Latest OnLine Editon  Read Here

CFPB Looks at Alternative Credit Data

CFPB Looks at Alternative Credit Data Featured

The Consumer Financial Protection Bureau launched an inquiry into ways to expand access to credit for consumers who are credit invisible or who lack enough credit history to obtain a credit score.
Traditional credit history includes a borrower’s payment of debts such as mortgages, credit cards, and other loans. The Bureau is seeking public feedback on the benefits and risks of tapping alternative data sources such as bills for mobile phones and rent payments to make lending decisions about consumers whose lack of credit history might otherwise block opportunities.
The Bureau estimates that 26 million Americans are credit invisible, meaning they have no credit history with a nationwide consumer reporting agency. Another 19 million consumers have a credit history that has gone stale, or is insufficient to produce a credit score under most scoring models

Last modified on Friday, 17 February 2017 00:42

Start the day with the information you need to succeed!
Click here to sign up for our newsletters!

  • Auto Loan Defaults Rise
    Auto Loan Defaults Rise Auto loan defaults increased to 0.95 percent in August, from 0.86 percent in July. This is the second consecutive monthly…
    Written on Thursday, 21 September 2017 18:59
  • Luxury Cars See Stronger Prices
    Luxury Cars See Stronger Prices Average wholesale prices in August were once again up largely on the strength of truck prices, although another factor could…
    Written on Thursday, 21 September 2017 18:59
  • CarMax Adds Philadelphia Store
    CarMax Adds Philadelphia Store CarMax Inc. celebrated the grand opening of its new store in Langhorne, Pa.This is the company’s fifth location in the…
    Written on Thursday, 21 September 2017 18:59
  • Honda Recalls Incorrectly Installed Airbags
    Honda Recalls Incorrectly Installed Airbags American Honda Motor Co. is recalling 646 2008-12 Accord, 2010 and 2012 Accord Crosstour, 2006-11 Civic, 2007-11 CR-V, 2009-12 Fit…
    Written on Thursday, 21 September 2017 18:58