Credit Reporting

‘Absolute scam’: Complaints about credit monitoring plans flood CFPB


Regulators have long warned the credit bureaus about deceptive marketing that causes consumers to sign up unwittingly for paid monitoring services. But the practice has persisted, according to complaint data.


House advances bills to protect workers' credit in government shutdown


The House Financial Services Committee passed a bill that would exclude adverse credit information for consumers impacted by a government shutdown.


Could financial firms do more in response to data breaches?


Democratic lawmakers and consumer advocates say the remedies offered to consumers by firms like Capital One and Equifax are too difficult to access and not particularly helpful.


Has removing tax lien data from credit records led to more bad loans?


A year after the major credit bureaus agreed to strip tax liens and civil judgments from consumers' credit files, a new study says it is hampering lenders' credit decisions. But proponents of the move insist it was the right call.


Startup caters to millennials tired of paying in cash 'like a gangster'


Kristy Kim was an immigrant success story with a degree from Berkeley and a lucrative job — except her lack of credit history precluded her from getting a car loan. She started TomoCredit to help the many young folks who struggle to qualify for a credit card.


Backlash against rule tying immigration cases to credit history


The Trump administration’s “public charge” rule would add credit reports to factors that could be used to deny legal residency, but critics say credit scoring was never intended for that purpose.


FTC misled consumers about Equifax settlement, Warren says


The Massachusetts Democrat is questioning a claim by the agency about the amount of redress available to those affected by the credit bureau's 2017 data breach.


Online lenders make case for cash-flow data while acknowledging pitfalls


Though the use of alternative data in lending is seen by some as untested, several fintechs say they couldn't function without it.


Capital One hacker may've hit UniCredit; Equifax offer overwhelmed


The FBI is looking into whether Italy’s largest bank was also hacked; about 4.5 million people have already inquired about getting a cash settlement with the credit bureau.


Cash-flow data can predict creditworthiness, new study shows


A study by FinRegLab of six nonbank lenders' use of cash-flow data in underwriting decisions finds this type of "alternative data" helps predict loan performance.