Question-and-Answer Session
Operator
(Operator Instructions). And our first question is from the line of Mark Bacurin from Robert W. Baird. Please go ahead.
Mark Bacurin - Robert W. Baird
Good morning everyone.
Rick Smith
Hi Mark.
Mark Bacurin - Robert W. Baird
Couple of questions. Rick, you made an interesting comment about in Consumer Information Services certainly you've seen nice acceleration in growth over last few quarters, which is surprising given the kind of sub-prime issues. And I think, you said something about, one of the drivers has been an increase in the number of credit reports that have been issued for loan. Can you just comment on what is driving that trend exactly? And where you are going?
Rick Smith
Yeah. Sure. What’s happening is the consumers when they are in the marketplace now, have so many more options, than they had a few years ago. So, every time they are exploring a different option be a different lender or a different product, as you know there are multiple products out there now. Every time that happens, the credit grant is looking for a different piece of information from us. So, the exact stat I recall was 4.1 apps for closed loan in 2003 and Mark that grew to 7.89 or 7.9 in 2006. So, that's a nice positive trend for us, this enabled us to get a different bite to the apple.
Mark Bacurin - Robert W. Baird
And that is growth coming from the actual resellers or the institutions pulling them not from the consumer themselves pulling their report because of the detail?
Rick Smith
Correct
Mark Bacurin - Robert W. Baird
Perfect. And then, could you also comment on, I don’t know, if there is a way if you actually measure this, but presumably this loan growth slowing you would have also seen an increase related to just overall risk management and I don't know if there is a way that you can specifically measure what volume growth was related to risk management versus loan origination?
Rick Smith
Yes, sure. I think Lee had mentioned in his comments. We are always seeing a shift from acquisition-related products. So, products we help credit grant were fine and source new loans to a more of a portfolio, you call it risk which is a portfolio review. We saw a lot of products there. We are starting to see and have seen now for few quarters, a shift towards more portfolio growth products, portfolio review products.
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