Latest Credit Report News

No Credit Score, No Problem: Alternatives To A Number
Millions of Americans are invisible to the three major credit reporting agencies in the United States. According to the Consumer Financial Protection Bureau (CFPB), millions more Americans have credit histories that are insufficient to generate a …
Read more on PYMNTS.com


Consumer Credit Bureau Disputes Processes Need to be Re-Examined According to New Bridgeforce Report


Chadds Ford, PA (PRWEB) May 19, 2015

The Consumer Financial Protection Bureau recently announced that large consumer reporting agencies are now required to submit accuracy reports that will detail consumer dispute statistics by furnisher relative to their peers. This regulatory focus coupled with increased media attention, should serve as an indicator that consumer reporting agencies and data furnishers need to transform the way in which credit bureau disputes are addressed and resolved. It is too often that disputes are handled as a back office operation with little to no direct customer interaction the risk for confusion and the potential for a negative customer experience.

In the new white paper titled “Reinventing the Credit Bureau Disputes Customer Experience,” Bridgeforce provides the framework for a customer facing approach with an emphasis on two-way communication. According to Bridgeforce, “the key to effectively handling credit bureau disputes is empowering the customer throughout the process–they should be able to understand where the dispute is within the resolution process and provide additional information and value-added feedback.” This new model would ultimately lead to a reduction in dispute volume while capitalizing on an opportunity to provide a positive customer experience during a period of uncertainty.

“In the credit reporting ecosystem, disputes are a sign of risk,” said Michelle Macartney, Managing Director of US Practice. “Data furnishers are in a position to utilize the customer facing approach to turn risk into an opportunity by better serving their customers and differentiating themselves from their peers.”

To download the paper, go to the Bridgeforce knowledge library for free access. Click here to sign up.

About Bridgeforce

Bridgeforce is a specialized multi-national consulting firm serving a variety of clients involved in almost all aspects of the consumer and small business lending and payments space. Over 75 percent of Bridgeforce consultants come directly from client-side leadership positions across multiple parts of the credit lifecycle. Combined with subject matter expertise in operations, technology, strategy and regulatory issues, Bridgeforce has the knowledge and experience to make the hard choices in developing and implementing best-fit solutions that are both achievable and lower the risks of execution to ensure sustainability. Bridgeforce success can be attributed to a culture fostering innovation and evolving experienced-based best practices recognized within the industry. For more information, visit http://www.bridgeforce.com.


Cybersecurity Educators Will Gather at Community College Cyber Summit (3CS) to Stay Current on the Latest Technologies, Curricula, and More


Las Vega, Nevada (PRWEB) May 07, 2015

As the landscape of cybersecurity constantly changes, the Community College Cyber Summit (3CS) continues to revolutionize cybersecurity education within community colleges. Hundreds of cybersecurity educators will gather June 17th – 19th at 3CS in Las Vegas, Nevada to build a solid cybersecurity educational plan feeding into the demands of the workforce.

According to Continuum Managed Services, LLC “47% of U.S. adults had their personal information exposed by hackers in 2014.” That is nearly half of the adult population in the United States. This disturbing fact is not only concerning credit cards and credit scores; hackers have stolen information on retirement funds, military data and hospital functionality. Hackers can wreak havoc at any moment and the cybersecurity workforce needs to be prepared.

3CS is addressing the demands on the cybersecurity educational system by hosting a conference to address and come up with solutions to fill the cybersecurity workforce shortage. This forum allows educators to discuss the current state of affairs, update themselves on new technology and detection methods, and work together to create new curricula that meet the current academic need. Hands-on workshops, research opportunities, and more await interested educators and businesses willing to share their concerns and solutions. The summit is the quintessential roundtable, providing a location for leaders across the US to speak freely, brainstorm, and learn from one another.

3CS opens its doors to community college and university professors, decision-makers and cybersecurity teams in business. The wide-range of attendees will participate in the creation of a new “Blueprint for the Role of Community Colleges in Cybersecurity Education”, a living document to be updated annually at 3CS and then distributed to stakeholders all over the country. To register, go to http://www.regonline.com/2015communitycollegecybersummit.

About Community College Cyber Summit (3CS):

3CS is organized and produced by the National CyberWatch Center, National Resource Center for Systems Security and Information Assurance (CSSIA), CyberWatch West (CWW), Cyber Security Education Consortium (CSEC), Mid-Pacific Information and Communications Technologies Center (MPICT), Broadening Advanced Technological Education Connections (BATEC) and Advanced Cyberforensics Education Consortium (ACE), all funded by the National Science Foundation (NSF). EC-Council, EMC Corporation, (ISC)²®, and Jones & Bartlett Learning sponsor the conference. The outcomes of 3CS will leverage community college’s cybersecurity programs across the nation by introducing the latest and greatest of technologies, best practices, curricula, products and more. To learn more, go to: http://www.regonline.com/2015communitycollegecybersummit.


Survey indicated senior citizens, millennials don't frequently check credit

Survey indicated senior citizens, millennials don't frequently check credit
TULSA – So many important decisions made by you, and about you, depend on your credit report. Maybe you're buying a house, getting car insurance or getting a job. Yet a new national survey shows a surprisingly large number of Americans, one out of …
Read more on kjrh.com

Ala. to receive over 7000 in credit reporting settlement
State Attorney General Luther Strange said in a statement Wednesday that Alabama will receive $ 137,018 in a settlement with national credit reporting agencies Equifax Information Services LLC, Experian Information Solutions Inc. and TransUnion LLC.
Read more on Moulton Advertiser


PYA White Paper Explores Impact of New Accounting Standard on Allowance for Loan and Lease Losses


Knoxville, TN (PRWEB) May 18, 2015

PYA’s new white paper, “Proposed New Accounting Standard Would Have Major Impact on Allowance for Loan and Lease Losses,” studies an Accounting Standards Update (ASU) proposed by the Financial Accounting Standards Board (FASB) to improve accounting standards for financial instruments and credit losses. The paper provides an overview of and examines additions to the new model, offering guidance to help prepare entities for what these proposed changes could mean in terms of their financial assets and credit loss models, as well as considerations for the capital implications.

As stated in the paper, the Proposed Accounting Standard Update (PASU) was created “to provide financial statement users with more decision-useful information about the expected credit losses on financial assets held by a reporting entity,” thereby addressing major weaknesses in financial reporting previously identified by the Financial Crisis Advisory Group (FCAG). The proposed approach would replace the existing impairment approach in U.S. Generally Accepted Accounting Principles (GAAP) with a reliable measurement approach for financial assets.

According to white paper author Mike Shamblin, PYA Managing Principal of Audit & Assurance Services, “Given the major impact that this proposed accounting standard update would have on the allowance for loan and lease losses, it is important that entities are prepared. This white paper is designed to help entities navigate through the details of the proposed update, offering up factors for consideration now. Once the final guidance is issued, PYA can also assist organizations address its implications and implementation.”

PYA provides audit and accounting services to the financial services industry. This experience allows PYA’s auditors to quickly identify the financial reporting areas of greatest risk to an organization and to more efficiently and effectively perform audit and accounting services.

About PYA

For over three decades, Pershing Yoakley & Associates (PYA) has provided timely insight, strategic support, and exceptional professional service, helping clients thrive in the midst of rapid change. PYA was named to INSIDE Public Accounting’s 2014 list of the fifty “Best of the Best Accounting Firms.” For more information, visit http://www.pyapc.com/.

More Credit Report Press Releases


Credit Reports Go Unchecked

Credit Reports Go Unchecked
A recent survey that found more than a third of American adults have never checked their credit score has financial advisors and analysts baffled. "To say that you've never checked your credit report is kind of crazy," says Bankrate.com's Jeanine …
Read more on yourcentralvalley.com

Everything You Need to Know About Closing a Credit Card
Here are a couple things you need to know before deactivating a credit card account. Will It Stay on Your Credit Report? Credit card history, whether the account is open or closed, will remain on your credit report for many years. Positive history from …
Read more on Money

Report: WH Wants to Offer Credit to Deadbeats, Illegal Immigrants
Cordray said that "about 15 percent of black and Hispanic consumers are credit invisibles compared to 9 percent of white consumers, (and) about 13 percent of black consumers and 12 percent of Hispanic consumers are thought to be among the unscored …
Read more on Newsmax

Survey: More than a third of Americans have never checked credit report
“Americans need to thoroughly review their credit reports for errors or signs of fraud. They also need to understand what factors, like missed payments or high debt to available credit ratios, are driving their credit score in order to improve it. A …
Read more on Omaha World-Herald (blog)


Yamaha and Creative Business Decisions Partner in a Finance Company Startup

Princeton, NJ (PRWEB) May 05, 2015

Creative Business Decisions (CBD) has partnered with Yamaha Motor Finance Corp., USA, in starting a finance company for Yamaha Motor Corp. The company’s initial focus will be on first-time buyers, those with limited credit history, and those that are re-establishing their credit.

Yamaha Motor Finance began operations with a small group of dealers this month and will continue rolling out to other states in US. To Quote Yamaha’s Chief Risk and Strategy Manager, Vijay Patil, “one of the major challenges for setting up the non-prime captive operation with no historical data was ‘how to build scorecard and credit policy’ for a non-prime power sport customers, but with the help of CBD, we were able to come up with a creative solution to address our needs and develop a credit framework in a mere 6-8 weeks.”

CBD was Yamaha’s choice because of their reputation and achievements in the credit risk management business. Having developed over 400 products and serviced over 100 clients over the past 30 years, CBD has been a go-to choice for sub-prime and prime lenders in many verticals, like, Automobiles, Retailing, Consumer lending, Telecommunications, etc.

To quote Pat Nanda, CEO of CBD, “CBD was able to address issues pertaining to ‘very little data’ and create models, screens and rules that helped Yamaha Motor Finance to gain confidence in their new venture of targeting applicants with ‘marginal’ credit. A comprehensive software was provided that not only computed the score, but also generated automatic decline and review rules, price of the deal, decline reason codes, and parameters within which alternative deal structures could be offered.”

About Yamaha Motor Finance Corp., USA

Yamaha Motor Finance Corporation, USA, (YMFUS) was created by Yamaha Motor Corp., USA, (YMUS) to provide a new captive financing solution to underserved non-prime motorsports consumers. YMFUS will operate throughout YMUS’s nationwide network of dealers by early 2016 financing Yamaha products and supporting Yamaha buyers.

About CBD

CBD develops statistical models with applications in the areas of new account evaluation, tracking the paying/charging behavior of existing accounts, prioritization of collection activities for seriously delinquent accounts, and solicitation models to better target marketing activities. These models are developed using information from a credit bureau report and from information obtained from the demographic data of applicants. The models are then deployed in a software that is either hosted as a web service or provided to any Loan Origination Software. With these CBD services, their clients have consistently grown their portfolios and their ROI in a short span of time.

Creative Business Decisions – 12 Roszel Rd. Ste B-200, Princeton NJ, 08540 – Ph: 609-452-9551 – http://www.cbdcredit.com

Related Credit Score Press Releases


How To Get Your Kids a Good Credit Rating — Or None At All

How To Get Your Kids a Good Credit Rating — Or None At All
NEW YORK (MainStreet) — The average college debt is just shy of $ 30,000 at graduation. So when your kid graduates, the last thing he needs is more debt, bad credit and a heavier burden to carry. When your kids go out into "the real world," you're not …
Read more on MainStreet

Equifax Aligns with Digital Matrix Systems, Inc. to Introduce Credit Score
ATLANTA and ADDISON, Texas, May 3, 2015 /PRNewswire/ — Equifax today announced a relationship with Digital Matrix Systems, Inc. (DMS) to introduce a new, innovative credit score alternative for the auto insurance industry. The risk evaluation tool …
Read more on MarketWatch