Credit

The root of the credit reporting sector’s problems may be its dominance by a handful of big firms, lawmakers from both parties said at a hearing.

The root of the credit reporting sector’s problems may be its dominance by a handful of big firms, lawmakers from both parties said at a hearing.

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.

The Senate Banking Committee will likely vote on Todd Harper and Rodney Hood's nominations to the federal regulator, while lawmakers hold hearings on a host of credit union priorities.

Recent data from the Federal Reserve suggests lenders are growing pessimistic about the credit environment. But is that a sign of trouble ahead, or just sound risk management?

The top Republican and Democrat on the Senate Banking Committee are asking for stakeholders to weigh in on data collection issues as lawmakers consider legislative responses to recent breaches.

As another possible shutdown looms, concerns about furloughed workers’ credit histories have shifted the reform discussion away from data security.

The House Financial Services Committee will hold a hearing Feb. 26 on "holding credit bureaus accountable" — one of seven hearings scheduled by the panel for the month.

The U.S. car rental industry has frustrated many young adults for years with special restrictions and credit checks for customers under who try to pay with a debit card. But big data is bringing some relief.

Young consumers don't have long credit records, but they do make lots of recurring payments that can feed credit risk decisioning, according to Barrett Burns, president and CEO of VantageScore Solutions.