Credit

The credit reporting agency is trying to get a CFPB lawsuit dismissed by claiming the consumer bureau didn’t sign off on a 2017 consent order for the same violations.

Kristy Kim, co-founder and CEO of TomoCredit, started out trying to help immigrants like herself access credit. With the latest funding round, she hopes to expand beyond credit cards.

The Buffalo, New York, bank flagged urban hotels and construction projects as potential sources of trouble. “But there’s nothing that’s flashing red right now that says there’s a big crisis coming,” said a top executive.

Credit quality at the largest U.S. bank by assets remains strong for now, but a top executive issued a warning about what may lie ahead.

The agency issued an advisory opinion warning that credit reporting bureaus and other entities using credit checks can no longer use disclaimers to bypass privacy protections.

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

Missed payments are rising among nonprime credits as higher prices on other goods leave consumers with less money to pay back their car and truck loans. The uptick may be a sign that the stellar credit environment for lenders is starting to turn.

A challenger bank, an alternative credit score company and a proposed federal credit union are improving access to banking and lending for those who have been in prison.

Borrowers must be protected against discrimination at all steps of the credit process — including after they’ve already been granted credit, the regulator affirmed.

Klarna will begin reporting the use of buy now/pay later products to U.K. credit reference agencies, which could see the increasingly popular mode of financing impact users' credit ratings.