Credit Bureaus Gathering More Info on Consumers to Sell to Lenders

The WSJ reports that credit bureaus and Fair Isaac are beginning to sell new types of financial information to banks for purposes of evaluating credit applications. The bureaus are offering to report on your rent and utility payments, income, home’s value, and evaluate your banking activities. Fair Isaac, who invented the FICO credit score will report on customers’ bank deposits, balances, and withdrawals. The credit bureaus are estimating customers’ income something the Federal Reserve allows lenders to do in order to satisfy new requirements that credit-card applicants show the ability to pay their debts. The bureaus look at your credit...

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