Posts Tagged ‘Equifax’

What’s Next for Consumer Data Security?

Posted on September 29, 2017 by Laura Lam

For Equifax, the fallout from its massive data breach is far from over.  The company is facing numerous inquiries from government agencies and even lawsuits.  The breach exposed serious flaws in the financial system’s consumer data security framework.  So how can the financial services industry protect against fraud in the future?  How can they make things safer? According to a new report from ratings agency DBRS, the answer to making things safer is to further embrace technology.  Specifically, DBRS states that it believes the financial services industry needs to move towards biometric security, which would provide additional layers of protection that a Social Security…

Equifax Fallout: What You Need To Know

Posted on September 14, 2017 by Laura Lam

For many people, the news late that Equifax was hit with a data breach that may have compromised personal data of 143 million U.S. consumers brought on a heavy case of déjà vu.  From mid-May through July 2017, social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers and credit card numbers were exposed in the breach.  It may have felt like one of the many previous data breaches including Yahoo, Target, and Home Depot.  However this breach looks to be a bit more severe than most of these others and it will have consequences in multiple…

Sub-prime Mortgages Continue to Climb

Posted on October 05, 2015 by Saldutti

Mortgage originations to those with subprime credit scores continued to climb steadily over the first 5 months of 2015, according to data from the latest Equifax National Consumer Credit Trends Report.  Each category – first mortgages, home equity installment (HE) loans and home equity lines of credit (HELOC) – showed significant increases in subprime originations over the same period a year ago. The number of first mortgage originations to borrowers with low credit scores was up 30.5%, HE loans was up 29.5%, and HELOCs rose 20.4%. Despite the considerable increases in subprime originations, their overall numbers remain only a small…

Credit Bureaus Will Offer Relief for Medial Debt

Posted on March 19, 2015 by Saldutti

Big changes are coming for your credit report – eventually.  The 3 major credit reporting bureaus,Equifax, Experian and TransUnion, have agreed to make several significant changes over how medical debts will be handled and how disputes over information contained in the reports are resolved. Although a New York state investigation spurred the settlement, most changes will be enacted nationwide. Consumer advocates said the pending changes could make it easier for many consumers to improve their credit. “It seems pretty positive for consumers,” said Linda Sherry, director of national priorities for advocacy group Consumer-Action.org. “So much stems out of credit reports these days. It’s not…

Lenders Step Up Loans to Subprime Borrowers

Posted on February 24, 2015 by Saldutti

Loans to consumers with low credit scores have reached the highest level since the start of the financial crisis, driven by a boom in car lending and a new crop of companies extending credit.  Almost 4 of every 10 loans for autos, credit cards and personal borrowing in the U.S. went to subprime customers during the first 11 months of 2014, according to data by Equifax. That amounted to more than 50 million consumer loans and cards totaling more than $189 billion, the highest levels since 2007, when subprime loans represented 41% of consumer lending outside of home mortgages. Equifax…

Why Did My Credit Score Drop?

Posted on January 15, 2015 by Saldutti

Being late on one bill can’t hurt your credit score that much, right? Wrong! Not only can a single, small late payment slice 100 points off your credit score, it can take 3 years to recover from the damage.  The roughly 60% of Americans who have excellent (700-or-above) credit scores, and who think they don’t have to worry, should sit up and pay attention. When the Consumer Financial Protection Bureau (CFPB) released its report on unpaid medical debts last month, a revealing sentence was tucked deep inside:  “An unpaid collections tradeline of at least $100 to a consumer’s credit report…

Experian Now Offers FICO Credit Scores

Posted on January 13, 2015 by Saldutti

Experian, one of the three primary credit bureaus, is now offering FICO scores when consumers sign up for its credit-monitoring products and services.  FICO is the scoring model most used by lenders to determine an applicant’s eligibility for mortgages, auto loans, credit cards and other lines of credit.  “Our members asked for the credit score they recognize as being most relevant,” said Guy Abramo, president of Experian Consumer Services.  “FICO Scores are used by lenders more than any other credit score, and we now offer them to our members.” Consumers can still pay a fee for their Experian scores, and…

10 Credit Score Myths

Posted on June 29, 2010 by Saldutti

The technical definition of a credit score is “is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person.”  This magic number can affect everything from your credit card interest rates, to how much you pay on a car loan or mortgage, and even determine whether you get a job. But despite the importance, 4 in 10 Americans never bother to check their credit scores. What’s more, many people have incorrect theories on what influences their score when in actuality, it’s only credit history that matters. Think you know everything…