Authors

Curtis Arnold
Curtis Arnold, Editor-in-Chief
Joe Taylor
Joe Taylor Jr., Reporter
Amber Stubbs
Amber Stubbs, Managing Editor

Credit Scoring Reporting

  • Studies show credit card defaults falling along with monthly balances

    American consumers managed their credit cards more effectively in February, according to the latest report from the S&P/Experian Consumer Credit Default Indices. The national default rate on bank cards fell to 3.37 percent, down 4 basis points from the previous month and down a full percentage point from the same period a year earlier. In a [...]

  • Credit cards and collections agencies weigh heavily on credit reports, says CFPB

    The handful of credit cards in a typical American's wallet bears a disproportionate impact on a credit report compared to other consumer accounts, according to a new CFPB report. In a white paper published this month, officials at the Consumer Financial Protection Bureau used existing research to call out the need for stronger financial literacy [...]

  • Credit cards for fair credit boost TransUnion's Credit Risk Index

    Credit cards for fair credit and poor credit have returned in force after a few years on the market's back burners, according to analysts at TransUnion. As a result, the credit reporting agency's leading risk indicator has returned to a level last seen at the start of the country's financial crisis. TU's Credit Risk Index notched [...]

  • Credit scores about to get personal

    A big change to credit score reports is on the horizon. Information such as late rental payments, property tax liens, delinquent homeowners association payments and other personal financial information could show up on consumer credit score reports in the near future. CoreLogic, a financial data collector that provides streamlined credit reports to mortgage companies and other [...]

  • Credit score: Nice guys finish last

    Nice people — as well as bad drivers — should worry about their credit scores, according to recent reports. According to the Globe and Mail, a Louisiana State University research team set out to investigate the common belief that employers could judge a job applicant's trustworthiness by reviewing their credit reports. The LSU researchers couldn't find [...]

  • New scores aim to predict consumer behavior

    Your public records could help tell your doctor whether you're likely to take your medication on time, according to researchers at the country's most prominent credit scoring agency. According to a Wall Street Journal report, FICO has launched a new consumer rating system based on the information collected from public agencies and courthouses. The "Medication Adherence [...]

  • Credit scores: Wisconsin 1, Texas 0

    Two new reports on credit scores: one reveals significant variation by state, and another shows how credit scores are affected by common holiday credit moves such as applying for a retail card or sudden increases in credit utilization. Location, location, location Credit agency Experian released its State of Credit report and it found residents of Texas suffer [...]

  • TransUnion: Credit card delinquencies hit 18-month low

    A recent TransUnion report reveals that credit card delinquency has continued to drop in the second quarter of 2011, marking what now amounts to a year and a half of falling delinquency rates. Although delinquency rates have been dropping for the past six quarters, the improvement in the second quarter of 2011 was still unexpected [...]

  • Fed: Banks must release credit score when denying credit card application

    Credit card applicants can see their credit scores for free if a bank used that score to decline service, according to the Federal Reserve. The Federal Trade Commission and the Federal Reserve Board jointly announced their rules for implementing free credit score notifications under the the Dodd-Frank Wall Street Reform and Consumer [...]

  • Credit card accounts up 35 percent since last year, says Equifax

    Credit card deals have helped banks bounce back with a 35-percent bump in new accounts compared to last year, according to a new report from Equifax. Researchers at the national consumer credit bureau released the July edition of their monthly Credit Trend Report, drawing on data compiled from the credit profiles of nearly 600 million [...]

  • New Fed rules offer free credit scores to rejected credit card applicants

    Consumers who get bad news during an instant approval credit card application could get free copies of their credit scores, once the Federal Reserve begins enforcement of a new disclosure rule this spring. In a pair of proposals published to the Federal Reserve's website, the agency outlines the ideal template for the rejection letter a [...]

  • Experian's "State of Credit" Tracks Community Money Woes

    Natural disasters and fallout from the real estate bubble still hamper many Americans' attempts to improve their credit scores, according to an Experian report released this month. In their "State of Credit in America" report, the credit reporting bureau reveals the American cities with the ten highest and ten lowest average credit scores. Four of [...]

  • Bad Credit Scores and High Credit Scores Both Surged in Spring 2010

    More than a quarter of Americans now have credit scores below 600, according to officials at FICO Inc. The company that developed some of the scoring models most favored by credit card issuers reviewed April 2010 credit reports to arrive at the estimate. According to an Associated Press report, only 15% of U.S. residents typically [...]

  • Seattle Residents Average Higher Debts with Larger Credit Scores

    Seattle narrowly edged out Dallas and Denver for a title it might not want: the American city with the highest average household debt. Statisticians at Experian stripped personally identifying data from millions of credit reports before feeding them into a new financial modeling tool. Experian's Premier Attributes system then ranked cities by the average household [...]

  • Debit Card Issuers Report Continued Consumer Acceptance

    Merchant debit card acceptance has driven consumers' use of the cards to all time highs, according to debit processing network PULSE. For the 2010 Debit Issuer Study, PULSE commissioned global consulting firm Oliver Wyman to survey sixty-four leading financial institutions about their customers' use of debit cards. According to study respondents, roughly two out of [...]

  • Discover Card Reports Increased Small Business Optimism

    Despite concerns over the Greek banking crisis and the "flash crash," American small business owners reported a second straight month of increased confidence. The May edition of the Discover Small Business Watch index rose to 87.4, its highest level in seven months. Although slightly more than half of small business owners responding to the credit card issuer's [...]

  • Illinois Seeks to Ban Employer Credit Report Checks

    Illinois may become the third state to ban the practice of running credit reports for job applicants. Lawmakers in the state House passed the Employer Credit Privacy Act, which must now be considered by the Illinois Senate before becoming law. Hawaii and Washington have already passed similar laws, which backers claim will help reduce unemployment rates [...]

  • FICO Report Shows Consumers with High Credit Scores Pay Credit Cards While Mortgages Lapse

    The company behind the country's most widely-used credit scoring formula announced a startling new trend in February. A FICO review of recent consumer credit histories revealed that Americans with credit scores above 760 were more than twice as likely to let their mortgage lapse into delinquency while keeping their credit card payments current.Banking industry analysts attribute [...]

  • New Rules May Force Credit Scores Out of Insurance Decisions

    Throughout the United States, insurance companies rely on credit reports to help determine the overall risk factor of a prospective policyholder. Some actuarial tables suggest that low credit scores often correlate with high-risk behavior or false claims. However, Washington State Insurance Commissioner Mike Kreidler told reporters this month that his office has launched new proposals to [...]

  • Some Credit Card Holders Must Choose Between Extra Fees or Lower Credit Scores

    A wave of new service fees has credit card customers asking whether the benefits of keeping a dormant credit card open are worth the price. According to a recent Bloomberg report, Fifth Third Bank altered its customers this summer that it would institute new inactivity fees for most of its credit cards. Fees for maintaining [...]

  • Bureau Reports 38% Drop in New Credit Card Accounts

    According to recent data from Equifax, American credit card issuers mailed out 38% fewer credit cards in the first four months of 2009 than they did during the same period in 2008. Reasons for the drop in new credit cards include: Card issuers, like Advanta, have ceased opening new accounts altogether. Government capital requirements and "stress test" [...]