New rules on the way companies can access credit scores have put a crimp in their growth. The Obama administration plans to expand access to credit scorjarvees.comes from about 12 million consumers in the fall of 2015 to 25 million. This means that banks will need to offer at least one version of each consumer’s credit report that companies can access.
The rules aren’t perfect. Credit score companies need to obtain a consumer’s contact information from every lender, and they can’t take in any i바카라nformation directly from credit card transactions or from the customer’s own personal information. And they can’t store the personal details themselves, but can access them if the consumers want them. The new rule still allows banks to sell the personal details of consumer accounts, which should help protect consumers’ credit.
Here’s the basic premise: If a bank receives a consumer’s credit file information from another bank, the credit bureau can access that information to try to determine a user’s creditworthiness. Banks do this using a credit score — a formula by which scores are determined. A bank’s credit file is different than a consumer’s credit file because the information from the consumer’s credit report is stored in separate companies, known as joint accounts. Each individual cred더킹카지노it bureau compiles the information in a joint account, and then offers that data to multiple bank counterparties. The information from each credit file goes to five different banks.
Each joint account has a different information processor. The data is then stored by the other two banks, which then update the joint account’s information to reflect the new information in the consumer’s credit file. (The companies also sometimes combine information from multiple credit scores. They do this in some cases, but not in all.) The result is a score that’s close to the consumer’s original score, but that’s more closely tied to a credit history. Because that may seem like an improvement, you may wonder why the score agencies should charge more for the access that companies get.
Credit score companies say they’re still working on improving their joint accounts. They’ve tried to come up with a way for them to work with each other to determine how to compare their joint accounts and credit scores, but have come up with little that makes their jobs easier. The score agencies have also resisted changes in how they store the joint account information.