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Resident Lenders of NC

THe RLNC (Resident Lenders of NC) is an association of independently owned consumer finance companies throughout North Carolina. The organization represents over 240 finance company offices in the state.

The RLNC was faced with potentially damaging industry legislation. Certain law-makers and a consumer and advocate groups were preying on the poor and uniformed consumer market. As part of the process to combat the misconception and pass more favorable legislation, the RLNC needed to identify and profile their typical finance customers.

FirstPoint developed a plan to use independent, third party factual data from Equifax rather than use the RLNC's own profile of its typical customer. Using an existing customer as the receiver of the data, FirstPoint was able to deliver a comprehensive demographic and credit risk analysis of all the consumer finance customers in NC. FirstPoint provided not only the average income, average age and risk scores of all 400,000 customers at an aggregate level, but also identified which segments of this population were homeowners or had loan relationships with other institutions such as banks and credit unions. FirstPoint was able to show that the consumer finance market covered all aspects of the economic landscape. The profiles showed incomes of $20K-$50K and had many homeowners, but with lower risk scores and thus higher risk.

FirstPoint presented this analysis to a special legislative committee made up of 10 state senators and representatives. The information was well received and a favorable legislation resolution is now pending. FirstPoint has since been asked to assist with similar projects in several other states.

What the client has to say:

"Thanks to the fine work of FIrstPoint's Equifax team, we are on a path to resolving legislation that will modernize North Carolina's Consumer Finance Act. Looking forward to another project with you!"

Larry Heckner
Clark Lytle & Geduldig

Secrets to Success:

  • Integrity and reliability of Equifax consumer data
  • FirstPoint's understanding of the client's needs and ability to offer a customized solution