News Topic: Credit Reporting

Under terms of the settlement approved by a Georgia court Monday, Equifax may also have to pay an additional $125 million if the initial amount doesn't cover all the claims. ... Read full article

Financial regulators’ statement cautiously encouraging banks to go beyond traditional underwriting in their lending decisions is a big step forward for the use of alternative data and artificial intelligence, bankers say. ... Read full article

Casting aside recession fears, the credit bureau predicts credit cards, mortgages, auto loans and unsecured personal loans should all perform well — including those extended by online lenders. ... Read full article

The regulator says the bank needs to address employee complaints and pay controls; the presidential hopeful would make it more difficult for banks to combine. ... Read full article

Why the Toronto bank is focusing on digital features; complaints about credit monitoring plans flood CFPB; the strategies midsize banks are relying on to stimulate growth; and more from this week’s most-read stories. ... Read full article

Newcomers to the U.S. tend to have a hard time getting credit cards because they lack credit history here. Amex has deployed technology from a fintech, Nova Credit, that could change this. ... Read full article

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. ... Read full article

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. ... Read full article

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

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. ... Read full article

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 ... Read full article

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. ... Read full article

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. ... Read full article

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

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. ... Read full article

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. ... Read full article

Lawmakers who called for sweeping reforms after the massive breach are likely to scrutinize the settlement with regulators and continue to push for changes. ... Read full article

A bill by Rep. Patrick McHenry, R-N.C., would give the CFPB authority to oversee cybersecurity efforts at the credit bureaus. ... Read full article