NCLC comments on two provisions of the Federal Housing Finance Agency’s proposed rule that would amend the Enterprise Regulatory Capital Framework for Fannie Mae and Freddie Mac. The comments express support for 1. A proposal to use an average of borrowers’ two credit scores as the representative credit score for single-family mortgages instead of the…
In this episode of the Wharton Fintech Podcast, host Ryan Zauk sits down with Chi Chi Wu to discuss: The Fair Credit Reporting Act’s strengths and weaknesses The Big 3 Credit Bureaus…what’s broken, and how we can fix it Pros and cons of the new alternative data boom COVID’s devastating effects on individual credit Her…
Read More about Wharton Fintech Podcast: The Broken Credit Reporting System
Credit scores have been used for decades to assess consumer creditworthiness, but their scope is far greater now that they are powered by algorithms. Not only do they consider vastly more data, in both volume and type, but they increasingly affect whether you can buy a car, rent an apartment, or get a full-time job.…
Read More about MIT Technology Review: Can AI fix your credit?
Three 2019 decisions from Second, Seventh, and Ninth Circuits, discussed below, have allowed companies that share data on consumers to evade Fair Credit Reporting Act (FCRA) requirements. This article points out that these firms should be careful what they wish for. Consumers may still be in a position to sue them even if they are…
An Act Relative to the Use of Credit Reporting in Housing H.1308/S.877 , the Fair Chance in Housing Act Senator Gomez , Representatives Cruz & Garcia Restricting the use of credit reports in housing decisions will reduce barriers to housing for the low-income and people of color most impacted by the COVID crisis and help…
An Act reducing barriers to employment through credit discrimination H.1434/S.1114, the Fair Chance in Employment Act (FCEA) Senator Barrett, Representative Cutler. Massachusetts has led the way in this area by being one of three states (CA, HI, MA) banning the use of credit scores in auto insurance decisions or pricing. This act will continue our…
Read More about Why We Need the FCEA to Keep Credit Reports Out of Hiring Decisions Now
Petition for rulemaking asking the CFPB to address the following issues as part of an upcoming Fair Credit Reporting Act rulemaking: strict requirements for debt collectors in furnishing information to credit reports; translation of credit reports for limited English proficient consumers and; creating an Ombuds office for credit reporting.
Consumer advocacy organizations expressed strong opposition today to H.R. 1165, the Data Privacy Act of 2023, a bill consumer groups believe would actually deprive consumers of important protections under state law, and offer little or no real new protections at the federal level.
The undersigned organizations express opposition to H.R. 1165, The Data Privacy Act of 2023, scheduled for mark-up in Committee this Tuesday, February 28.
Read More about Coalition Letter Opposing H.R. 1165, the Data Privacy Act of 2023
Reporting rent payments to credit bureaus like Equifax, Experian and TransUnion could have serious unintended consequences.
Read More about Op-Ed in The Hill: "Why rent reporting can harm rather than help vulnerable tenants"
The bill HB23-1126 would prohibit the reporting of medical debt information by consumer reporting agencies (CRAs). It would also inform consumers about their rights by requiring debt collectors to notify consumers with medical debt that such debt can no longer be included on credit reports, with narrow exceptions. Medical debt information in consumer reports (also…
Most credit card consumers experience problems with credit card bills at some point in their lives. A merchant might bill them twice for the same item or bill them for more than the agreed-to amount. Mail-order merchandise might never arrive, but a charge will appear on the consumer’s credit card bill. Thieves might use the…
