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A new solution from CoreLogic Credco was designed to help auto dealers efficiently prequalify potential customers via soft-pull credit reports and scores from all three national credit bureaus.
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The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.
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Terms like ‘prescreen’ and ‘prequalification’ may seem similar, but they’re not. An executive for a credit report reseller issues a warning to dealers considering the new wave of ‘soft pull’ systems.
Read More →A new FTC study on credit report accuracy found that one in five consumers had an error on at least one of their credit reports.
Read More →The Consumer Financial Protection Bureau proposed a new policy that will exempt finance sources from federal disclosure rules if they agree to conduct real-world trials of new consumer disclosures.
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