News Topic: Equifax

... Read full article

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and ... Read full article

Banking and credit reporting groups say such an agency could politicize the reporting process. Consumer groups say it would offer consumers a necessary alternative. ... Read full article

The rescue bill enabled banks to protect loans in forbearance from an immediate hit to a borrower’s credit report, but experts say affected consumers may have trouble getting loans after the pandemic ends. ... Read full article

Congressional Democrats want forceful action to prevent damage to millions of Americans' credit scores during the COVID-19 pandemic. But the credit bureaus argue that the tools needed to protect consumers are already in place. ... Read full article

Four Chinese military members charged with stealing data of 150 million Americans; fintech can use deposit insurance, a step toward a full bank charter. ... Read full article

The four members of China’s People’s Liberation Army are accused of masterminding the breach that affected more than 140 million people. ... Read full article

No Republicans voted for the package of bills intended to overhaul the credit reporting system, casting doubt on its chances in the GOP-controlled Senate. ... Read full article

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

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

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

At the same time, consumers hold banks to tougher disclosure standards than government agencies, health care organizations and retailers, according to Experian. ... 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

A Fed team toured an Amazon facility at about the same time Capital One’s data was hacked; House oversight members want answers from the CEOs of the two companies. ... 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

Bank posts its best second quarter since 2010 after a disappointing Q1; Cerberus in talks to buy loans at the center of a major accounting error. ... Read full article