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]
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]
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]
The three major credit reporting agencies — Equifax, Experian, and TransUnion — receive more complaints from consumers than most banks, primarily because these reports frequently contain errors and they make it incredibly difficult to resolve disputes. The credit industry seems to think its mistakes are within acceptable standards, but will they feel the same way when their brand names are facing similar odds for a disastrous mistake? [More]
Man Says He Can’t Access His Credit Report After Equifax Sent Him Personal Info For Dozens Of Strangers
Getting an unexpected surprise in the mail can be fun sometimes — a birthday gift from your grandma or some free electronics — but one Washington man was far from happy to find credit reports in his mailbox that were apparently intended for a bunch of strangers. Even worse, he says he can’t get access to his own report to make sure there aren’t unexpected debts attached to his credit history.
The Consumer Financial Protection Bureau has released its latest report on the various complaints the agency has received about banks, lenders, debt collectors, and other financial services. Amid a sudden increase in the number of complaints involving credit report errors, the country’s largest credit bureaus now dominate the top of the CFPB’s list of most complained-about companies. [More]
It’s no secret that consumer financial data is valuable: it determines if you get better rates on loans and allows lenders to predict the likelihood you’ll pay back debts. While we can’t necessarily put a price tag on that data (yet), we now know that one of the largest companies to collect that information is worth a bundle – 4 billion bundles, in fact. [More]
It seems like every day, another retailer, service provider, or government agency falls victim to a data breach, and if a hacker uses that stolen info to open up a new line of credit in your name, you may not know until long after the fact. One lawmaker is hoping to curb identity theft by giving consumers a heads-up whenever their credit reports are accessed. [More]
You might recall a story from about a year back where a man with the first name “God” had a little dispute with credit-reporting agency Equifax, namely that the company wouldn’t recognize his moniker as legitimate. He’s now come out on top in his battle with Equifax, which has agreed he and his financial history do exist, and have granted him a shiny new credit score.
After the news yesterday that the Internal Revenue Service reportedly suspects Russian identity thieves were behind a breach that allowed thieves to access information for approximately 100,000 taxpayers, the Federal Bureau of Investigation says it’s now investigating the incident.
The three largest companies to collect and disseminate credit information for millions of Americans – Experian, Equifax and TransUnion – must significantly change the way they treat disputed information on credit reports as part of a massive multi-state settlement announced this week. [More]
While a recent survey found that nearly 35% of consumers have never pulled their credit report, a new report from the Consumer Financial Protection Bureau points out that some of those consumer might not have anything on their reports anyway. [More]
While consumers are often urged to take advantage of the free once-a-year opportunity to request a credit report and make sure they aren’t riddled with errors, a new survey suggests many Americans simply aren’t heeding the suggestion. [More]
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]
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]
As if it’s not hard enough to go through life explaining why you share a name with a divine entity, a man called God is now suing credit-reporting agency Equifax claiming it refused to accept his name as a legitimate moniker. Basically, he’s trying to prove he exists. And along with that, of course, his credit history is also a real thing. [More]
A 46-year-old woman near St. Louis would like to to refinance her mortgage and maybe get some new credit cards. She can’t, though. As far as her bank and the credit bureau Equifax are concerned, she’s dead. [More]
Every time you use the internet, you leave a huge trail of information in your wake–and it’s not just your browser history full of cat videos. Companies called data brokers are constantly collecting a thousand little nuggets of information behind you, adding them up into a profile of you, and selling the profiles for lots of money. Data brokers still move in mysterious ways, leaving unanswered questions: how are they getting their data? Who’s buying it? And, perhaps most importantly: can you, the consumer, do anything about it?