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14/ 10/ 2024, 11: 23 The New York Timeshttps:// nytimes. pressreader. com/ the- new- york- times/ 20241012 23/ 44 14/ 10/ 2024, 11: 23 The New York Times https:// nytimes. pressreader. com/ the- new- york- times/ 20241012 26/ 44 [Extracted from the article]

The article discusses credit bureaus' view that it is time to incorporate buy now, pay-later loans into consumers' credit reports in the U.S. Topics discussed include the role of pay-later products on the success of the retail industry's holiday sales, the impact of pay-later loans on consumers and the economy, and pay-later providers' claim that reporting loans will affect their customers as scoring models penalize borrowers who apply many loans in a short period.

The article discusses how changes in reporting medical debt by major credit agencies have reduced its impact on credit files, yet millions still affected call for further reforms, particularly in removing medical debt from credit histories, as it can hinder financial opportunities.

The article reports on legal threat facing the U.S. Consumer Financial Protection Bureau and its director, Rohit Chopra, as the U.S. Supreme Court will hear arguments about the agency's unconstitutional funding structure wherein it uses direct transfers from the Federal Reserve. It highlights Chopra's accomplishments that include creation of guardrails for the mortgage industry, policing of government-supported loans, and crackdown on groups that take advantage of lax federal oversight.

The article focuses on the Consumer Financial Protection Bureau's accusation against TransUnion for misleading consumers regarding credit report freezes, TransUnion's settlement of 8 million dollar, and issues related to credit report freezes.

The article reports on the 650 million dollars in settlement negotiated by credit bureau Equifax to resolve claims stemming from a data breach in 2017 that exposed confidential information of U.S. consumers. Topics discussed are compensation for the victims of the data breach, total fines to be paid by Equifax to end government investigations, agreement of Equifax to provide free credit monitoring services to all victims of the breach, and damages caused by the data breaches.

The article reports on the settlement payouts that need to addressed by credit reporting bureau Equifax in response to data breach claims of consumers. Topics discussed include the public exposure of personal data of Equifax customers revealed by the firm in September 2017, the budget allotted by Equifax for legal costs and the improvement of its technology systems, and brief details about the business operations of Equifax following the data breach incident.

The article presents questions for Mark Begor, chief executive officer (CEO) of data analytics and technology company Equifax. The questions cover issues such as Begor's goal to make Equifax as the most consumer-friendly credit reporting agency and the prospect of having unlimited free credit reports. Begor will also be asked about the company's stance on informed consent.

The article discusses accusations that the credit information services firm Equifax was failing to process customer requests for freezing the credit files of their children. It compares Equifax's performance to competitor firms Experian and TransUnion, discusses testimony given by Equifax chief executive Mark Begor before the U.S. House Financial Services Committee, and the impact of a data breach upon Equifax.

The article discusses issues regarding the power of consumers to cut ties with credit reporting agency Equifax as its system experienced data breach. Topics include the impact of the data breach on Equifax consumers, how Equifax consumers should deal with Equifax with respect to the data breach, and the implications of the data breach for consumers of credit reporting agencies, including Equifax, Experian and TransUnion.

The article focuses on the challenges faced by the consumer credit reporting agency Equifax Inc. after being a victim of a data breach in the US. Topics include the burden faced by the company's investors associated with its apparent lax security practices, the 35 percent fall of its stocks that lead to the losses of its stockholders, and the skepticism on who will take the financial accountability of the blunder.

The article reports that Governor Andrew M. Cuomo is planning to propose regulations that would require credit reporting agencies to register with the New York Department of Financial Services in order to protect consumers in the state.

The article presents posts from the social media source Twitter about the hacking incident at the credit reporting company Equifax.

The article discusses the challenges faced by individuals who have received inaccurate credit reports and allegations that consumer credit reporting companies do not do enough to change inaccurate reports. Topics discussed include a May 2014 lawsuit filed by Mississippi attorney general Jim Hood against consumer credit company Experian, oversight of the consumer credit industry by the U.S. Federal Trade Commission (FTC), and the fines that are paid by consumer credit companies.

The article discusses a 2013 decision by a Federal District Court jury in Portland, Oregon which awarded Julie Miller $18.4 million in punitive damages after she sued credit reporting agency Equifax for refusing to remove errors it inserted into her credit report. According to credit experts and lawyers, the settlement will not cause Equifax and other agencies such as TransUnion and Experian to revise their practices since they prefer to settle with consumers rather than alter business models.

The article looks at how a poor credit report can prevent an individual from being hired for a new job. It states that while some credit reporting bureaus claim that credit information reflects applicants' integrity and responsibility, others have argued that personal economic conditions do not represent moral character. Comments from Steven Burman of financial advising service Credit Advocates, lawyer Chi Chi Wu, and Alfred J. Carpenter, an unemployed shoe salesman with poor credit, are included.

The article discusses several ways of "opting out" of certain information services that solicit from consumers or sell consumer information to other companies. Deputy director of the Center for Democracy and Technology Ari Schwartz says over time it has gotten easier to opt out. Advice is given on opting out of such things as unwanted phone solicitations, junk mail, unsolicited email, and credit card offers. Also recommended is freezing one's credit report.

The article reports that an investigation by attorney S. Bradley Van Cleve has revealed the relationship between Standard & Poor's credit rating agency and Portland General Electric. Similarity in language amongst reports from the two organizations led Van Cleve to look through papers that revealed Portland had much more say in the content of its credit rating than appropriate.

The article presents the author's views on the current state of the U.S. real estate market. According to the author, credit rating agencies are growing more cautious and federal regulators are threatening to investigate loose lending standards. The influence of declining home values on mortgage rates is reviewed. Merrill Lynch & Co. Inc.'s recent purchase of First Franklin Financial Corp. is reviewed.

This article reports on efforts by the big credit reporting agencies, Equifax, Experian and TransUnion, to override state laws that have been enacted to protect credit reports on individuals in an attempt to thwart identity theft. These companies, owned by the Marmon Group, are seeking an amendment to a bill before Congress to limit the ability of consumers to lock their credit reports.

Explains credit scores, which determine how much a bank will lend for a mortgage. Mention of how Americans can order free copies of their credit reports; Significance of the FICO (Fair Isaac Corporation) score, which offers information on consumers' creditworthiness; How the FICO score has become the single most important indicator used by lenders to predict whether a borrower will repay his or her debt; Information on the score; How to obtain a credit score; Suggestions on how to look less like a credit risk.

The article reports on the agreement among the three giant credit reporting agencies in the U.S. to overhaul their approach to fixing errors and their treatment of medical debts on consumers' reports.

The authors reflect on the credit-report errors of credit bureaus found by the U.S. Federal Trade Commission (FTC).

The article focuses on the report issued by the Federal Trade Commission (FTC) in the U.S. which examines all the main components of the consumer credit reporting and scoring systems in the country and found the widespread errors in credit reports that was corrected by credit agency.

The Consumer Financial Protection Bureau announced on Monday that it would begin supervising the leading credit bureaus, the companies that collect financial details of everyone's life. The bureau will oversee and make rules covering about 30 credit reporting companies, representing 94 percent of the $4 billion credit reporting market. The rules will apply to the three big credit reporting firms - Equifax, Experian and TransUnion - and others with more than $7 million in annual revenue. [ABSTRACT FROM PUBLISHER]

''Debt collectors and credit reporting agencies have gone unsupervised by the federal government for too long.'' Richard Cordray, director of the Consumer Financial Protection Bureau, which proposed regulations that would allow it to supervise those two corners of the finance industry. ''It is patently wrong for young people to have such a poor start in life.'' Hilary Steedman, an economist at the London School of Economics. Britain's unemployment rate among young people has soared, and critics say the country has not financed enough job training and apprentice programs for those who don't go to college. [ABSTRACT FROM AUTHOR]

WASHINGTON -- Payday lenders, money transfer agencies, credit bureaus and debt collectors, take notice: the Consumer Financial Protection Bureau is coming after you, and quickly. The recess appointment of Richard Cordray on Wednesday as director of the consumer bureau finally gives the fledgling agency the legal standing to supervise those types of financial enterprises, something it has lacked since the bureau was created with the signing of the Dodd-Frank financial regulation act in July 2010. [ABSTRACT FROM AUTHOR]

PARIS -- With the sense of economic crisis deepening in Europe after the United States debt downgrade, investors have played Who's Next with the shrinking list of nations that still hold the top rating of AAA. And their sights have landed on France. Shares of French financial institutions were hammered Wednesday on the Paris stock exchange on mounting fears that France's own sterling credit rating could be cut, if the cost of cleaning up the European debt crisis weighs on the nation and its banks. [ABSTRACT FROM AUTHOR]

PARIS -- Europe was taken aback Saturday at the unprecedented downgrade of America's sterling sovereign credit rating, as officials of the Group of 7 industrial countries prepared to hold an extraordinary conference call on Sunday to discuss the debt crisis that has beset Europe and the United States. Jean-Claude Trichet, the president of the European Central Bank, planned to convene a late-afternoon call Sunday from his vacation in France with the heads of Europe's national central banks as they gird for what is expected to be a rocky opening of financial markets on Monday. [ABSTRACT FROM AUTHOR]

Economists and analysts are trying to gauge the costs to the economy and consumers if the United States loses its solid-gold credit rating -- a move that appears more likely now that the standoff in Washington over government spending has calcified. Some economists say the effects of lowering the federal government's credit rating to AA from AAA can be measured in the billions of dollars in increased borrowing costs for the government, and in the billions more that consumers, corporations, states and municipalities will have to pay for their credit. It could also erode consumer and business confidence, slowing even further the economy and job creation. [ABSTRACT FROM PUBLISHER]

Credit rating agencies have been questioning Congress about its credibility. Now, Congress gets to turn the tables. A House Financial Services oversight panel on Wednesday will give lawmakers their first chance to ask senior executives at Standard & Poor's and Moody's about their judgments in putting the government on notice that its top-flight credit rating is at risk. [ABSTRACT FROM PUBLISHER]

How accurate is the all-important data in your credit report? It depends on whom you ask. Previous estimates of credit reports with serious errors vary widely, anywhere from 3 to 25 percent. But according to a recent study paid for by the Consumer Data Industry Association, the trade group for the credit bureaus that assemble and sell credit reports, that rate is much lower. Consumer advocates, meanwhile, were skeptical of those results. [ABSTRACT FROM PUBLISHER]

Consumers should be proactive about monitoring their personal financial data. Here are a few tips: CREDIT MONITORING Create your own credit monitoring service by getting a free copy of your credit report from AnnualCreditReport.com, the only authorized site under federal law. You are entitled to one free report annually from each of the three major credit bureaus, Equifax, Experian and TransUnion, so you can order one from a different bureau every four months. [ABSTRACT FROM AUTHOR]

The Finnish cellphone maker Nokia said on Thursday that its chief technology officer had taken a leave of absence and would be temporarily replaced by the head of the company's research center. News of the departure of Richard L. Green, an American who joined Nokia last year from Sun Microsystems, came as Standard & Poor's cut Nokia's long-term credit rating for the second time this year. [ABSTRACT FROM AUTHOR]

Credit reports have increasingly become consumers' passport to the financial world. Whether you want to rent an apartment, get car insurance or apply for a credit card, the data in your credit report will be one of the crucial measures used to judge you. That's why you want to ensure that the information in your report - which is used to formulate your credit score - is free of any inaccuracies. Even if you're not denied credit, a small error here or there can cost you more in interest. [ABSTRACT FROM AUTHOR]

DAVOS, Switzerland -- As the turmoil gripping much of the Arab world reached a critical pitch in Egypt on Friday, the possible economic fallout was on the minds of credit ratings agencies monitoring the situation from thousands of miles away, and they did not like what they saw. But the warnings they issued are themselves raising eyebrows. Fitch Ratings said on Friday that it was putting a ''negative'' outlook on Egypt, as protesters there clashed with security forces and defied curfews, raising questions about the country's political stability. That warning came on the heels of a report by Standard & Poor's saying that the upheaval in Tunisia, where mass protests drove the longtime president from office, risked creating ''downward ratings pressures'' on other governments in the region, if leaders tried to calm social unrest with ''populist'' spending on tax cuts, subsidies, and public sector jobs. [ABSTRACT FROM AUTHOR]

Is Wall Street listening to the Tea Party? Two major credit ratings agencies warned Thursday that the United States might tarnish its triple-A credit rating if its national debt kept growing. [ABSTRACT FROM AUTHOR]

THE final weeks before a mortgage closing can be nerve-racking for any borrower, but new guidelines from Fannie Mae calling for an 11th-hour inspection of finances may mean even more headaches. These new quality-control guidelines were rolled out this summer and call for a second credit review. They are designed to ferret out borrowers who, in the weeks between applying for a mortgage or refinancing and closing on it, might have changed jobs, taken out additional consumer loans or fallen behind on monthly bills. Such activities could affect their credit rating -- and delay or torpedo a new loan. [ABSTRACT FROM AUTHOR]

Raise your hand if you can explain why anyone still believes in credit ratings. One of the enduring questions of the financial crisis is how the credit ratings establishment got so much so wrong for so very long. How could century-old institutions like the Moody's Investors Service give their triple-A blessings to subprime junk? [ABSTRACT FROM PUBLISHER]

In defending employers' use of credit checks as part of the hiring process, Eric Rosenberg of the TransUnion credit bureau paints a sobering picture. Retailers lose more than $30 billion a year because of employee theft, he says. Workplace violence costs employers $55 million a year in lost wages. A third of employees provide bogus information on their resumes. [ABSTRACT FROM PUBLISHER]

A key House lawmaker wants to make credit rating agencies -- which have been widely criticized for failing to give investors adequate warning of the risks in subprime mortgage securities that triggered the financial crisis -- responsible for each other's assessments by holding them collectively liable for inaccuracies. A new draft bill by the lawmaker, Representative Paul Kanjorski, a Pennsylvania Democrat, includes a plan meant to address what critics contend is the crux of the current system's problem: companies that issue securities -- as opposed to investors -- pay the agencies for ratings of those securities. [ABSTRACT FROM PUBLISHER]

Overregulating of credit ratings might just have a happy ending. With rating firms under pressure from policy makers for their failures over complex structured finance ratings, there must be a tipping point at which they would give up their officially sanctioned status to escape the burdens any changes could bring. If that led to no government involvement in ratings and no reference to ratings in laws, the financial world could be a better place. [ABSTRACT FROM PUBLISHER]

The words sound almost quaint in this post-subprime age: ''Credit. Man's Confidence in Man.'' But there they are, inscribed on a gilded frieze on the 20th floor of the Moody's Corporation -- the same Moody's that, along with its peers, stamped gilt-edged credit ratings on many mortgage securities that are now nearly worthless. [ABSTRACT FROM PUBLISHER]

Standard & Poor's warned Britain on Thursday that it was in danger of losing its AAA credit rating for the first time because of concerns about the government's deteriorating finances and its limited ability to lift its debt burden anytime soon. S.& P. lowered its outlook for the country's debt to negative from stable. While a downgrade is not considered imminent, or perhaps even likely, the shift unnerved investors, some of whom raised concern about the government's ability to raise money by selling bonds in the future. The FTSE 100-stock index fell 2.8 percent. [ABSTRACT FROM PUBLISHER]

Most consumers are about to lose access to one version of their all-important credit score. Fair Isaac, the company that conceived the score known as FICO, says Experian, one of the three major credit bureaus, will no longer allow it to sell scores based on Experian's data. [ABSTRACT FROM PUBLISHER]

Major credit ratings agencies downgraded the American International Group late Monday, worsening its financial health, as Federal Reserve officials and two leading investment banks were in urgent talks to put together a $75 billion line of credit to stave off a crisis at the company. The credit downgrades are likely to force the company to turn over billions of dollars in collateral to its derivatives trading partners. [ABSTRACT FROM PUBLISHER]

The Securities and Exchange Commission proposed new rules on Wednesday intended to stem conflicts of interest, expand disclosure for Wall Street's credit rating industry and flag the ratings of more complex securities. The S.E.C. is seeking to make the ratings business more open while also encouraging new firms to enter. The three firms that dominate the $5 billion-a-year industry -- Standard & Poor's, Moody's Investors Service and Fitch Ratings -- have been widely accused of failing to identify risks in subprime mortgage investments. [ABSTRACT FROM PUBLISHER]

The article presents information on requirement of security freeze technology to stop rising identity theft. Three main credit bureaus including Experian Inc., Equifax Inc. and TransUnion LLC have made security freezes to stop identity theft. It is said that two national freeze-rights bill to be passed by the U.S. Congress could help consumers to protect data easily.

Provides tips on how to request for a credit report free from credit agencies in the U.S.

Reports that an affiliate of the credit bureau Experian has settled government charges that is marketed free credit reports to trick consumers into paying for a credit monitoring service in the U.S.