On October 10, 2018, the Department of Homeland Security (DHS) issued a proposed rule that would make it much harder for immigrants to obtain visas (including visas to study or work in the U.S.), to extend their visas, or to become lawful permanent residents (“green card holders”). The proposal greatly expands what will be considered…
The undersigned associations, consumer, civil rights and advocacy groups wrote to express opposition to H.R. 435. This legislation, if enacted, would reduce consumers’ control over their own data by preempting state and federal privacy protections, damage the credit scores of millions of consumers with a disproportionate impact on African Americans, and conflict with long-standing state…
Read More about Coalition letter opposing H.R. 435, Credit Access and Inclusion Act
It’s been one of the most confounding economic paradoxes of the COVID-19 pandemic – why have credit scores remained steady, or even increased, despite the financial ruin caused by record unemployment, with entire industries such as restaurants and tourism decimated? The average FICO score has risen from 703 to 711, while delinquencies for credit card…
Read More about The Credit Score Pandemic Paradox and Credit Invisibility
After racial justice protests and Black Lives Matter activism last summer, advocates and policymakers have proposed a number of programs for lessening the yawning racial disparities in Black-white homeownership and wealth. These include proposals for downpayment assistance, homeownership counseling, and special lending programs for Black borrowers. The latter are referred to as “special purpose credit…
In 2018, more than a quarter of all Californians had a debt in collection.1 The increases in unemployment claims and general job loss due to COVID-19 will without question result in an explosion of debts in collection that will disproportionately impact the most vulnerable consumers who are least able to weather a financial crisis and…
Read More about Stabilizing Consumer Finances During and After the Coronavirus Crisis in California
The COVID-19 pandemic has devastated our economy, leaving over 26 million consumers unemployed (as of late April 2020) and forcing countless small businesses to close. This economic catastrophe will also lead to damaged credit reports and plunging credit scores for tens of millions of consumers. Lower credit scores will not only impede consumers’ ability to…
Read More about Protecting Credit Reports During the COVID-19 Crisis
The COVID-19 crisis will damage the credit reports of tens of millions of consumers, who will see their scores nosedive because of mass unemployment and loss of income. Lower credit scores will impede consumers’ ability to get affordable credit, jobs, housing, and to generally recover when this crisis is over. Yet the response to this…
Read More about Credit Reports and the COVID-19 Crisis: What States Should Do to Help Consumers
The challenges posed by the Covid-19 crisis have heightened the importance of sustained, affordable access to essential home energy service for all households across the nation. Yet, there is currently only limited capacity in the U.S. to gain a clear, data-driven understanding of the number of households that lose access to home energy services and…
Why is it important to correct errors in my credit report? What can I do if there is an error in my credit report? These questions and more are answered in NCLC’s Facts for Older Consumers: Disputing Errors in a Credit Report.
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