SCHAUMBURG, Ill. -

This week, Experian Automotive rolled out the newest addition to its suite of portfolio monitoring services the company called Lender Triggers.

Experian highlighted this new tool is designed to help lenders better monitor changes in loan status on their portfolio, including whether a vehicle has been refinanced, a title loan has been added or a vehicle has been paid off.

Experian Automotive senior vice president of marketing Kevin Henahan insisted these actionable insights can enable lenders to make more educated business decisions, evaluate portfolio makeup and perfect titles on their active book of business.

 “In today’s automotive lending environment, it’s imperative for finance companies to stay abreast of all changes that could impact their portfolio, whether it’s a change to the vehicle or the consumer status,” Henahan said.

“By adding Lender Triggers to our full suite of portfolio monitoring services, we’re able to provide automotive lenders with the tools and resources to identify changes in their portfolios across the entire life cycle,” he continued.

Lenders using the new triggers product can select the frequency of monitoring. When changes to the portfolio occur, Experian Automotive will notify the client the details of the change and when the change occurred.

 Other triggering products in Experian’s suite of portfolio monitoring services include:

• AutoCheck Triggers: a program designed to help professionals identify changes to a vehicle’s history that can impact its value, including reported accidents, title brands and failed emissions, among others.

• Risk Triggers: a notification service that can help financial institutions monitor and minimize the risks associated with high-risk accounts by alerting the company of accounts with new derogatory information, including recent bankruptcy, late payments, liens or judgments, collections or changes in public records.

• Retention Triggers: a daily triggering service that can alert users when their customers are looking for new credit or have opened a new trade. It allows users to take immediate action to retain their most profitable customers.

• Credit Limit, Utilization and Balance Triggers: a value add to the Risk Triggers and Retention Triggers program that can enable users to monitor customers’ credit profiles for changes in credit limit, utilization and credit balance, ultimately allowing the user to improve risk strategies and gain more insight into key contributors that affect a consumer’s credit score.