CFPB Reports Consumers Continue to Struggle to Get Credit Reports Corrected

Today the Consumer Financial Protection Bureau (CFPB) released a report that  consumers continue to struggle to resolve errors on their credit reports Most consumers' complaints fell in the following categories: Consumers report problems disputing complaints on their credit reports: Complaints submitted to the Bureau indicate that consumers continue to experience difficulties when submitting disputes to credit reporting companies. Consumers complain about inaccurate information on credit reports: Consumers submit a high number of complaints about inaccurate personal information on their reports. Frequently consumers state that incorrect or unrecognized names and addresses appear on their reports. Consumers report confusion about credit scoring:...

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New Credit Score Models May Help Consumers with Little Credit History

The NY Times Money Adviser has a report on new credit scoring models that rely on such data as rent and cellphone payments not used in traditional score models. The idea is to help lenders find consumers who are credit-worthy who may not have established credit histories. About 45 million Americans lack traditional credit files. These consumers may have never had a credit card or they may have had financial difficulties and stopped using credit resulting in spotty credit histories.  Many lenders will not lend to people with credit scores of under 620; alternative data might improve their scores. FICO recently...

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