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: Tweet to share: 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...


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...


A Truly Terrible Idea–Homeland Security Proposes to Check Credit Reports of Immigrants

The Department of Homeland Security today announced a proposed rule that would make it harder for immigrants to get visas to study or work in the U.S., to extend their visas, or to become lawful permanent residents (green cards). DHS proposes to use the immigrant's credit report and credit score in a factor in ruling on applications. This is a truly horrible idea. The reports and scores are not designed for immigration purposes. Credit scores are only designed to predict if a consumer pays his or her bills on time. Credit scores are based on credit history and what balances...


Employers Must Provide Negative Background Reports to Job Applicants Before Deciding not to Hire Them

The Fair Credit Reporting Act regulates employers who use background reports in the hiring process. Whenever a background report has negative information, the employer is required to send a copy to the applicant and given him or her a reasonable opportunity to comment or explain the contents of the report. For example, a background report may state the applicant was convicted of a felony when in fact the conviction was a misdemeanor. Or the report may have mixed the criminal history of a another person other than the applicant. In such cases, the applicant should be given the opportunity point...


What Families in Financial Difficulty Should Know about Credit Reports and Credit Scores

This is an excellent article by the National Consumer Law Center that explains essential information about credit reports and credit scores. What Is a Credit Report? Your credit report is a record of how you have borrowed and repaid debts. Almost every adult  American has a credit file with each of the three major national credit bureaus: Experian, Equifax, and TransUnion. Many but not all creditors report each month electronically to one or more of the credit bureaus the status of each of their accounts. Your credit report is a record of the history and description of the status of...

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