News Topic: Credit Reporting

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. ... Read full article

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

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

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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

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. ... Read full article

Spring Labs is spearheading a group of prominent fintech lenders to use a blockchain-based, peer-to-peer network to share consumer information to help with ID verification on loan applications. ... Read full article

The company owning brands such as Kay Jewelers and Jared the Galleria of Jewelry will pay $11 million under a settlement with the consumer bureau and New York's attorney general. ... Read full article

The industry has largely avoided added federal oversight after the Equifax hack; the product has created a “financial albatross” as consumers game the system. ... Read full article

The banking subsidiary of the Bloomington, Ill., insurer must stop providing inaccurate information to the credit bureaus under a consent order. ... Read full article

Self Lender is launching a secured credit card next year in the hopes of attracting big-bank partners that can use it to comply with the Community Reinvestment Act. ... Read full article

Upturn, which is owned by a BBVA unit, is offering a free online tool consumers can use to detect and dispute inaccuracies in their credit report. ... Read full article

Cash Express LLC allegedly sent customers threats of legal action even though the time for taking legal action had expired. ... Read full article

A new credit score that includes consumers' cash flow alongside their credit score is winning praise for its potential to help expand access to credit, but some worry it gives the credit bureaus even more data that could be compromised. ... Read full article