Read NIADA’s Press Release here:
The U.S. House of Representatives voted today to repeal the Bureau of Consumer Financial Protection’s controversial 2013 guidance on indirect auto lending, a move praised by the National Independent Automobile Dealers Association.
The National Independent Automobile Dealers Association (NIADA) is among the nation’s largest trade associations, representing the used motor vehicle industry comprised of more than 38,000 licensed used car dealers.
One Out of Five Consumers Likely to Receive Meaningfully Different Score Than Creditor
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released a study comparing credit scores sold to creditors and those sold to consumers. The study found that about one out of five consumers would likely receive a meaningfully different score than would a lender.
“This study highlights the complexities consumers face in the credit scoring market,” said CFPB Director Richard Cordray. “When consumers buy a credit score, they should be aware that a lender may be using a very different score in making a credit decision.”
The complete Analysis of Differences between Consumer and Creditor-Purchased Credit Scores is available at http://files.consumerfinance.gov/f/201209_Analysis_Differences_Consumer_Credit.pdf
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