have only focused on credit cards and mortgages. However, personal debt also may include medical expenses, school
More informationUnderstanding Credit Reports & Credit Scores
Understanding Credit Reports & Credit Scores April 2015 2012 Genworth Financial, Inc. All rights reserved. Overview & Course Objectives Credit Reports & Scoring Credit Reports & Scoring is designed to
More informationTITLE 18 INSURANCE DELAWARE ADMINISTRATIVE CODE 1. 900 Consumer Rights. 906 Use of Credit Information [Formerly Regulation 87]
TITLE 18 INSURANCE DELAWARE ADMINISTRATIVE CODE 1 900 Consumer Rights 906 Use of Credit Information [Formerly Regulation 87] 1.0 Authority This regulation is adopted by the Commissioner pursuant to the
More informationPredictive Modeling Techniques in Insurance
Predictive Modeling Techniques in Insurance Tuesday May 5, 2015 JF. Breton Application Engineer 2014 The MathWorks, Inc. 1 Opening Presenter: JF. Breton: 13 years of experience in predictive analytics
More informationLoan Processing Credit Reports
Loan Processing Credit Reports Alternative Financing and Telework Loan Programs Annual Meeting Washington, DC December 13, 2004 By Brett Christensen Executive Vice President Lending Solutions Consulting,
More informationWelcome. 1. Agenda. 2. Ground Rules. 3. Introductions. To Your Credit 2
To Your Credit Welcome 1. Agenda 2. Ground Rules 3. Introductions To Your Credit 2 Objectives Define credit Explain why credit is important Describe the purpose of a credit report and how it is used Order
More informationThe TransUnion Credit Report Training Guide
The TransUnion Credit Report Training Guide Credit Report TransUnion Credit Report Codes ECOA (Equal Credit Opportunity Act) Inquiry and Account Designators A Authorized user of shared account C Joint
More informationPredictive Analytics: Achieving Greater Decision Accuracy, Better Risk Segmentation, and Greater Profitability
Predictive Analytics: Achieving Greater Decision Accuracy, Better Risk Segmentation, and Greater Profitability Lamont D. Boyd, CPCU, AIM Insurance Market Director FICO Scoring Solutions LamontBoyd@FICO.com
More informationLONG-TERM CARE INSURANCE PERSISTENCY EXPERIENCE
A 2006 Report LONG-TERM CARE INSURANCE PERSISTENCY EXPERIENCE A JOINT STUDY SPONSORED BY LIMRA INTERNATIONAL AND THE SOCIETY OF ACTUARIES LTC EXPERIENCE COMMITTEE Marianne Purushotham, FSA Product Research
More information4 Things Your Credit Score Determines:
4 Things Your Credit Score Determines: 1. Whether you ll be approved for credit for mortgages, car loans, installment loans, and credit cards 2. What interest rate you ll get on those loans 3. The cost
More informationANATOMY OF A CREDIT REPORT
ANATOMY OF A CREDIT REPORT As a property manager, there s nothing more painful than placing a new tenant, only to find they can t or won t pay their rent on time. And it s worse when you realize there
More informationPredictive Modelling Not just an underwriting tool
Predictive Modelling Not just an underwriting tool Joan Coverson 15 May 2013 Predictive Modelling - Agenda Predictive Modelling High level overview Some uses: Lapse propensity Geodemographics Business
More informationUnderstanding Credit Reports and Scores and How to Improve It!
Understanding Credit Reports and Scores and How to Improve It! Robin Minor, CCCC What Will We Cover? When we are finished, you will understand: Credit Reports and Credit Scores - What they are and how
More informationPUBLIC HEARING: USE OF CREDIT IN INSURANCE
PUBLIC HEARING: USE OF CREDIT IN INSURANCE Saturday, May 30, 2009 10:00 am 12:30 pm Iowa State Capitol Building, RM 116 Agenda I. Opening of Hearing a. Introduction of Consumer Advocate / Presenter II.
More informationUNDERSTANDING Your CREDIT REPORT & SCORES
UNDERSTANDING Your CREDIT REPORT & SCORES www.credit.org Promoting Financial Literacy About Springboard Springboard is a non-profit organization founded in 1974. We offer personal financial education and
More informationCredit Repair 101. Learn how to legally repair your own credit
Credit Repair 101 Learn how to legally repair your own credit The myth is, that you need to spend hundreds or even thousands of dollars with a large company to have your credit repaired. This is just not
More informationA CONSUMER'S GUIDE TO INSURANCE COMPANIES' USE OF CREDIT INFORMATION. from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE
A CONSUMER'S GUIDE TO INSURANCE COMPANIES' USE OF CREDIT INFORMATION from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE A MESSAGE FROM YOUR INSURANCE COMMISSIONER Greetings, Auto and Homeowners
More informationKnow the Score. May 20, 2015
Know the Score May 20, 2015 2014 Credit Builders Alliance, Inc. Some rights reserved. CREDIT BUILDERS ALLIANCE and the accompanying Logo are trademarks of CreditBuilders Alliance, Inc. This document is
More informationUnderstanding Your FICO Score
Understanding Your FICO Score 2013 Fair Isaac Corporation. All rights reserved. 1 August 2013 Table of Contents Introduction to Credit Scoring 1 What s in Your Credit Report 1 Checking Your Credit Report
More informationCREDIT SCORES: AN OFTEN-OVERLOOKED, BUT ESSENTIAL, ELEMENT IN FINANCIAL PLANNING Learn Why They re Important and How You Can Improve Yours
CREDIT SCORES: AN OFTEN-OVERLOOKED, BUT ESSENTIAL, ELEMENT IN FINANCIAL PLANNING Learn Why They re Important and How You Can Improve Yours ENGLEWOOD, COLORADO Have you applied for a mortgage, car loan,
More informationPredictive modelling around the world 28.11.13
Predictive modelling around the world 28.11.13 Agenda Why this presentation is really interesting Introduction to predictive modelling Case studies Conclusions Why this presentation is really interesting
More informationYour Step-by-Step Mortgage Guide. From Application to Closing
Your Step-by-Step Mortgage Guide From Application to Closing Table of Contents In this guide, you will learn about one of the most important steps in the homebuying process obtaining a mortgage. The materials
More informationCREDIT REPORTING FOR A SMALL BUSINESS
CREDIT REPORTING FOR A SMALL BUSINESS Objectives Northern Initiatives is committed to entrepreneurs like you, because you are the people who are creating jobs and enabling the communities of our region
More informationAbout credit reports. Credit Reporting Agencies. Creating Your Credit Report
About credit reports Credit Reporting Agencies Credit reporting agencies maintain files on millions of borrowers. Lenders making credit decisions buy credit reports on their prospects, applicants and customers
More informationThis brochure is intended to help in answering questions and communicating the numerous benefits of insurance scoring to insurance customers.
This pamphlet has been designed to help those involved with the insurance industry better understand the issue of insurance scoring. However, because of the important role agents play in dealing with policyholders
More informationFair Credit Reporting Act (as amended in 1996): Adverse Action Notices
NAA/NMHC Guidance: Using Consumer Credit Reports in the Rental Screening Process Adverse Action, Risk-Based Pricing and Credit Score Disclosure Obligations The Fair Credit Reporting Act (FCRA) was enacted
More informationTransUnion Credit Report User Guide UNITED STATES
TransUnion Credit Report User Guide UNITED STATES Introduction to the Credit Report User Guide Thousands of companies around the world depend on TransUnion Credit Reports for the consumer insight they
More informationHow Credit Scores Affect the Price of Credit and Insurance
How Credit Scores Affect the Price of Credit and Insurance $ Federal Trade Commission consumer.ftc.gov Ever wonder how a lender decides whether to grant you credit? For years, creditors have been using
More informationCredit Scores. Federal Trade Commission consumer.ftc.gov
Credit Scores $ Federal Trade Commission consumer.ftc.gov Ever wonder how a lender decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you d
More informationYour Credit Report. Trade lines. The bulk of a credit report is dedicated to your history of handling credit. It includes:
Your Credit Report The three major credit bureaus in the United States are Experian, TransUnion, and Equifax. These companies acquire data from banks, credit unions, mortgage lenders, and retail establishments.
More informationMortality Table Development Update 2014 VBT/CSO & Preneed/GI/SI
Mortality Table Development Update 2014 VBT/CSO & Preneed/GI/SI Society of Actuaries & American Academy of Actuaries Joint Project Oversight Group Mary Bahna-Nolan, FSA, CERA, MAAA Chairperson, Academy
More informationAdvanced Statistical Analysis of Mortality. Rhodes, Thomas E. and Freitas, Stephen A. MIB, Inc. 160 University Avenue. Westwood, MA 02090
Advanced Statistical Analysis of Mortality Rhodes, Thomas E. and Freitas, Stephen A. MIB, Inc 160 University Avenue Westwood, MA 02090 001-(781)-751-6356 fax 001-(781)-329-3379 trhodes@mib.com Abstract
More informationCredit Reports and Credit Scores:
Journey to Financial Security Credit Reports and Credit Scores: Getting the most mileage from credit R E F E R E N C E G U I D E Journey to Financial Security Credit Reports and Credit Scores: Getting
More informationMedical School Loan Repayment & Building Credit
Medical School Loan Repayment & Building Credit Presented by: Thomas Murphy Harvard University Employees Credit Union Presentation Objectives Medical School Loan Overview Forbearance or Repayment Understanding
More informationUnderstanding Your Credit Score and How You Can Improve It
Understanding Your Credit Score and How You Can Improve It How is your score calculated? The exact formula is a mystery and protected by the Federal Trade Commission Think of it as a secret recipe. Credit
More informationCredit Scores. www.howtogainwealth.com. Copyright 2009 How to Gain Wealth. All rights reserved.
Credit Scores Why is my Credit Score important? Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses
More informationMaureen Baran SVP Business Development. Kris Bona Business Relationship Officer
Williams College Maureen Baran SVP Business Development Kris Bona Business Relationship Officer Agenda What is credit and why is it so important? Credit reports and credit scores Building credit Comparing
More informationModerator: Gregory A. Brandner, FSA, MAAA. Presenters: Gregory A. Brandner, FSA, MAAA Sean J. Conrad, FSA, MAAA Lisa Hollenbeck Renetzky, FSA, MAAA
Session 138 PD, Streamlined Underwriting and Product Development: Good, Fast and Cheap? Can I Get More than Just Two of Three? Moderator: Gregory A. Brandner, FSA, MAAA Presenters: Gregory A. Brandner,
More informationFinancial payment profile Fair Isaac Corporation (FICO) 300 to 850 the higher, the better
What is a credit score? Financial payment profile Fair Isaac Corporation (FICO) 300 to 850 the higher, the better National distribution of FICO scores What a low score could cost you? Tens of thousands
More informationAlternative Data and Fair Lending
White Paper 81% of historically underserved minority customers that are unscorable using traditional credit bureau scores are scorable using alternative data. August 2013 By Jeffrey Feinstein, PhD Table
More informationManaging Your Credit Report and Scores. Apprisen. 800.355.2227 www.apprisen.com
Managing Your Credit Report and Scores Apprisen 800.355.2227 www.apprisen.com Managing Your Credit Report and Scores Your credit score is one of the most important aspects of your personal finances. From
More informationUnderstanding Your MyVedaScore Rating. An overview of what your VedaScore Rating means to you
Understanding Your MyVedaScore Rating An overview of what your VedaScore Rating means to you April 2012 Contents What is a VedaScore Rating?...2 On its own, does my VedaScore Rating determine whether I
More informationTransUnion Credit Report. Training Guide
TransUnion Credit Report Training Guide Sample TransUnion Credit Report 1 1A This sample report is intended for education purposes. 2 2A 2B 2C The actual Credit Report you receive will be customized to
More informationModerator Nicola Barrett
Investment Symposium March 2009 A5: Life Settlements Investing in Physical Assets, Synthetics & Swaps Brian Tijan David Weinsier Ellen Gardner Moderator Nicola Barrett Confidential Physical Life Settlements
More information