Patrick Reemts Vice President, Credit Risk Solutions for ID Analytics, Patrick Reemts has more than 15 years of experience with credit risk and scoring analytics in the consumer lending space. Previously, he worked for Discover Financial Services, where he launched the industry’s first-ever credit bureau trigger prescreen program with Experian. He helped design and implement Discover’s prospect database and managed marketing, risk data, and score purchases, overseeing credit bureau attributes, score usage, and statistical studies. He designed and built the prospect database for Wells Fargo’s National Home Equity Group and assessed and acquired data, model development, and scoring design. Reemts pioneered the use of FICO’s Strategy-Ware for making large decision-tree and score-based credit decisions for HSBC’s card division. Reemts holds a B.S. from Iowa State University.

A New Approach to Building Credit Risk Models

The alternative data that we use in our credit risk model is constantly evolving to provide the best recommendations to our clients. Recently we’ve improved our approach to the way we build those models to better align our product development …

During the Rush of the Season, Don’t Rush to Judge Millennial Consumers

It’s that time of year when shoppers are out in full force, braving Black Friday crowds and losing work productivity on Cyber Monday. Once the holidays have passed, big sales beckon to those looking for even more deals. Retailers are …

Millennial Credit Risk: 5 Common Myths

In 2015 ID Analytics released a whitepaper titled Millennials: High Risk or Untapped Opportunity, which debunked common myths regarding the millennial generation and consumer behavior. Recently, ID Analytics released a follow-up study examining the potential consequences of millennials’ credit …

College GraduRATES for New Credit Applications

With college graduation season coming to a close, nearly two million1 millennials are preparing to leave the days of studying, sleeping and partying behind to enter the work world. As graduates embark on this new chapter, they may find …

Get Millennials Credit Ready for the New School Year

As millennials head back to college, they will be buying items to get ready for the new school year.  These purchases could include big-ticket items like a computer, smartphone, furniture or a car. To afford these purchases, millennials may need

Are Your Credit Policies Hindering Grads from Getting a Bank Card?

A recent Bankrate study showed that 63% of millennials, 18-29 do not currently own a credit card,1 even though many card issuers offer special cards designed just for students.2 With the growth in acceptance of marketplace lending, there’s …

Are Smartphones Smart Gifts for Graduation? Millennials and Mobile Phones

Millennials are technology savvy and the most connected generation in history and owning a cell phone is a must. The Pew Research Center calls them “history’s first ‘always-connected’ generation, treating their multitasking, handheld devices’ almost like a body part”.1

A New Car for Graduation? Millennials and Auto Purchasing

Purchasing a new car was once considered a rite of passage for young adults and college graduates, but does this apply to the millennial generation in the current economic climate?1

A recent Time.com study showed that 71% of millennials …

Millennials – Credit Invisibles?

Millennials. The largest consumer group since the baby boomers. As they reach adulthood, what will their purchasing behavior look like in this new, ever-evolving economy? What adjustments should be made to business practices, if any, to attract these customers and …

Alternative Credit Data FAQs

As a follow-up to our recent post Alternative Credit Data is Nothing New, we’ve compiled some of the frequently asked questions on this topic:

Question: Who benefits from alternative credit data?

Answer: There are many studies that focus on …

Alternative Credit Data Is Nothing New

With all the news lately around alternative credit scores, you might think the use of alternative credit data  is a new concept in consumer credit metrics. Surprisingly, this is not the case. In fact, the alternative credit space was pioneered …

‘Fueling’ Auto Lending in 2015

The latest stats are in: auto sales experienced a major comeback in 2014. According to industry experts,1 this was driven in part by pent-up demand delayed by the recession, and also by falling gas prices. Autodata reported that the …

CFPB to Review Checking Account Access

CFPB Director Richard Cordray’s recent comments about the methods banks are using to screen consumers and evaluate risk in the checking account space1 has caught the attention of the industry. While we’re all aware of the financial realities of

Improving Credit Risk Insight

Booking new customers isn’t easy. Negotiating price and evaluating an individual borrower’s loan quality as they sit and wait is a real challenge. Never mind the added pressure of complying with applicable regulations and the financial risks associated with approving …

Handset Financing: Minimizing Risk, Maximizing Opportunities

As the wireless industry rapidly moves toward a different economic model, companies are exploring the use of financial partners to offload the risk of handset costs. Post-paid subsidized phones are still a customer favorite, but are not feasible for the …

New Solutions for Online Onboarding

A recent trend in the retail banking market is the increasing demand by customers for an online component to their banking relationship. Traditionally, demand deposit accounts (DDA) have been opened by customers inside their local bank branch. However, customers have …