Credit Reporting

As CFPB mulls privatizing database, consumer complaints mount


The Consumer Financial Protection Bureau received over a quarter-million complaints in 2018, according to analysis by an advocacy group that urged the agency to maintain public access to its database.


Lenders without border walls


Some fintechs have figured out how to provide international students and immigrants with credit cards and loans. Machine learning makes the underwriting possible.


Equifax, FICO join forces to give banks one-stop analytics product


The new cloud-based solution is intended to help financial institutions make quicker credit decisions by integrating consumers’ histories with advanced software.


CFPB, FTC need more teeth in dealing with credit bureaus, GAO says


The watchdog’s report — requested by Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md. — called for civil money penalty authority and better supervision to guard consumer data.


House Dem proposes banning use of credit scores for auto insurance


First-term Rep. Rashida Tlaib, D-Mich., has sponsored the Prevent Discrimination in Auto Insurance Act in order to prevent “undue burden” on low-income individuals seeking auto insurance.


House banking panel bemoans credit bureaus' 'oligopoly'


The root of the credit reporting sector’s problems may be its dominance by a handful of big firms, lawmakers from both parties said at a hearing.


Bills to reform credit bureaus unveiled on eve of hearing


Ahead of testimony by the CEOs of the major bureaus, House Financial Services Committee leaders proposed sweeping changes for the credit reporting industry and credit-score protections for furloughed government workers.


Top senators seek input on how to strengthen data privacy


The top Republican and Democrat on the Senate Banking Committee are asking for stakeholders to weigh in on data collection issues as lawmakers consider legislative responses to recent breaches.


Government shutdowns add new wrinkle to credit bureau reform


As another possible shutdown looms, concerns about furloughed workers’ credit histories have shifted the reform discussion away from data security.


House committee to examine credit bureau reforms later this month


The House Financial Services Committee will hold a hearing Feb. 26 on "holding credit bureaus accountable" — one of seven hearings scheduled by the panel for the month.