Equifax

Democrats are pushing for a public-sector alternative to the three main credit bureaus, but Republicans argue that the government is ill-equipped to safely handle consumer data and produce accurate reports.

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.

Regulators have long warned the credit bureaus about deceptive marketing that causes consumers to sign up unwittingly for paid monitoring services. But the practice has persisted, according to complaint data.

Freddie Mac is increasing the number of companies offering merged reports from the credit bureaus through integrations with its Loan Product Advisor automated underwriting system.

A year after the major credit bureaus agreed to strip tax liens and civil judgments from consumers' credit files, a new study says it is hampering lenders' credit decisions. But proponents of the move insist it was the right call.

A bill by Rep. Patrick McHenry, R-N.C., would give the CFPB authority to oversee cybersecurity efforts at the credit bureaus.

It’s no coincidence that with more than half of consumers ages 20 to 29 now holding credit cards — up from 41% in 2012 — 90-day delinquency rates are at a seven-year high, according to the New York Fed.

The watchdog’s report — requested by Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md. — called for civil money penalty authority and better supervision to guard consumer data.

Ahead of testimony by the CEOs of the major bureaus, House Financial Services Committee leaders proposed sweeping changes for the credit reporting industry and credit-score protections for furloughed government workers.

While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening.