Susan Tompor Detroit Free Press Published 7:03 AM EDT May 15, 2019 The Equifax data breach came to light back in September 2017 — and consumers are still fuming. Complaints about credit reporting, credit repair services and issues such as errors on individual consumer credit reports, made up 43% of all the complaints made to the Consumer Financial Protection Bureau, according to an analysis by the U.S. PIRG Education Fund. That's up from 23% of total complaints back in 2016, before the Equifax breach. The analysis looked at data from 2011, when the CFPB began collecting complaints, to Jan. 14, which is when PIRG downloaded the data to review. CFPB, a federal consumer watchdog agency, published a record 257,000 consumer complaints in 2018 — including all complaints, according to the PIRG analysis. That brings the total complaints to nearly 1.2 million in seven years. Complaints might include issues with a payday lender who won't stop … [Read more...] about Equifax data breach still causing problems for credit reports
Consumer credit reporting reform act
Take a look at a credit report from one of the big three credit reporting agencies, and you’re likely to see certain types of accounts listed: credit cards, mortgages, car payments, and student loans, for instance. How you pay those bills impacts the credit score that lenders use to determine how risky you are. But other types of accounts don’t generally show up on your traditional credit report. Those include phone and electric bills, rent, and payments to many types of credit providers such as payday lenders, rent-to-own stores, and online personal lenders. The country’s biggest credit bureaus—Experian, Equifax, and TransUnion—are trying to change that. As part of a growing push to expand the population to whom lenders can offer loans, the companies are helping lead an industry push to gather “alternative” credit data, in what’s been called one of the biggest changes to credit scoring in years. The credit agencies, which already … [Read more...] about Now wanted by big credit bureaus like Equifax: Your alternative data
provided by Published 9:00 am CST, Tuesday, March 5, 2019 MoneyTips Another Try at Credit Bureau Regulation What happens when you discover false information on your credit report? Whether you're dealing with the aftereffects of identity theft and fraudulent accounts or a simple clerical error, prepare for a long and unpleasant battle. Even simple errors can be hard to fix, and consequences can be severe. According to a recent report by the National Consumer Law Center (NCLC), approximately 42 million Americans have errors in their credit report – and, for almost one-quarter of those Americans, those mistakes result in being denied credit or paying more for the privilege. After the 2017 Equifax data breach that exposed the personal information of nearly 150 million consumers, Representative Maxine Waters (D-CA) introduced the Comprehensive Consumer Credit Reporting Reform Act (CCCRRA) to hold credit reporting agencies (CRAs) more accountable and give consumers … [Read more...] about Will Congress Give You More Control Over Your Credit Report?
provided by Published 9:00 am CST, Monday, February 11, 2019 MoneyTips After the 2017 announcement of the Equifax data breach that potentially compromised the personal information of almost 150 million consumers, you'd probably expect Congress to take significant action to prevent future breaches. To date, you'd be wrong – but that may change with a Democratic House eager to address consumer protection issues. The Consumer Financial Protection Bureau (CFPB) has authority to review credit reporting agencies (CRAs) like Equifax, including assessing their ability to handle data breaches. The Trump administration has shown little interest in regulating the credit reporting agencies (although, in fairness, Obama administration oversight didn't raise sufficient alarm bells, either). Legislative efforts didn't fare any better. Shortly after the breach announcement, Rep. Maxine Waters (D-CA) introduced the Comprehensive Consumer Credit Reporting Reform Act (CCCRRA), … [Read more...] about Will New Congress Oversee Credit Bureaus More?
Philip Rucker and Dan Lamothe, The Washington Post Published 10:28 am PST, Sunday, December 23, 2018 WASHINGTON, DC - DECEMBER 21: U.S. President Donald Trump participates in the signing ceremony for the First Step Act and the Juvenile Justice Reform Act in the Oval Office of the White House December 21, 2018 in Washington, DC. The Trump administration is battling on multiple fronts with major developments on U.S. foreign policy in Syria, the resignation of Defense Secretary James Mattis, a falling stock market, and a potential governmental shutdown at midnight. less WASHINGTON, DC - DECEMBER 21: U.S. President Donald Trump participates in the signing ceremony for the First Step Act and the Juvenile Justice Reform Act in the Oval Office of the White House December 21, 2018 ... more Photo: Win McNamee, Getty Images … [Read more...] about Trump forces Mattis out two months early, names Shanahan acting defense secretary