All articles tagged with #credit reporting
Originally Published 5 months ago — by Axios
Millions of low-income Americans face a dual threat as recent legal and policy changes could lead to increased medical debt appearing on credit reports and higher healthcare costs due to Medicaid and ACA cuts, potentially damaging their credit scores and financial stability.
Originally Published 6 months ago — by Axios
FICO will now include buy-now-pay-later (BNPL) data in its credit scores with the launch of two new scoring models, reflecting the growing use of BNPL services and aiming to provide lenders with a more comprehensive view of consumers' repayment behaviors. While this move is seen as a modernization of credit scoring, there are concerns about the potential impact on borrowers' credit profiles due to late payments and 'phantom debt.'
Originally Published 6 months ago — by Fox Business
FICO announced it will now include buy now, pay later (BNPL) data in its credit scores, reflecting the growing impact of BNPL services like Afterpay and Klarna on consumers' financial lives and creditworthiness, enabling lenders to better assess credit risk.
Originally Published 2 years ago — by Krebs on Security
Experian, one of the big-three consumer credit reporting bureaus, continues to have major security flaws that allow identity thieves to hijack user accounts. Despite previous reports and warnings, Experian has not addressed the issue of allowing anyone to recreate an account using different email addresses. The authentication process is weak, relying on easily obtainable personal information and multiple-choice security questions based on public records. Experian's lack of proper verification measures puts users' personal information at risk and leaves them vulnerable to identity theft. Other major credit reporting bureaus like Equifax and TransUnion require additional verification steps before making changes to existing accounts. Experian's track record of security breaches and vulnerabilities raises concerns about the safety of users' data.