CFPB Analysis Criticizes Consumer Reporting Companies on Complaint Response

A new Consumer Financial Protection Bureau analysis sharply criticized the three major nationwide consumer reporting companies, alleging changes in complaint responses provided by Equifax, Experian and TransUnion resulted in fewer meaningful responses and less consumer relief.

Gen Z Drives Strong Q3 Credit Activity

The credit card industry is rebounding strongly from the early impacts of the COVID-19 pandemic, said TransUnion, Chicago, with Gen Z leading the way in terms of originations and bankcard balance growth and other credit categories, including mortgage.

TransUnion: Majority of Consumers in Accommodation Programs Continue to Make Payments

Enrollment in financial hardship programs grew significantly as a result of the COVID-19 pandemic – to 7% of all accounts for credit products such as auto loans and mortgages. However, a new TransUnion study reported the majority of consumers continued to make payments on their accounts, even when in an accommodation program.

Consumers Resilient Despite Broader Economic Challenges

Serious delinquency rates in August improved once more across all consumer credit segments even as the number of people in accommodation programs dropped for the second consecutive month, reported TransUnion, Chicago.

TransUnion: Consumer Credit Market Withstands Coronavirus Challenges

TransUnion, Chicago, reported the total percentage of accounts in “financial hardship” status dropped during July for mortgages, auto loans, credit cards and personal loans – marking the first such decrease since the start of the COVID-19 pandemic.