Credit

Equifax Inc.’s massive data breach is proving costly.

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

Readers weigh in on a blockchain-based credit bureau, react to the CFPB’s arbitration rule and chime in on calls to invest more in women.

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.

Additional data such as college major enhances the ability to provide credit to thin-file consumers. But could it create other issues?

Text analysis holds the promise of improving lenders’ ability to evaluate which borrowers will repay, but it also carries substantial risks.

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.

The Alabama bank's provision for loan losses rose 59%, but it still reported an 8% increase in 3Q profits thanks to stronger margins and fee income.

Many institutions have delayed planning for a big change to reserve accounting despite a belief that they should start testing systems and methodologies next year.

Huntington executives are surprised that chargeoffs are still so low and say they're prepared for things to get worse, yet they remain aggressive in auto and other categories. The juxtaposition is a sign of the times for lenders.

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

The U.K. Financial Conduct Authority opened an investigation into the hack of credit reporting company Equifax Ltd. that saw personal data stolen from at least 143 million people.

The store-branded credit card issuer reported that more borrowers fell behind on their payments in the third quarter. Still, net earnings were stronger than expected.

Readers weigh in on online lending growth, how President Trump’s healthcare policies affect lenders, regulation’s effects on community banks and more.

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.

Martin Chavez reminded analysts Tuesday that while the Wall Street firm may be new consumer lending, the executives leading the unit are all veterans of the sector.

Equifax Inc.’s political troubles expanded, as a top U.K. Parliament lawmaker demanded information from the company and its British regulator about the hack that exposed sensitive data for nearly 700,000 U.K. consumers.

CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses.

Equifax Inc. has seen no evidence that the cyberattackers who got access to sensitive information on 145 million U.S. consumers worked for the company, former Chief Executive Officer Richard Smith said.

Congress may soon try to limit the personal identifiable information that companies and the government can collect on consumers based on their reaction to the massive data breach at Equifax.