Items Tagged with 'credit invisble'

ARTICLES

  • Senate looks to fix “broken” credit reporting system

    Here are some actions Congress can take
    The Senate Committee on Banking, Housing and Urban Affairs held a hearing Thursday morning on “An Overview of the Credit Bureaus and the Fair Credit Reporting Act,” where Senators on both sides of the aisle expressed their concern over the current “broken” credit reporting system. Here are some of their solutions to fix it.
    Read More
  • Can scoring trended data help lenders expand credit access?

    And what’s keeping 50 million credit invisible in the U.S.
    [Expert Commentary] Americans who don’t have a FICO Score present both an opportunity and a challenge for lenders. Some lenders are asking can scoring trended data, or more accurately trended credit bureau data, as some credit score companies claim, actually help expand credit access to these consumers? The short answer is no and here’s why.
    Read More
  • CFPB announces first no-action letter to Upstart Network to gain input on alternative credit

    Industry looks to better serve credit invisible
    The Consumer Financial Protection Bureau announced a first-of-its-kind no-action letter issued to Upstart Network, a company that uses alternative data in making credit and pricing decisions. The CFPB’s approval of Upstart Network’s no-action letter application lets the company know that CFPB staff has "no present intention to recommend initiation of an enforcement or supervisory action with respect to the specific matter." This is a positive move for consumers, as the decision allows the bureau to gain more information on how to use alternative credit.
    Read More
  • 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?
    Read More
  • CFPB: 26 million consumers are ‘credit invisible’

    Blacks, Hispanics more likely to have limited credit record
    The Consumer Financial Protection Bureau found that 26 million Americans are “credit invisible,” meaning they do not have any credit history with a nationwide consumer reporting agency. Here's why they say this is a problem.
    Read More