FICO is letting anyone download anonymized credit applications for AI research

“FICO tapping into the Artificial Intelligence world to find new ideas for risk assessment…is this good or bad?”

#FICO #AI #tapping #google #credit #creditscores #creditrepair

 

 

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The Equifax Data: Now That They Have It, How Will Hackers Use It?

#equifax #equifaxbreach #equifaxdata #hackers

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Fair Isaac Corporation (FICO) Expected to Announce Quarterly Sales of $235.95 Million

On average, analysts expect that Fair Isaac Corporation will report full year sales of $235.95 million for the current fiscal year, with estimates ranging from $925.67 million to $935.00 million. For the next financial year, analysts forecast that the company will post sales of $993.65 million per share, with estimates ranging from $990.00 million to $997.30 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Fair Isaac Corporation.

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Equifax breach already taking a toll on consumers

The suit pulls together dozens of individual complaints from consumers in all 50 states plus the District of Columbia. It seems cybercriminals aren’t wasting time using the Social Security numbers, credit card accounts, driver’s license numbers and other sensitive personal information they siphoned out of the credit bureau’s reputedly secure databases on 145.5 million Americans.

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Will Equifax Ever Be Held Accountable For Its ‘Rookie Mistakes’?

For a few bracing weeks this fall, consumers harmed by Equifax, Wells Fargo or another financial institution had the right to their day in court.

But in late October, Senate Republicans voted to overturn the newly minted rule by the Consumer Financial Protection Bureau, which gave consumers the right to join class-action lawsuits against banks, credit bureaus and lenders. Now  consumers’ only recourse is a secret arbitration hearing – which corporations win 93 percent of the time.

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CIC™ Upgrades to FICO® Score 9 for their Experian Credit Reports

Contemporary Information Corporation™ (CIC™), the nation’s leading provider of tenant screening since 1986, is proud to announce that they have upgraded their credit data to FICO® Score 9. All CIC™ clients who utilize Experian’s credit in their screening reports have automatically been upgraded to the latest version FICO® Score 9 for free.

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FICO First Lord Explains How Zero Debt Translates into a 52-Point FICO Loss

“yes, this is true…there is a reason code that can populate “lack of recent revolving account balance”.  So to solve this problem, simple keep a very small balance on ONE credit card, UNDER 10% of limit”

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Congress votes to disallow consumers from suing Equifax and other companies with arbitration agreements

The Senate voted late Tuesday night to strike a federal rule that would have allowed consumers affected by the Equifax hack to sue the company.

 

QWEST CREDIT ENHANCEMENT 2017

 

#equifax #qwestcredit #creditscore #federalrule

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Treasury Dept. report slams consumer bureau’s rule to expand class-action lawsuits against banks

A Treasury Department analysis of the CFPB’s so-called “arbitration rule” said the regulation will not increase compliance with federal consumer financial laws, and that the agency failed to consider less “onerous” alternatives to the rule.

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VantageScore: How the FHFA can open the door to alternative credit score models

Interesting read. What it fails to really discuss, is that Vantage Score is owned by the 3 Credit Bureaus. So, buy transitioning to Vantage Score, you will not have the same entities that control the database of information, also providing the scores. I wouldn’t be as bothered by this information, if there were not so many blatant attempts by Vantage to increase revenue, by things such as:

• Regardless of what choice lenders make at the time of origination, ensure that investors receive the Vantage Score credit score and, if possible, the current legacy credit score for every loan in every pool.
• Improve transparency by disclosing monthly credit score updates to all MBS investors.
Obviously the more frequently the Score is requested, the more revenue is generated. I’m surprised they didn’t suggest an updated score every month during the life of the loan. I think, for a while, we all need to advise the # Bureaus to sit the next few plays out, instead of trying to convince us all that we need to involve them more directly in the scoring of their date. I’m sure we would all prefer to have at least some separation of power for the time being, while the U.S. recovers from the LARGEST DATE BREACH IN THE HISTORY OF THE WORLD!!

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Experience the Qwest Credit Enhancement difference.

Experience the Qwest Credit Enhancement difference.  Our four point approach is the most comprehensive and successful in the industry.  Visit us at www.qwestcredit.com or call us at 1-877-990-3426.

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Pups Patrol for Heroes

Qwest Credit Enhancement is a proud sponsor for Pups Patrol for Heroes and we’d like to invite you and your pets to join and support this great cause.

Learn more and Register here:
http://ift.tt/2kIlFQS

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A Surprise in the Equifax Breach: Victims Likely to Get Paid

Equifax will probably have to pay actual money to consumers as compensation for its sloppy security practices.

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How Students Missed Out on $2.3 Billion in Free College Aid

Free money went unclaimed due to students not completing or submitting the Free Application for Federal Student Aid, or FAFSA.

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Equifax failed to patch security vulnerability in March – former CEO

“It appears that the breach occurred because of both human error and technology failures,” former CEO Richard Smith said in written testimony released on Monday by the Energy and Commerce Committee.

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Freezing your credit after the Equifax breach won’t prevent the most common type of identity theft — here’s what will

A credit freeze protects only against new accounts being opened in your name — one of the rarest types of identity theft out there, affecting only 4% of victims, according to the most recent Bureau of Justice Statistics data..

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So Hard to Sue a Company for Losing Your Personal Information

Equifax finds itself in a crosshairs not seen since the 2013 Target breach; the legal and regulatory repercussions are coming at record speed.

 

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Key Equifax executives departing after huge data breach

Equifax announced late Friday that its chief information officer and chief security officer would leave the company immediately, following the enormous breach of 143 million Americans’ personal information.

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A few things to know.

In what is being dubbed as potentially the “worst leak of personal information EVER”, the Equifax data breach that has affected an estimated 143 million people, is MAJOR news . A few things to know:

1: Be careful to NOT go to the Equifax site and scheck to see if your data was compromised and/or sign up for their offer of free monitoring from “TrustedID”. Signing up for htis free monitoring, requires you to agree to Equifax terms of serivce, which includes binding arbitration, and would therefore restrict you from access to the courts for remedy. A Sneaky move by Equifax.

2. Place a 90 day “Fraud Alert” on your file at Equifax. http://ift.tt/10FGxth
They will, in turn notify Experian and TransUnion on your behalf, so you dont need to contact them separately.

3. Contact Legal Counsel if you know that you were impacted by this data breach and it has resulted in damages. Equifax knew about this data breach long enough for several of their top Executives to sell company stock of almost $2 million, PRIOR to alerting the public about the breach.

MORE TO COME

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Fargo Police warn about debt collection agency posing as lawyers

In a post on Nextdoor, Police discuss a Federal Trade Commission case where a debt collection agency from Charlotte, NC pretended to be lawyers, using “a variety of names to make people think they were dealing with a law firm.”

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Richard Cordray defends CFPB arbitration rule amid speculation he plans to run for Ohio governor

The “arbitration rule” takes aim at the fine print in many of the agreements that consumers sign when they apply for credit cards or bank accounts. These agreements typically require customers to settle any disputes through arbitration in which a third party rules on the matter. A new CFPB rule would weaken a company’s ability to make arbitration mandatory, allowing more people to file or join a lawsuit to press their claim.

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I’ll be participating in a Q&A “Expert Panel”

I’ll be participating in a Q&A “Expert Panel”, immediately preceding this event.

Take action and register today at http://ift.tt/2wEuaku
1. Click the red button: “Click here to find an event in your area!”
2. Click “Search by event type”
3. Click “Success Tour power meeting”
4. Search for your event by location and home mortgage consultant
5. Click “Register Online” and complete the registration form

 

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Credit Agencies To Ease Up On Medical Debt Reporting

“Changes coming to the way medical collection accounts will be reported on Consumer Credit Reports. Here is a decent article that sums it up”

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Hard credit check versus soft credit check: What’s the difference?

The reality is we are talking about something so insignificant, that this article didnt warrant the time it took to write it. But to clarify, there is not such thing as a “Hard Inquiry, or a “Soft inquiry” for that matter.

http://ift.tt/2ibMcoq

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As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away

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Fannie and Freddie will stick with FICO formula for at least two more years

Very well written article.

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Experience the Qwest Credit Enhancement difference.

Experience the Qwest Credit Enhancement difference. Our four point approach is the most comprehensive and successful in the industry. Visit us at www.qwestcredit.com or call us at 1-877-990-3426.

 

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Virginia universities hit students with whopping collection fees for unpaid tuition

“Always check with the presiding laws in your state.  Alot of times they are clear about how much a collection agency can charge as a fee.  Many time collection agencies will charge a percentage, or fee, that is way beyond what is allowable in that particular State”

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Lawsuit claims Portland State debt collector violated state, federal law with ‘excessive fees’

“here is an example of a collection agency with a name thaty sounds like a law firm.  but remember even if they are a law firm, if they are engaging in the practice of debt collection, they are a debt collector.  therefore, they must adhere to the FDCA and other regulations just like any collection agency.  Another lesson why you cant just assume that because a debt collector sends you a bill, that it is valid and compliant.”

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How to respond when a debt collector contacts you in three easy steps

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LexisNexis® RiskView™ Liens & Judgments Report Delivers New Confidence for Home Mortgage Lenders and Limits Risk

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“As we are all aware, as of July 1st, the 3 Credit Bureaus were purging most public record info. Anything that did not contain a SS# and DOB, was being deleted. However, you may be noticing that Public Records, some that were not even reporting previously, are now showing up on your mortgage reports. You may also notice that they are not showing as reported by any of the 3 Credit Bureaus, which would be indicated by a TU, EF, EQ, BX, BQ, TU or some variety of that. They are showing as being reported by “BL”, or some variation of that. The “BL” is code for “Borrower” and “Lexis” See below:

http://ift.tt/2uOp8Sg

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ACCESS TO CREDIT STAYS TIGHT AS FICO SCORES DROP

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IRS Private Tax Collectors Are Accused Of Illegal Tactics

The New York Times reports that Pioneer Credit Recovery is urging people who owe taxes to raid their 401(k), get employer loans, increase credit card debt, etc.

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‘Debt relief’ companies prey on students

Fraudulent “debt relief” companies are preying on the most vulnerable of the 44 million people with student loans, as federal officials dispute who’s to blame and what to do, a NerdWallet investigation has found.

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Why It Matters House Voted to Squash Banking Reforms

The House of Representatives took a step toward wiping out Dodd-Frank banking reforms Thursday by passing the Financial Choice Act of 2017. Here’s a look at what the bill is, where it stands and how it could affect your wallet.

Why It Matters House Voted to Squash Banking Reforms

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LVNV Funding allegedly directly contacted woman in violation of debt collection statutes, lawsuit says

Shirley Crawford filed a complaint on May 2 in U.S. District Court for the Northern District of Illinois alleging the collection agency contacted the plaintiff regarding her debt despite her being represented by an attorney.

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Blacklisted by ChexSystems? What to Know

Here’s how ChexSystems works and how you may be able to overcome any obstacles.

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How Your Company Credit Can Hold You Back

Good article by Forbes about Business Credit. As a growing business, you may need access to funding and its important to not only make sure your personal credit is up to par, but also your business credit profile. We offer business credit programs also. Contact us to discusss.

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Consumer credit scores to exclude some debts, liens starting July 1

In a revision that could improve consumers’ credit scores, the credit agencies will exclude the tax liens and civil debts if reports on those obligations don’t include a consumers’ names and addresses, as well as Social Security numbers and or dates of birth, the CDIA said.

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#qwestimonial #credit #creditrepair

#qwestimonial #credit #creditrepairr

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I’m thrilled to be one of of Bizcatalyst360’s featured Contributor

I’m thrilled to be one of of Bizcatalyst360’s featured Contributor. I can’t wait to share my knowledge and at the same time learn from this community. (please tag Bizcatalyst on all social media platforms)

Bizcatalyst360 is a PROUD RECIPIENT OF THE 2016 NEW MEDIA INSTITUTE “STANDARD OF EXCELLENCE” AWARD

#Bizcatalyst360 #Bizcatalyst

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How The Student Loan Collection System Ground To A Halt

The strange turn of events began with a lawsuit filed by two debt collection companies, who claim they were unfairly were fired by the Obama-era Education Department for poor performance.

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Auto Loan Borrowers May Be Gaming Their Credit Scores, UBS Says

So this article is claiming that a Consumer learning about how his/her FICO score works and taking the needed steps to improve it, is “gaming the system” This is an absurd article

#FICO #Ficoscores #creditscore

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Philadelphia accuses Wells Fargo of targeting minorities with high-cost mortgages

Wells Fargo’s “longstanding” discriminatory practices in Philadelphia caused foreclosures to increase and resulted in the loss of vital tax revenue, the lawsuit argues.

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Understanding Credit

Members may register here: http://ift.tt/2p4zZoG
Non-members can call 410-398=4844 or e-mail to: ccbor@cecilboard.com. See you there!

#creditscores #credit #realtor #nccbor #qwestcredit

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Consumers with liens and judgments are twice as likely to default on loans

In just two months, the three NCRA companies will eliminate approximately 50 percent of tax lien data and 96 percent of civil judgments data from their credit reports. While this is intended to make credit reporting more accurate, it has created the potential for increased uncertainty for credit lenders when evaluating consumer and small business credit applications.

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Understanding Credit to Better Serve Your Clients.

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Can a free app fix your credit?

The short answer is HECK NO. A more appropriate title to this article should be “can a free app, teach you a tiny bit about credit scoring basics?” Then maybe the answer is yes. but also keep in mind that the “Simulator” they are referring to, is based on a credit score model that 90% of lenders dont even use, so how helpful is it really?

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NCCBOR is Storming Washington – May 17

Qwest Credit is proud to be a part of this event.

#NCCBOR #Washington #realtors #realstate #creditscore #qwestcredit

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Ana: Debts you don’t owe

What would you do if debt collectors began demanding tens of thousands of dollars that you had already paid or knew you didn’t owe?

Watch Ana’s story and check out our suggestions for steps you can take to protect your rights if you’re in a similar situation.

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Credit Risk App in China secures new funding

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check BizTv!

I encourage you to check BizTv out online at www.biztv.com. In addition to the 43 broadcast stations that air BizTV, you can watch them live and on-demand. Go to www.biztvclub.com to sign up for a free seven day trial. Sign up the week of my feature so you can watch my interview!

 

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Watch My Interview!

Texas people, I encourage you to check BizTv out online at www.biztv.com. In addition to the 43 broadcast stations that air BizTV, you can watch them live and on-demand. Go to www.biztvclub.com to sign up for a free seven day trial. Sign up the week of my feature so you can watch my interview!

 

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Navient Lawsuit Challenges Student Loan Bankruptcy Laws

For today Due to mounting pressure from plaintiffs and legislators, the lender recently agreed to cease some of its aggressive collection tactics on the debt of a portion of borrowers who filed for bankruptcy.

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BizTalkNews

I’m going to be featured on BizTalkNews on April 26. I encourage you to check them out online at www.biztv.com. In addition to the 43 broadcast stations that air BizTV, you can watch them live and on-demand. Go to www.biztvclub.com to sign up for a free seven day trial. Sign up the week of my feature so you can see my interview!

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#qwestimonial

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