News Topic: Credit Reporting

The plan identified five risk areas — including cybersecurity — that will be on the agenda for agency examiners next year. ... Read full article

The CFPB issued an interim final rule on Wednesday requiring that credit reporting agencies keep initial fraud alerts in a consumer’s file for at least a year. ... Read full article

Sen. Elizabeth Warren and Rep. Elijah Cummings have called for an update on probes into the credit reporting giant a year after its massive data breach came to the light. ... Read full article

Following news of the breach, congressional hearings for the company’s ex-CEO and other blowback were accompanied by legislative calls to action. But a year later, did policymakers do anything? ... Read full article

Facebook, it seems, has developed a system of rating users trustworthiness . It's not clear if this is just a system for internal use or if users' trustworthiness scores are for sale to third parties, but if the latter, then would sure seem that ... Read full article

The number of consumers being pursued by debt-collection agencies fell dramatically in the past year, but it's as much technicality as achievement, and bankers need to keep that in mind when reviewing the credit scores of millions of Americans. ... Read full article

Allowing alternative data such as rent and utility payments has bipartisan support, but some say it could create more problems than it solves. ... Read full article

The Federal Housing Finance Agency is suspending its ongoing review of new credit scoring models and will instead move forward with creating a regulatory framework for providers of alternative credit scores to apply and be evaluated for use by Fannie Mae ... Read full article

Senators at a hearing Thursday discussed a bill establishing an online portal for consumers to monitor their credit reports free of cost. ... Read full article

The legislation, authored by Rep. Keith Ellison, D-Minn., is aimed at helping lower-income consumers build their credit histories. ... Read full article

Mark Begor said Wednesday that banks and other customers will receive regular updates on the credit reporting agency’s efforts to improve its cybersecurity in the wake of last year’s massive data breach. ... Read full article

Bank’s earnings report notes possible $1 billion in fines; loan-loss accounting rule will be rolled out over three years. ... Read full article

Readers react to Mick Mulvaney’s proposal to restructure the Consumer Financial Protection Agency, opine on Community Reinvestment Act reform ideas, weigh in on emojis in digital banking and more. ... Read full article

Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do. ... Read full article

A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions. ... Read full article

Some fear that the removal of such data from individual credit reports could lead lenders to believe a consumer is a better bet than they really are. ... Read full article

The hiring of Mark Begor comes as the credit bureau has been shuffling its top managers since disclosing last year that hackers were able to access the personal data of 145.5 million U.S. consumers. ... Read full article

A former senior executive at Equifax Inc. was criminally charged for allegedly selling almost $1 million worth of shares before the company’s announcement last year that it had suffered a massive data breach. ... Read full article