Job-hunters are increasingly being asked to agree to allow potential employers to view their personal credit information, a development that Sen. Elizabeth Warren says is unfairly keeping people out of the job market who've had financial setbacks or have reports that contain inaccurate information.The Massachusetts Democrat today introduced The Equal Opportunity for All Act in Congress, which would outlaw such credit checks in many cases except in areas such as national security. Warren told reporters in a conference call sponsored by the Demos Foundation, a liberal think-tank, that the legislation was long overdue. "This is about basic fairness," said the first-term legislator, adding that many people have had their credit records tarnished during the recent economic downturn. "There is little to no evidence of any correlation between job performance and a credit score."The bill is co-sponsored by by Sens. Patrick Leahy, D.-Vt., Edward Markey, D-Mass., Sherrod Brown, D.-Ohio, Jeanne … [Read more...] about Should employers be barred from using credit reports in hiring?
Who uses credit reports
The following script is from "40 Million Mistakes" which aired on Feb. 10, 2013. Steve Kroft is the correspondent. James Jacoby and Michael Karzis, producers. Whether we like it or not, we live in an age where much of what goes on in our daily lives is monitored, collected and sold to interested parties -- our driving records, our medical history, our Internet traffic and, most importantly, our credit information. A mistake on your credit report can cost you money. It can increase the interest you pay on loans, prevent you from getting a mortgage or buying a car, landing a job or getting a security clearance. Its not uncommon. A new government study to be released tomorrow indicates as many as 40 million Americans have a mistake on their credit report. Twenty million have significant mistakes. And our own investigation of the credit reporting industry shows that those mistakes can be nearly impossible to get removed from your record. To access a free credit report from each of the … [Read more...] about 40 Million Mistakes: Is your credit report accurate?
Last Updated Apr 29, 2010 11:39 AM EDT If you spend any time watching TV, you've probably seen and heard a trio of guys dressed as pirates singing about their credit woes and how their problems could have been avoided if only they had gotten FREE credit reports from a certain web site. While the singers were amusing, the company that sponsored them wound up getting in hot water with the Federal Trade Commission. The FTC charged that the company was misleading consumers who were seeking free credit reports. Instead, when folks contacted the web site to receive their credit reports, they were automatically enrolled in a credit monitoring service for which they would be charged a monthly fee. rules addressing disclosures about credit reports that became effective April 2. Now companies are required to include a prominent notice across the top of each web page that mentions free reports declaring that the only federally authorized source for truly free credit reports is the web site … [Read more...] about The Truth About “Free” Credit Reports
(CBS/AP) NEW YORK - For the first time, companies that issue credit scores for millions of consumers which determine their credit-worthiness will be under government oversight. The federal Consumer Financial Protection Bureau will supervise roughly 30 firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc. (EFX), Experian, and TransUnion. CFBP Director Richard Cordray said Monday that given the huge impact on consumers' lives, it is important to ensure that the credit market is working properly."Credit reporting is at the heart of our lending systems and enables many of us to get credit, afford a home, or get an education," he said in a statement. "Supervising this market will help ensure that it works properly for consumers, lenders, and the wider economy. There is much at stake in making sure it is both fair and effective."Government proposes simpler mortgage formsConsumer agency targets discrimination by lendersThe … [Read more...] about Feds to supervise credit reporting for first time
(Credit.com) Some things never change when it comes to what annoys people about credit scores. While consumers' understanding of credit scores has evolved over the years, within that always-increasing level of understanding there remain some parts of credit scoring, such as inquiries, that people just don't seem to get. They get the idea of late payments and maxed out credit cards predicting risk. But inquiries? The ultimate credit report cheat sheet How often does your credit report change? Can you really get your credit score for free? A credit inquiry is a notation that goes on your credit report every time your credit report is accessed by anyone with a "permissible purpose," as defined by the Fair Credit Reporting Act. Inquiries remain on a credit report for two years, and generally fall into two categories: hard and soft inquiries. Only hard inquiries from within the past year can impact credit scores. Older hard inquiries and soft inquiries are ignored by the scores … [Read more...] about Should you worry about credit report inquiries?
The pursuit of hackers who audaciously stole and published credit reports for Michelle Obama, the attorney general, FBI director and other U.S. politicians and celebrities crisscrossed continents and included a San Francisco-based Internet company, Cloudflare, The Associated Press has learned. The sensational crime caught the attention of Congress and President Barack Obama, who said "we should not be surprised." Financial records on celebs, officials leaked online How to prevent identity theft Obama said he could not confirm that the first lady's credit report was published earlier this week on a Russian website, along with what appeared to be the credit reports of nearly two dozen others, including Republican presidential candidate Mitt Romney, real estate mogul Donald Trump and celebrities Britney Spears, Jay Z, Beyonce and Tiger Woods. The president said determined hackers are a persistent threat. "We should not be surprised that if you've got hackers who want to dig in and devote … [Read more...] about CBS News Logo Pursuit of hackers who took credit reports expands
By Christine DiGangi/Credit.com Attorneys general in 31 states have reached a $6 million settlement with the major credit reporting agencies Equifax, Experian and TransUnion to make changes in the way they address errors in consumer reports and how some negative information is added to credit reports. The agreement is very similar to one announced March 9 by the attorney general of New York. The Consumer Data Industry Association, which represents the bureaus, says the new settlement is just more states joining the initiative announced in New York in March. The main changes the bureaus will be required to make as part of the settlement center around disputes -- when consumers say they have found inaccuracies in their credit reports as a result of identity theft, mixed files or other errors. Some consumers have found that it is sometimes extremely difficult to get credit report errors corrected, which is why states pushed for a better dispute process. "Most credit report disputes get … [Read more...] about Big changes to credit reports are on the way: What it means for you
Equifax Inc. was publicly excoriated by senators last fall for its massive data breach. Now, the company and other credit reporting firms are in line to get some last-minute benefits in a banking deregulation bill that originally was designed to punish them by adding new consumer rights.The bipartisan Senate bill includes requirements that Equifax and the other credit reporting companies allow people to freeze and unfreeze their files for free and provide free credit monitoring for active-duty members of the military.Those provisions were in direct response to the outrage over a data breach revealed in September that the company says affected 147.9 million Americans. Consumer advocates generally support those changes.But as the bill nears final approval in the Senate this week, its main sponsor, Sen. Mike Crapo (R-Idaho), has proposed an amendment with provisions that would offset some of the new requirements for Equifax and the other two major credit reporting companies, Experian and … [Read more...] about Equifax could get surprising benefits in Senate banking deregulation bill originally designed to punish credit-reporting companies
Equifax Inc. was publicly excoriated by senators last fall for its massive data breach. Now, the company and other credit reporting firms are in line to get some last-minute benefits in a banking deregulation bill that originally was designed to punish them by adding new consumer rights.The bipartisan Senate bill includes requirements that Equifax and the other credit reporting companies allow people to freeze and unfreeze their files for free and provide free credit monitoring for active-duty members of the military.Those provisions were in direct response to the outrage over a data breach revealed in September that the company says affected 147.9 million Americans. Consumer advocates generally support those changes.But as the bill nears final approval in the Senate this week, its main sponsor, Sen. Mike Crapo (R-Idaho), has proposed an amendment with provisions that would offset some of the new requirements for Equifax and the other two major credit reporting companies, Experian and … [Read more...] about Equifax and other credit reporting companies could get surprising benefits in Senate banking deregulation bill
DELRAY BEACH Delray Beach police are asking for the public’s help identifying three men who used a woman’s stolen credit cards this month at a retail store in Broward County. Defectives say the woman’s 2006 Ford Mustang was broken into the evening of Jan. 11 in the parking lot of the LA Fitness gym at 1660 South Federal Highway in Delray Beach. The woman’s purse, which contained credit cards, sunglasses and cash, was stolen. Within an hour of the burglary, three men made separate transactions totaling $3,000 to buy electronics from a Target store in Deerfield Beach, police said. Detectives say that there have been several thefts recently from lockers in the gym and from cars in the parking lot. Some victims reported having their vehicles burglarized after their keys were stolen from their locker. Anyone with information about the thefts is asked to call Detective Paul Pitti at 561-243-7895, or Crime Stoppers of Palm Beach County at 800-458-TIPS (8477). … [Read more...] about NEW: Delray police seek to identify men who used stolen credit cards