Four different “credit repair” operations have been ordered to pay a total of more than $2 million in penalties for allegedly tricking people into thinking their bad credit could be easily fixed. [More]
credit scores
Experian Fined $3M, Accused Of Misleading Consumers About Usefulness Of Credit Scores
By 3.23.17 — Updated: 5.10.17
Two months after federal regulators fined two of the nation’s largest credit reporting agencies — Equifax and TransUnion — $23 million for misleading consumers about the cost and usefulness of credit monitoring services, the Consumer Financial Protection Bureau has announced a $3 million settlement with Experian over allegations that the credit agency misled consumers about the usefulness of the credit scores available for purchase. [More]
Credit Reports Soon Won’t Include Some Tax Lien, Civil Judgment Data
By 3.13.17 — Updated: 3.15.17
Millions of consumers could soon see their FICO credit scores increase as the three credit reporting agencies — Equifax, Experian, and TransUnion — take another step to overhaul their systems by excluding certain negative information related to tax liens and civil judgments from credit reports. [More]
Equifax, TransUnion To Pay $23M For Misleading Consumers About Credit Monitoring
By 1.3.17
The nation’s three largest credit reporting agencies — TransUnion, Equifax, and Experian — not only collect consumers’ financial information to assist lenders in gauging whether or not someone is qualified for a loan, fit for a job, or can afford a place to live, they also provide people with credit-related products and resources that are meant to help them keep tabs on or improve their credit. But, according to federal regulators, Equifax and TransUnion haven’t been upfront about the costs and usefulness of these products, and now they’re on the hook for a total $23.1 million in fines and refunds. [More]
China Wants To Assign Every Citizen A Credit Score For Their Lives
By 11.30.16
Imagine if the authorities compiled a score based on your everyday actions, which followed you around and affected your ability to do everything from get your kid into college to booking a stay in a fancy hotel. While this sounds like a particular plot line from the most recent season of the Netflix series Black Mirror, it’s actually a new way that the Chinese government has devised to exert control over its citizens. [More]
Would You Break Up With Someone For Having A Bad Credit Score?
By 5.2.16
There are a lot of personal things you might want to know about someone you date — relationship history, medical/psychological issues, allergies, political leanings, job prospects, any legal concerns just to name a few — but rarely do we look at a potential spouse and think, “I wonder if their credit score was wrecked by a $10,000 gallbladder surgery bill from when they were 21 and between jobs.” [More]
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Facebook Patent Would Allow Lenders To Determine Creditworthiness By Looking At Your ‘Friends’
By 8.5.15
Earlier this year Facebook announced it would dip its toes into the pool of mobile payments by launching a system that allowed users to send money to friends via the Messenger app. Now it appears the company may take things a bit farther after receiving approval for a patent this week that would allow creditors to determine whether or not someone is worthy of a loan based on their circle of friends on the social networking site. [More]
Operators Of Credit Repair Business Masquerading As The FTC Must Return $2.4M To Consumers
By 8.4.15
Three months after regulators shut down a credit repair company catering mainly to Spanish-speaking consumers for falsely claiming to have a close relationship with the federal government – calling itself “FTC Credit Solutions” – and bilking thousands of dollars from individual consumers with empty promises of boosting their credit scores, the real Federal Trade Commission announced it has reached a settlement that will result in the return of $2.4 million to victims of the scam. [More]
FICO Expands Program To Give Millions Of Consumers Free Access To Credit Scores & Reports
By 4.21.15
Millions of financially struggling consumers who work with qualified nonprofit counseling agencies now have access to free credit scores and credit reports with the expansion of the FICO Score Open Access program. [More]
Potential FICO Credit Score Changes Could Hurt, Rather Than Help Some Consumers’ Creditworthiness
By 4.2.15
The Fair Isaac Corporation – better known to consumers as FICO – is on the verge of turning the credit score game on its head with the release of a new credit-scoring approach that would consider consumers’ monthly bills, such as those for utilities and wireless plans, when determining creditworthiness. The change is purportedly intended to help consumers on the low end of the credit spectrum, but some consumer advocates are concerned that lower-income Americans could be the ones most adversely affected. [More]
Credit Bureaus Agree To Revamp Practices For Handling Errors, Unpaid Medical Bills
By 3.9.15
Experian, Equifax and TransUnion – the three largest companies to collect and disseminate credit information for millions of Americans – must undergo an overhaul of credit reporting practices as part of an agreement with the New York Attorney General’s Office. [More]
3 Ways You Could Be Hurting Your Credit Score Even If You Pay Your Bills On Time
By 3.3.15
If you pay make regular credit card payments that are well above the minimum, and no one is hassling you about outstanding bills you might assume that your credit score is getting healthier or at least maintaining its current level. But there are some mistakes that consumers don’t even realize they’re making that could be hurting their FICO numbers. [More]
My Credit Card Interest Rate Is Going Up. What Are My Options?
By 2.27.15
Earlier this week, American Express announced that it would be raising annual interest rates on more than 1 million accounts, leading lots of people to ask if this could happen to their credit card — and what they should do about it. [More]
More Than 50M Consumers Have Free Access to Credit Scores, But Some Don’t Know What To Do With Them
By 2.19.15
Last year the Consumer Financial Protection Bureau began an initiative urging credit card issues to provide consumers with free credit scores on their monthly bills. Since then, a number of financial institutions have begun providing the information, leading more than 50 million consumers to have free and regular access to their scores. [More]
“Checking Your Credit Report Will Hurt Your Credit Score” And 4 Other Credit Myths
By 1.13.15
I can’t count the number of times I’ve been talking with my friends or family members about credit scores (Hey — I never claimed to lead a thrilling life) when someone would say “I’d like to check my credit report, but I don’t want to ding my credit score.” This is just one of several popular misconceptions that many people have about credit. [More]
Citibank Raises Fees For Accounts, But Plans To Offer Free Credit Reports To Some Customers
By 10.21.14
Citibank is poised to become the second financial institution to provide customers with free credit scores each month. But that’s only if customers stick with the company after its latest fee hike. [More]
Medical Debt Still Stinks, But New Credit Score Change Will Make It Hurt Your Life Less
By 8.8.14
Credit reporting behemoth FICO is making changes in the way it calculates credit scores. And for once, there’s some good news. The changes are expected to make it easier for most Americans to access credit — that is, to borrow money and take out loans — and will punish fewer consumers for incurring some debts that were out of their control. [More]
CFPB To Credit Card Companies: Put Free Credit Scores On Monthly Statements
By 2.27.14
Is a free credit score coming to a credit card statement near you? It is if major companies listen to the Consumer Financial Protection Bureau’s call to ensure all Americans have free and easily accessible access to their credit scores. [More]
