CFPB, Federal Agencies, State Agencies, and Attorneys General
An informative new American Banker podcast discusses recent and possible future changes to traditional credit scores, what they mean for industry, and possible industry responses.
The podcast begins with a discussion of changes that will take effect on July 1, 2017 to the public record data standards used by the “Big 3” consumer reporting agencies (CRAs) for the collection and updating of civil judgments and tax liens. … Continue Reading
In May 2015, the CFPB issued a report, “Data Point: Credit Invisibles,” that documented the results of a research project undertaken by the CFPB to better understand the demographic characteristics of consumers without traditional credit reports or credit scores. The report concluded that the current credit reporting system is precluding certain populations from accessing credit and taking advantage of other economic opportunities. … Continue Reading
The CFPB has praised an announcement by FICO that it will make credit scores available to financially struggling consumers through nonprofit credit and financial counseling organizations as “a step in the right direction” that will allow “millions of consumers…to receive the credit scores and credit reports that nonprofit credit counselors purchase on their behalf.” … Continue Reading
The CFPB’s Community Bank Advisory Council is scheduled to meet in Washington, D.C. on April 22, 2015. According to the meeting agenda, following a welcome by Director Cordray, there will be a discussion of credit scores and credit reporting, and its implications for small financial institutions. That discussion will be led by Corey Stone, the CFPB’s Assistant Director, Credit Information and Deposits Markets.… Continue Reading
According to a report issued yesterday by the CFPB entitled “Data point: Medical debt and credit scores,” credit scoring models may be overly penalizing consumers with medical debts that go into collection by producing credit scores that underestimate such consumers’ creditworthiness.
To conduct its analysis, the CFPB used data in its Consumer Credit Panel (CCP). … Continue Reading
