“Synthetic identity theft” is when a fraudster combines real information about someone—such as a Social Security number—and information they’ve created about an entirely fake person. They then use these “Frankenstein IDs” to commit theft. Some analysts have concluded that synthetic identity theft is the fastest-growing financial crime in the United States. At the same time, […]
Category Archives: Auto Loans
The Consumer Financial Protection Bureau (CFPB) recently issued an analysis of debt collection appearing on consumers’ credit reports. On the one hand, the findings are a positive sign: Consumers’ financial well-being seems to be improving. But on the other hand, the analysis shows that false and inaccurate information on credit reports continues to be a real […]
Recently, NBC News covered an incredible story of mistaken identity. Or, perhaps, to put it more accurately, it’s a story of “mixed identity.” Two women share the same name (Jieun Kim), age, and same date of birth. Both were born in South Korea and later emigrated to the U.S.—one woman moving to Los Angeles, the […]
On January 11, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it is considering the creation of an online, public database of the form contracts being used by “nonbanks,” companies that aren’t banks but provide financial services to their customers (such as a car company that provides loans). According to the CFPB, these nonbanks […]
A major auto lender has decided to change its approval process to look beyond credit scores in an effort to pump up sales. The move by Ford Motor’s financing unit is expected to unfold in coming years, even as concerns mount about rising auto-loan losses in the industry. Ford Motor Credit is expected to announce […]
Americans went on a massive shopping spree for cars and trucks in recent years. Many paid for their vehicles by taking out a loan. A record 107 million Americans have auto loan debt, according to data released this week by the Federal Reserve Bank of New York. That’s about 43% of the entire adult population in the […]