CoreLogic Launches Three-Bureau PreQual
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.
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.
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.
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.
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.
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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