Data errors to keep money renters happy
Abstract
CRAs cannot require data from creditors and therefore accept data from whomever will provide it—mostly money renters controlling borrower behavior but afraid of losing customers who pay interest and late fees. Credit limits were held back for a time, but regulators stepped in after complaints from FICO and others, and limit data resumed. 5 There are two other issues that are not fixed. One is that borrowers who are 1–30 days late, despite paying delinquency and interest costs, are not labeled. Only borrowers who have been at least 30 days late are marked as delinquent. The second issue is that many data furnishers have stopped reporting the payment on revolving accounts. Now ...
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