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CFPB Study Finds Credit Scores Can Differ
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
Read more here
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Credit loosens up for subprime consumers
Excerpts from an article run for WSJ.com
Good news for those with less-than-stellar credit scores below 660: Banks are finally opening the lending spigots to you, too. But banks don’t seem to be returning to the heyday unbridled lending to consumers who couldn’t afford the debt they were taking on. It’s not as easy get. Lenders are making smarter decisions with more strict criteria in opening credit to these consumers than in the past.
It will cost you more, too. Good credit always begets good interest rates. Bad or mediocre credit scores will up your interest rates as much as 5 to 10 percentage points, according to some researchers. It seems they are pricing those accounts much higher out of the gate. That’s also tied to the 3-year-old credit card legislation that prohibits card issuers from raising rates for the first year in which the account was open and then doing it only on new purchases.
Subprime Approvals up by 60%
Subprime approvals for both new and used vehicle sales are 62.5% higher than they were one year ago because dealers are finding it easier to place subprime used vehicle paper.
Breaking down its sales predictions, industry expert, CNW thinks franchised dealers will turn 1.33 million used models this month, marketing a 11.7% gain.
Thanks to inventories and supply becoming more stable and improvements in inventory make-up, the firm contends independent dealers are looking at a significant year-over-year used sales gain in September. Expectations are for independent lots moving 1.28 million units, which would translate to into a 9.7% jump from a year ago.