Items Tagged with 'Credit bureau'


  • 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.
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  • Experian launches product to give lenders unprecedented insight into consumer behavior

    Gives historical insight across all three bureaus
    Experian launched its new product which will give lenders an unprecedented view into consumer behavior over time across all three credit bureaus. The company explained that while traditional credit gives lenders a glimpse into credit during a single moment of time, Experian’s product will add a deeper layer of insight.
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  • NAMB seeks to ban credit bureau sales of trigger leads

    Urges Congress to add restrictions to bills
    The National Association of Mortgage Brokers, an association that represents the interests of individual mortgage loan originators and small to mid-size mortgage businesses, announced it is seeking to ban the sale of trigger leads. The association explained mortgage trigger leads are created and sold by the national credit bureaus and are comprised of a significant amount of personal information from mortgage applicants.
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  • How did the massive Equifax breach happen? Former CEO answers

    Breach due to “both human error and technology failures”
    Former Equifax Chairman and CEO Richard Smith is headed to Washington D.C. this week for back-to-back hearings on the massive Equifax data breach. The hearing should shed light on exactly how a breach of this size happened. Along with issuing a public apology to the nation, Smith's testimony provides a chronological account of how the breach happened.
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  • [Video] Cordray says Equifax, Experian and TransUnion to all face increased scrutiny

    The regulatory impact of the massive Equifax data breach
    While credit report agencies Experian and TransUnion weren’t part of Equifax’s massive data breach, they will definitely face increased regulatory scrutiny because of it. Consumer Financial Protection Bureau Director Richard Cordray outlined in an interview with CNBC what he thinks is necessary in order to not have a breach of this size happen again.
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  • Equifax CEO steps down after massive data breach

    "It is in the best interests of the company"
    The man in charge of the credit bureau that suffered a massive data breach that exposed the personal information of 143 million U.S. consumers to hackers is stepping down. As Equifax continues to deal with the impact of the breach, it announced CEO and Chairman of the Board Richard Smith, is retiring, effective today.
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  • Do you use alternative data? This is how it opens door for millions of borrowers

    Are you current with technology or still using traditional data?
    Most mortgage industry leaders have made significant changes in their processes to keep current in the past few years and credit bureaus are no exception. Lenders are seeking creative methods to evaluate potential borrowers who lack credit history, and in some cases, identify consumers who will likely soon apply for credit and reach out to them directly. Here's how credit bureaus are meeting this challenge.
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  • Most Americans are wrong about their credit score

    Think paying your cell phone helps?
    A significant number of Americans are confused when it comes to what does and does not get reported to national credit bureaus. In fact, many Americans think paying the utilities on time helps with their score. They should think again.
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