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.

Thousands of Americans volunteered to check the accuracy of their credit reports and many discovered mistakes, according to new research from Consumer Reports. The results provide fresh ammunition to critics of the major credit bureaus, Equifax, Experian and TransUnion.

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.

Banking and credit reporting groups say such an agency could politicize the reporting process. Consumer groups say it would offer consumers a necessary alternative.

Equifax Inc. said it’s begun opening offices at 50% capacity, part of a wave of firms preparing to reopen corporate America as the coronavirus pandemic begins to ebb.

The Credit Union National Association filed the class action suit in 2017 after roughly 147 million people had personal information exposed through a hack of the credit reporting agency.

The rescue bill enabled banks to protect loans in forbearance from an immediate hit to a borrower’s credit report, but experts say affected consumers may have trouble getting loans after the pandemic ends.

Congressional Democrats want forceful action to prevent damage to millions of Americans' credit scores during the COVID-19 pandemic. But the credit bureaus argue that the tools needed to protect consumers are already in place.

Four Chinese military members charged with stealing data of 150 million Americans; fintech can use deposit insurance, a step toward a full bank charter.

No Republicans voted for the package of bills intended to overhaul the credit reporting system, casting doubt on its chances in the GOP-controlled Senate.