Credit

Republican Senator Josh Hawley sent a letter urging the Justice Department to investigate FICO's price increases, which he said have "been borne by borrowers, especially lower-income borrowers."

The first year of Otting's tenure as the New York lender's CEO brought substantial change, but the job isn't done. His goal: to build a powerhouse, profitable regional bank.

The private market is increasingly testing credit metrics aimed at growing originations without adding risk as a larger effort to this end has slowed.

Sen. Mike Rounds, R-S.D., has filed a Congressional Review Act resolution to repeal the Consumer Financial Protection Bureau's rule barring medical debt from credit reports.

The Consumer Financial Protection Bureau, now led by Treasury Secretary Scott Bessent, agreed to temporarily halt enforcement and litigation over its medical debt rule, handing the banking industry an immediate reprieve.

Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence and allowed previously deleted inaccuracies to be reinstated on credit reports. The credit reporting bureau also shared inaccurate credit scores and data about consumers with lenders.

The removal of the fourth-quarter implementation date also impacts the planned addition of a bi-merge report option.

Without admitting wrongdoing, Equifax agreed to pay $725,000 because of a three-week error which lowered credit scores for 77,000 New Yorkers.

Two trade groups filed a lawsuit against the Consumer Financial Protection Bureau claiming it exceeded its authority and ignored the legislative history on medical debts.

Experian said it has gone "above and beyond the law" to investigate consumer disputes related to the accuracy of information.

The Consumer Financial Protection Bureau finalized a rule that will remove medical  bills from credit reports to end what the bureau called "coercive debt collection practices."

A key update of secondary market scores is set to reach the finish line in 2025 but the outlook for whether its current trajectory will continue is mixed.

Residents of Minnesota have the highest average credit score, at 726, beating the national average of 701.

Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.

An American Bankers Association panel of forecasters predicted slower growth, but it said the U.S. economy would likely avoid a recession, sparing lenders deep credit quality woes.

Prophecies about a wave of bank failures caused by sickly CRE loans haven't yet come true. But there are still plenty of caution signs in a saga that will take years to play out.

While the Department of Veterans Affairs does not have a credit score usage mandate, it has shown to be open to the use of advanced models.

Pandemic era changes to credit reporting have dangerously distorted credit scores for mortgage borrowers. The market is in worse shape than we realize, writes a former Federal Housing Finance Agency director.

The change in medical debt reporting initiated by the three credit bureaus did not go far enough as 15 million Americans are still impacted, the groups led by the National Consumer Law Center said.

Democrats Ritchie Torres and Gregory Meeks called on the New York Home Loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers' access to homeownership.