Privacy Policy

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FINANCE EXPERTS SHARE 6 WAYS BIG DATA IS TRANSFORMING THE INDUSTRY

  • Posted by Laurie Anderson
  • On February 24, 2017
from bitly.com, February 13, 2017 We’re creating a lot of data these days. We pay off credit card bills with a click of the mouse. We send money by bumping phones. There are apps that make it easy for the average consumer to invest in stocks, startups, and more. All of these devices and solutions […]
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FactorTrust Commends CFPB for Exploring the Impact of Alternative Data on Credit Access for Consumers Who are Credit Invisible

  • Posted by Laurie Anderson
  • On February 17, 2017
  • alternative credit data, alternative data, CFPB, CreditClimbers, data, FactorTrust, underbanked
FactorTrust, the Alternative Credit Bureau, applauded yesterday’s decision by the Consumer Financial Protection Bureau (CFPB) to launch an exploration and inquiry into ways to expand access to credit for consumers deemed credit invisible or lacking sufficient credit history to obtain a credit score. FactorTrust has long-provided alternative credit data, analytics and risk scoring information that […]
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Assembling the Comprehensive Consumer Profile

  • Posted by Laurie Anderson
  • On February 17, 2017
  • alternative, FactorTrust, lenders, non-traditional consumers, underbanked
Traditional lenders looking to expand their market share are seeking ways to grow their business without increasing risk to their portfolio. In particular, lenders interested in servicing non-traditional consumers may very well find that new data provides them with fresh insights. This data can help identify new customers,  mitigate losses and price loans more profitably. […]
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Should Servicers Engage In Client Oversight?

  • Posted by FT Admin
  • On February 15, 2017
  • compliance, compliance management systems, vendor oversight
By Barb Sinsley, FactorTrust general counsel & chief compliance officer   The CFPB and the Intercept case There has been quite a bit of discussion in the past few years about Compliance Management Systems and vendor oversight. Companies have devised new processes, added new staffing, and even set up entirely new departments dedicated solely to […]
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How to do a financial background check on yourself

  • Posted by Laurie Anderson
  • On February 9, 2017
  • background check, consumer reporting, credit score
There are several important consumer reports that many people may not realize exist — from your medical history report and insurance records to your bank history and tenant records. Banks, employers, landlords, insurance companies, lenders, utility companies, and other businesses purchase consumer reports to screen applicants. The information in your reports could impact their decision […]
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I Won an Award from a Regulator!

  • Posted by Laurie Anderson
  • On February 6, 2017
  • compliance, regulator
By Barb Sinsley, FactorTrust general counsel & chief compliance officer Someday it would be fun if a regulator rewarded a company for compliant behavior instead of fining bad actors. That may never happen, but let’s think about this. What if instead of incenting compliant behavior (via the deterrent game of “Whack-a-Mole”), there were incentives given […]
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How to Run a Financial Background Check on Yourself

  • Posted by Laurie Anderson
  • On February 6, 2017
“How to Run a Financial Background Check on Yourself”— Imagine getting turned down for a job or an apartment rental and having no idea why. You call up the lender or landlord, and they tell you the worst: you failed their credit background check. You’re dumbfounded. You’ve never missed a bill payment and as far […]
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Innovation, Regulation, and Technology: The OCC Leads the Way

  • Posted by Laurie Anderson
  • On February 6, 2017
  • compliance, innovation, OCC
By Barb Sinsley, FactorTrust general counsel & chief compliance officer The financial services industry has long bemoaned overbroad and largely unpredictable oversight by the Consumer Financial Protection Bureau (CFPB). The CFPB has not issued policy or guidance on how exactly it would oversee companies engaged in the financial technology spectrum. Perhaps subtly, another federal regulator […]
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Fortune-Telling, our Magic 8 Ball, and the Proposed Rule on ATR

  • Posted by Laurie Anderson
  • On February 6, 2017
  • ability to repay, ATR, compliance, proposed rule
By Barb Sinsley, FactorTrust general counsel & chief compliance officer *Co-authored by Sarah Auchterlonie A flurry of fortune-tellers has filled the airwaves as a new president has caused considerable speculation about the future of the Consumer Financial Protection Bureau (CFPB). And for the small-dollar lending industry, their focus is on the CFPB’s Proposed Rule on […]
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