The CFPB stated that Experian engaged in deception between 2012 and 2014 by claiming that the credit scores it sold to consumers were the same scores lenders used in making credit decisions. In reality, the CFPB added, lenders did not use the Experian scores sold to consumers, and the scores received by consumers were often very different from the data used by lenders. The CFPB also accused Experian requiring consumers trying to access their free credit reports from AnnualCreditReport.com to watch a series of advertisements before gaining their information, which is prohibited by the Fair Credit Reporting Act.
“Experian deceived consumers over how the credit scores it marketed and sold were used by lenders,” said CFPB Director Richard Cordray. “Consumers deserve and should expect honest and accurate information about their credit scores, which are central to their financial lives.”
From 330 in 4Q 2021, headcount now stands at 170 for California lender
Editor's note: This story has been updated to fix a reporting error made on staffing levels.
Citing “significant market pressure,” Impac Mortgage announced during its second quarter earnings call that staffing has been reduced over 48% since the beginning of 2022. A company...
Both Fannie & Freddie are sufficiently capitalized, FHFA says.
Fannie Mae and Freddie Mac have passed their annual financial stress tests.
That's the word from the Federal Housing Finance Agency (FHFA), which said last week that despite facing a combined credit loss of just over $17 billion, both government-sponsored enterprises (GSEs)...