By Adrianne Appel2025-01-07T19:16:00
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau (CFPB), the agency said Tuesday.
Credit reports are tally sheets that list a person’s assets and debts, and often are accompanied by an overall score, which banks and other lenders use to determine if a loan applicant is eligible for a mortgage or loan. Credit reports are created by three credit bureaus, Equifax, Experian, and TransUnion, which are private companies that make money by charging fees for the reports.
Debts, including unpaid medical bills, can weaken a person’s credit score and shut them out of loans or make it more expensive for them to borrow. Credit scores are created by mainly two companies, FICO and VantageScore.
2025-02-12T15:20:00Z By Adrianne Appel
Enforcement and all other operations at the Consumer Financial Protection Bureau have come to a screeching halt under Trump administration directives but a pair of lawsuits aimed at keeping the agency open mean the stoppage could be short-lived.
2025-01-06T18:41:00Z By Adrianne Appel
A Berkshire Hathaway unit that is a major lender to people buying mobile homes intentionally failed to qualify borrowers, the Consumer Financial Protection Bureau alleged in a complaint. As a result, many families ultimately lost their homes and sank into debt, echoing a series of events that helped power the ...
2024-11-21T18:30:00Z By Adrianne Appel
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
2025-09-15T16:47:00Z By Ruth Prickett
You can already buy a coffee with your phone, but soon you could start a job or buy a house with it. Digital compliance wallets holding certificates and documents on smartphones are gaining traction worldwide.
2025-09-10T23:26:00Z By Ruth Prickett
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
2025-09-08T05:00:00Z By Oscar Gonzalez
The FTC officially withdrew its appeal in a federal court case over its ban on employer noncompete clauses that it passed last year. The agency, however, says it wants public input regarding the effects of employer noncompete agreements.
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