Credit

Virginia National will set aside up to $950,000 to cover losses after ReliaMax, a firm that issues surety bonds for student loans, was placed into liquidation.

The legislation, authored by Rep. Keith Ellison, D-Minn., is aimed at helping lower-income consumers build their credit histories.

Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax's systems last year.

Dark clouds may not yet be on the horizon, but industry executives are sending the message to investors that they know a turn in the credit cycle is coming, and they are planning accordingly.

It’s not just weaker underwriting and higher household debt levels that are driving past-due rates to their highest levels in seven years.

The post-recession boom in auto loans and credit cards for borrowers with marred credit histories has been winding down in recent months.

Nearly four in five expect spreads to widen this summer, which is not good news for spec-grade U.S. companies that binged on borrowing levels over the last two years.

The annual progress report on the Fannie Mae and Freddie Mac conservatorships reiterated that a new credit score model will likely not be operational until after the implementation of a new Single Security Initiative.

A late addition to regulatory relief legislation would direct the Federal Housing Finance Agency to review credit-scoring alternatives, but some say the provision is redundant.

The Federal Housing Finance Agency said Friday it will give commenters more time to weigh in on a potential update to the credit scoring requirements for Fannie Mae and Freddie Mac.

David Nelms said that many digital lenders do not understand how to underwrite personal loans properly, and he took a dig at their lack of profitability. The upstarts say their industry's ability to attract capital speaks for itself.

The weighted average FICO credit scores of securitized reperforming loans are deteriorating a little, according to a DBRS study of the bonds.

Housing regulators should not adopt an alternative credit scoring model until the banking industry is on board.

The two government-sponsored enterprises have relied on the “classic” FICO credit scoring model for the past 12 years. But the Federal Housing Finance Agency is weighing whether the GSEs should upgrade to more recent scoring alternatives.

Citing the dim financial outlook for a business it entered just six years ago, the Wayzata, Minn., company will stop making auto loans on Dec. 1.

The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.

The Consumer Financial Protection Bureau said 42% of car loans issued in the last year had a repayment term of six years or more, a huge leap over the 26% with such terms in 2009.

Calls for less reliance on credit bureaus and Social Security numbers for verification are leading many to envision a future of identity on a distributed ledger.

As more loans go bad across the credit card industry, the Riverwoods, Ill.-based company boosted its provision for loan losses by 51%.

Cybersecurity and breach notification procedures have caught the most public attention following the massive hack at Equifax, but lawmakers are also interested in the accuracy of credit reports.