Credit bureau TransUnion disclosed Wednesday that a July cyberattack compromised the personal data of more than 4.4 million consumers, according to a filing with the Office of the Maine Attorney General. In a letter to affected customers, the company stressed that the breach did not involve its core systems or credit files. Instead, hackers gained […]
TransUnion discloses cyberattack impacting 4.4M consumers Read More »
The Mortgage Bankers Association announced Wednesday that its Residential Board of Governors has passed a resolution calling for two influential government-sponsored enterprises to end their requirements for tri-merged credit reports. The move follows FHFA’s decision to allow score competition without changing tri-merge rules, and MBA’s earlier plan to explore the viability of using a single
MBA urges GSEs to end costly tri-merge credit reports Read More »
Americans are increasingly worried about financial fraud, a new survey finds – even if many of them are willing to bend the rules themselves. In a new report from FICO, 32% of Americans ranked fraud protection as their most important consideration when choosing a financial account, with 71% putting it in their top three issues.
Consumers fearful of fraud, but willing to exaggerate income Read More »
The rise in home equity lending should continue through the end of next year as conditions feeding current growth in the product will drive the market, a new study from the Mortgage Bankers Association has found. In 2024, the total combined HELOC and outstanding home equity loan debt grew 10.3%, according to the MBA’s 2025
Home equity products set to grow in 2025, 2026, study finds Read More »
Black Americans have long faced an uphill struggle to homeownership, and new data suggests that those problems aren’t going away anytime soon. Black homebuyers are 1.7 times more likely to be denied a mortgage than other races, according to the latest report from Lendingtree. In 2024, 19% of Black applicants were denied mortgages, significantly higher
Black Americans still struggle to get mortgages, study finds Read More »
A plaintiff in California is claiming that Xactus and Equifax did not conduct a “reasonable” investigation into claims of identity theft, which harmed her credit and violated the Fair Credit Reporting Act. The suit was filed in late May in the Superior Court of San Bernardino County, California, by plaintiff Junnan Guo, who is representing
Lawsuit claims Xactus, Equifax, others violated Fair Credit Reporting Act Read More »
FICO has updated its latest credit score models to include buy now, pay later data, showing how important this pandemic-era tool has become in the overall consumer debt market. The credit score algorithm provider has introduced the capabilities in FICO Score 10 BNPL and FICO Score 10T BNPL. “Our clients tell us that FICO’s initiative
FICO adds BNPL data to credit-scoring models Read More »
Fears of tariffs and inflation abound these days, with many Americans concerned that rising prices will push up housing costs. But even as younger consumers worry about buying a home, many of them remain hopeful about their own finances, offering some encouraging news to mortgage lenders looking for unmet demand. More than half or 55%
What Americans’ optimism about finances means for lenders Read More »