Fair Isaac has announced cross-industry confirmation that its FICO Expansion Score reliably and consistently predicts credit risk levels using nontraditional credit data.Results from a study -- including bankcard and auto lenders as well as mortgage lenders and investors such as Freddie Mac, HSBC, First Franklin, and Option One -- show that U.S. lenders can "confidently assess the credit risk of nearly 50 million Americans who have little or no credit information on file at the major credit reporting agencies," according to a Fair Isaac spokesman. The FICO Expansion score taps nontraditional sources of consumer data in order to assess the credit risk of adults, including recent immigrants and young adults, who have minimal or no credit history on file. Thirty-five percent of credit-underserved consumers in the study had FICO Expansion scores above 640, satisfying typical lenders' approval requirements.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago