FHFA: Final Rule on Credit Scoring Models Published
The Federal Housing Finance Agency (FHFA) today sent to the Federal Register for publication a final rule on the validation and approval of third-party credit score model(s) that can be used by Fannie Mae and Freddie Mac (the Enterprises). The rule implements the requirements in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection…
CFPB: FTC, CFPB and States Announce Settlement with Equifax Over 2017 Data Breach
The Consumer Financial Protection Bureau (Bureau), the Federal Trade Commission (FTC), and 48 states, the District of Columbia and Puerto Rico announced a global settlement today with Equifax that would provide up to $700 million in monetary relief and penalties. In a complaint and proposed stipulated judgment filed in federal district court in the Northern…
CFPB: Regulations Proposed to Implement the Fair Debt Collection Practices Act
Today the Consumer Financial Protection Bureau (Bureau) issued a Notice of Proposed Rulemaking (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the NPRM would set clear, bright-line limits on…
CFPB: A No-Cost Way to Prepare Your Credit for a Big Purchase
Thinking about buying a house, car, or other big ticket item, and know you’ll be using credit? Before making a big purchase, your first step should be to take a look at all of your finances. Check out these five steps to prepare your finances that won’t cost you a penny. 1. Take advantage of…
CFPB: Get Your Credit on Track with New CFPB Booklet
Today the Bureau is releasing “Want credit to work for you?” the newest addition to the Your Money, Your Goals suite of financial empowerment tools. The third in a series released by the Bureau, this booklet provides eight tools to help consumers through the various stages of building credit, maintaining good credit, and fixing credit if it…
CFPB: Credit Score Myths that Might Be Holding You Back from Improving Your Credit
Improving your credit is possible, but it’s hard to know where to start. There’s a lot of misleading information out there, and these credit myths can get in the way of improving your credit score. Your credit score is important for determining things like whether you’ll be able to qualify for a loan or credit…
FHFA: Proposed Rule Issued on Validation and Approval of Credit Score Models
The Federal Housing Finance Agency (FHFA) is seeking public comment on a proposed rule that would establish standards and criteria for the validation and approval of third-party credit score models used by Fannie Mae and Freddie Mac (the Enterprises). This proposed rule is required by Section 310 of the Economic Growth, Regulatory Relief, and Consumer…
CFPB: Free Credit Freezes Now Available
Free credit freezes and year-long fraud alerts are here, starting Sept. 21, 2018, thanks to a new federal law. Here’s what you should know. Free credit freezes Security freezes, also known as credit freezes, restrict access to your credit file, making it harder for identity thieves to open new accounts in your name. Starting Sept….
CFPB: New Research Report on the Geography of Credit Invisibility
Creditworthy consumers can face difficulties accessing credit if they lack a credit record that is treated as “scorable” by widely used credit scoring models. These consumers include those who are “credit invisible,” meaning that they do not have a credit record maintained by one of the nationwide consumer reporting agencies (NCRAs). They also include those…
CFPB: New Rule Updates Fair Credit Reporting Act Model Consumer Disclosures
The Bureau of Consumer Financial Protection (Bureau) today issued an interim final rule updating two model disclosures to reflect changes made to the Fair Credit Reporting Act (FCRA) by recent legislation. In May 2018, Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which requires nationwide consumer reporting agencies to provide “national security…