Articles Tagged with ''Credit score''

CFPB fines Experian $3 million for lying about consumers' credit scores

Told consumers that purchased credit scores were same ones that lenders used
Experian, one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that lenders used to make credit decisions, the Consumer Financial Protection Bureau said Thursday. And for that deception, the CFPB is fining Experian $3 million.
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CFPB seeks increased lending to "credit invisible" borrowers

Accepting input on alternative borrower-rating options
The Consumer Financial Protection Bureau is joining the growing chorus of groups trying to expand access to credit for consumers who lack enough credit history to obtain a credit score, also known as the credit invisible. During a field hearing in Charleston, West Virginia on Thursday, CFPB Director Richard Cordray said the bureau is officially is seeking public feedback on the benefits and risks of tapping alternative data sources. Do you have any comments you want to submit?
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For consumers seeking credit scores, VantageScores are no substitute for FICO scores

Here’s the truth
[Guest commentary] Consumers today are being bombarded by offers to get their credit score for free. These lead generation websites don’t provide the FICO scores used by nearly all lenders – but some experts say that doesn’t matter. They believe that if you rank high on one score, you’ll rank high on another score and that all these scores move up and down together. This is simply not true, and new research confirms it.
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VantageScore CEO: 5 facts for clearing credit score misperceptions

Let’s clear the air
For consumers trying to become financial borrowers, there is a wealth of information out there on where to begin and how to improve your credit. There are also a lot of misconceptions, especially given how complex the subject is. Barrett Burns, president and CEO at VantageScore Solutions, recently penned a blog on LinkedIn to clear the air on credit scores.
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Buying a house in the spring? Here’s how to save your credit score through the holidays

The holidays are right around the corner
There’s not much time left before the malls are flooded with busy holiday shoppers. And although this may still seem far off, when the possibility of securing a home in the spring is on the line, the time to plan is now. Here’s how consumers can ensure they don’t destroy their credit score right before the busiest home-buying season.
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National Association of Realtors declares support for alternative credit scoring

Says alternative models could make expand credit box
The National Association of Realtors sent a letter to two members of Congress this week, declaring the organization's support of alternative credit-scoring models that could be used to open the credit box to previously underserved borrowers. Here's why NAR thinks alternative credit scoring is so important.
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