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Consumer Credit Reporting

China Regulates Credit Information

According to a press release of the Legislative Affairs Office of the People’s Republic of China, Premier Wen Jiabao, presiding over a State Council executive meeting, examined and adopted the “Credit Management Ordinance”. The legislation covers consumer and commercial credit information and took several years of extensive consultation between the Legislative Affairs Office of the State Council, the People’s Bank ... Read More »

What is “Alternative” Credit Data?

When one stops to think about it, the term “alternative credit data” is a catch-all phrase to describe data that is not currently reported on mainstream credit reports.  But what, in reality, is alternative about it? For millions of people, it may not be alternative data but the only credit record they have.  For these consumers, it would seem it ... Read More »

PERC Releases Study on Comprehensive Credit Reporting in Australia

PERC released a new study detailing the impacts of more comprehensive credit reporting in Australia and New Zealand. The report, Credit Impacts of More Comprehensive Credit Reporting in Australia and New Zealand, summarizes the results from a joint undertaking by PERC and Dun & Bradstreet Australasia using credit data from 1.8 million Australians. “The results of the analysis provide strong ... Read More »

Invitation to attend a BIIA Meeting on October 24th at 9:00 – 12:00 at the W Taipei, Taiwan

Members of the consumer credit reporting industry are cordially invited to attend a meeting of BIIA members to discuss the formation of APCCIS**, a special initiative of BIIA members which is to focus on industry advocacy for Consumer Credit Information Services in the Asia Pacific, South Asia, South East Asia and the Middle Eastern regions. BIIA members with operations in ... Read More »

FICO European Risk Survey Shows a Rocky Road Ahead

FICO’s latest survey of European credit risk managers with Efma indicates that credit demand and supply will be reduced in almost all markets. A startling 88% of respondents say that more small businesses will turn to alternative sources to fund capital, and the same percentage say that more consumers will turn to micro-lending for their borrowing needs.  This may not ... Read More »

US Credit Reports Are 99% Accurate – Why Would CFPB Want to Rewrite the Rules?

Investor’s Business Daily lambasted claims made by Richard Cordray, the head of the Consumer Financial Protection Bureau (CFPB), at a Detroit credit reporting hearing.  Cordray claimed that ‘inaccurate’ credit reports and scores may be ‘unfairly blocking’ some people from obtaining credit.  A community organizer at the hearing claimed as much as 40% of reports may be inaccurate.  Cordray stated that ... Read More »

Regulating US Credit Bureaus to Start in Earnest

The Consumer Financial Protection Bureau (CFPB) will start supervising the 30 largest firms that make up 94 percent of the industry.  That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.  Richard Cordray, the government agency’s director, stated in a recent speech that the CFPB oversight may include on-sight examinations, and that it may require credit bureaus ... Read More »

A New Pathway to Financial Inclusion: Alternative Data, Credit Building, and Responsible Lending in the Wake of the Great Recess

This PERC study compares results with data from2005/2006 and 2009/2010 credit reports to assess the consumer credit impact of including fully reported alternative data in credit reports. The data was selected to capture the period during which unemployment and late payments spiked. Authors:  Michael A. Turner, Ph.D., Robin Varghese, Ph.D., Patrick Walker, M.A., Sukanya Chaudhuri, PhD. To download the report click ... Read More »

Alternative Data Repairs Bad Credit, Increases Credit Access

At a briefing on Capitol Hill, the Policy and Economic Research Council (PERC) released a report on the consumer credit impacts of including fully reported (timely and late payment data) non-financial payment data (so-called “alternative data”) in consumer credit reports. The study, A New Pathway to Financial Inclusion, suggests that despite economic changes, alternative data provides enormous lift to lenders ... Read More »

Consumer Credit Information: The Shape of Things to Come – What Does Mobil Phone Usage Say about Credit-worthiness?

Does the number of text messages you send, or the time of day you make your first phone call, say something important about how credit-worthy you are?  Cignifi believes it does. Cignifi is revolutionizing the way financial service companies meet the needs of an estimated 2.7 billion people worldwide with a mobile phone but no access to formal financial services. ... Read More »