Every couple of days, Mr. Quion eyeballs his score through the Bank of America app on his phone. He pays his credit-card bill weekly to goose his score, recently a respectable and creditworthy 746. https://www.wsj.com/articles/getting-into-the-800-club-is-toughstaying-in-is-tougher-11551659604
The heads of the three leading credit reporting companies heard bipartisan criticism as Waters, the veteran Los Angeles Democrat, launched her first major legislative initiative as chairwoman of the Financial Services Committee. “To credit reporting bureaus, consumers aren’t consumers. They are commodities,” Waters said, adding that dissatisfied Americans can’t just take their business to another company. […]
The cyber attack at Equifax that compromised data for nearly half of all Americans was the result of rapid growth that boosted company’s share price but left the the consumer credit bureau’s IT systems dangerously exposed to hackers. The massive data breach, which took advantage of known security vulnerabilities, “was entirely preventable,” according to a US […]
The nuance in credit scores comes from the elements beyond simply paying what you owe on time, although there is less transparency with these other factors influencing your score. The second-largest part of your score’s makeup belongs to how much you owe. https://www.wsj.com/articles/to-raise-your-credit-score-start-by-understanding-it-11548010800
A background check isn’t just about criminal records anymore. There are many things that someone could be searching for, from your credit rating to whether you’ve ever been pursued by a debt collector. According to the Consumer Financial Protection Bureau’s 2019 report, there are a number of different scenarios in which businesses can request […]
Even the big banks are suing Equifax for identity theft-related costs. The companies, which are based in 29 states, sued Equifax and claimed that Equifax owes them for all the costs they incurred after the data breach was revealed. The cost were associated with the actions taken to protect themselves and their customers from fraud, […]
More than 24 million financial and banking documents related to mortgages and other consumer loans were leaked online due to a server security lapse. https://nationalmortgageprofessional.com/news/69821/data-breach-exposes-millions-loan-documents-online
Big data expands far beyond credit, housing, and employment reporting. https://on.wsj.com/2RB4nVg
Settlement with Consumer Financial Protection Bureau cites failures with preauthorized electronic fund transfers, reopening closed accounts https://www.wsj.com/articles/usaa-to-pay-12-million-in-restitution-to-customers-3-5-million-fine-11546556437
Latest settlement covers retail sales practices and auto-loan, mortgage charges https://www.wsj.com/articles/wells-fargo-to-pay-states-about-575-million-to-settle-customer-harm-claims-11546016757