https://www.cnbc.com/2019/09/01/many-minorities-avoid-seeking-credit-due-to-decades-of-discrimination.html There is longstanding debate over whether the algorithms that drive the credit scoring system are racially biased. Joanne Gaskin, vice president of scores and analytics at credit-scoring company FICO, says the firm doesn’t use age, address, employment, income, gender or race in generating their scores. “The fact that race is not factored into the […]
If you’re trying to clean up your credit, you’ll come across plenty of companies offering an easy fix. But any company promising instant results for a price is likely a scam. https://www.consumer.ftc.gov/blog/2019/06/there-are-no-quick-fixes-clean-your-credit-0?utm_source=govdelivery
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The top three credit bureaus (also known as credit reporting agencies) are Experian, Equifax and TransUnion. When you’re applying for credit, lenders depend on the data provided by these bureaus to make their decision whether or not to lend you money. So where does this data come from in the first place? https://blog.myfico.com/how-credit-bureaus-get-your-info/
Despite the growing embrace of such measures, some consumer advocates say the trend will hurt lower-income or minority borrowers. “It entrenches and perpetuates inequality in such an obvious and stark way,” says Chi Chi Wu, an attorney for the National Consumer Law Center, who adds that the existing system already makes it harder for people […]
https://blog.myfico.com/top-10-warning-signs-of-identity-theft/ Identity theft occurs when a criminal uses your personal information for their own benefit or to commit fraud. For example, the thief might use your driver’s license or Social Security number to open an account in your name. Once their process is complete, they can run up bills in your name.
The growth of the student loan industry has increased public interest in how lenders assess the credit risk of young college-bound adults. Both large and small lenders often use FICO® credit scores to help them underwrite student loans. How the FICO credit scoring formulas treat credit inquiries depends on the way in which those inquiries are […]
https://www.wsj.com/articles/the-capital-one-hack-life-in-the-time-of-breach-fatigue-11564824600 Not every thief has every piece of your data. There are still things that you can do that can make a difference. If your Social Security number has been compromised four times, and you haven’t done a credit freeze, you are low-hanging fruit.” Mr. Erwin’s approach is common for those who fear that data […]
https://www.cnn.com/2019/07/30/business/capital-one-hack-secured-credit-card-customers/index.html And it could get worse: The Social Security numbers of Capital One secured card holders may also have been exposed in the breach, and identity theft can destroy a credit score. Criminals need only a Social Security number and a few other key bits of personal information to cause serious damage. They can […]
https://www.cnbc.com/2019/07/30/capital-one-breach-customer-records-social-security-numbers.html The Virginia-headquartered bank said in a news release that about 140,000 Social Security numbers of its credit card customers and around 80,000 linked bank account numbers were compromised. In total, Capital One said, “this event affected approximately 100 million individuals in the United States and approximately 6 million in Canada.” Still, no credit card account […]