Homeland Security to Check Immigrants’ Credit Scores

Ms Chi Chi Wu of the National Consumer Law Center today flagged the release by the Department of Homeland Security (DHS) of a regulation that greatly expands what will be considered in determining whether an immigrant is considered a potential “public charge” and thus should be denied a visa or green card.  Among the many controversial provisions of this regulation, it requires DHS to consider an immigrant’s credit score and credit report. Ms Wu noted the problems and unfairness of the use of credit scores and reports for purposes of immigration: “Using credit scores and credit reports to determine immigration status...

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CFPB Suit Against Credit Repair Company Lexington Law

The Consumer Financial Protection Bureau (Bureau) today filed a complaint against PGX Holdings Inc. and subsidiaries Progrexion Marketing Inc., Progrexion Teleservices Inc., eFolks LLC, and CreditRepair.com Inc.; and against John C. Heath, Attorney at Law PLLC, which does business as Lexington Law. The lawsuit, filed in U.S. district court in Utah, alleges the defendants violated the Telemarketing Sales Rule (TSR) by requesting and receiving payment of prohibited upfront fees for their credit repair services. Under the rule, companies can only charge fees for telemarketed credit repair services after providing consumers with documentation reflecting that the promised results have been achieved....

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FICO’s New Credit Score

Many lenders have already upgraded, or are in the process of upgrading, to FICO® Score 9. It is FICO's Score version, and it has important changes compared to previous scoring formulas: Third-party collections that have been paid off no longer have a negative impact.Medical collections are treated differently than other types of debt. Unpaid medical collections will have less of a negative impact on FICO® Score 9.Rental history, when it's reported, factors into the score?this may be especially beneficial for people with a limited credit history. Financing a new car? FICO® also has a specialized score called Auto Scores, which is...

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House Committee Hearing on Credit Reporting

On February 26, 2019, a House Committee held an important hearing on the credit reporting agencies. The CEOs of Experian, Equifax and Trans Union were witnesses. Here are some excerpts. Congresswoman Katie Porter's line of questioning was covered on MSNBC by Lawrence O'Donnell. VIDEO: https://www.youtube.com/watch?v=7tgZEgSlhA0 Tweet to share: https://twitter.com/RepKatiePorter/status/1100779682688045057 Clips like these exploded on Twitter. The top videos (Porter, AOC, Tlaib) received 600,000, 360,000 and 380,000 views, respectively! [email protected] to Equifax CEO: "if you agree that exposing information like what exists in your credit reports creates harm...WHY are your lawyers arguing in federal court that there was no injury & no...

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FICO’s New Credit Score takes Banking Activity into Account Boosting Consumers’ Scores

Fair Isaac Corp. the company that invented credit scores, announced a new credit scoring system based partly on consumers' bank account activity. Heretofore, credit scores ignored consumers' bank activity. The new score called UltraFICO Score is not meant to weed out persons applying for credit. Rather, it is meant to improve credit scores for those who maintain a bank balance and who avoid overdrafts.  FICO is doing so on the theory that such persons are more likely to repay their loans. According to a WSJ article, the UltraFICO score will function as an appeal of sorts, boosting many applicants with less-than-ideal...

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