Credit scoring

The UK Department of Health has hired the credit-checking company TransUnion to verify the names and addresses of people requesting home coronavirus tests, placing millions at risk of being barred from access to these tests. The government says the purpose is to prevent abuse of the public testing

China is adding new features to its coronavirus surveillance app, which has helped many workers and employers return to their former lives, and looks likely to become a permanent fixture. Zhou Jiangyong, the Communist Party secretary of the eastern city of Hangzhou, has said the city's app, which it

In October 2018, the Singapore-based startup LenddoEFL was one of a group of microfinance startups aimed at the developing world that used non-traditional types of data such as behavioural traits and smartphone habits for credit scoring. Lenddo's algorithm uses numerous data points, including the

In October 2018, in response to questions from a committee of MPs, the UK-based Student Loans Company defended its practice of using "public" sources such as Facebook posts and other social media activity as part of the process of approving loans. In one case earlier in the year, a student was told

In a November 2018 report based on a year's study of the use of data scores, Data Justice Lab provided a comprehensive look at the use of data-driven citizen scoring in government, particularly focusing on six case studies drawn from local councils in the UK. The report noted there is no systematic

After an 18-month investigation involving interviews with 160 life insurance companies, in January 2019 New York Financial Services, the state's top financial regulator, announced it would allow life insurers to use data from social media and other non-traditional sources to set premium rates for

In 2018, Wells Fargo disclosed that due to a computer bug that remained undiscovered for nearly five years 600 customers were granted more expensive mortgage loans than they could have qualified for. About 400 of them went on to lose their homes. The announcement reignited the public anger and

In 2018, based on an analysis of 270,000 purchases between October 2015 and December 2016 on a German ecommerce site that sells furniture on credit, researchers at the National Bureau of Economic Research found that variables such as the type of device could be used to estimate the likelihood that a

In September 2017, the UN Capital Development Fund, the UN Development Programme, and the non-profit San Francisco-based startup Kiva, which has worked for 13 years as a crowd-funded microlending platform announced a joint initiative to open up financial services to the 20% of the Sierra Leone

In September 2018, the US Department of Homeland Security proposed to add credit scores and histories to the list of information immigrants are required to submit when applying for legal resident status. The stated purpose of the proposed rule is to bar those who might become a "public charge" from

In 2000, Experian entered into a consent decree with the Federal Trade Commission and agreed to pay $1 million to settle charges that the company blocked and delayed incoming phone calls from consumers wishing to discuss the contents of and possible errors in their credit reports. Under the Fair

In 2007, Experience agreed to pay $300,000 to settle a Federal Trade Commission complaint that the company's ads for a "free credit report" failed to explain clearly enough that consumers who signed up would be enrolled in a credit-monitoring programme costing $79.95 per year. The FTC alleged that

In March 2017, Experian agreed to pay a $3 million fine to settle a complaint brought by the Consumer Financial Protection Bureau that until 2014 the company had provided consumers with "educational" credit scores that were different from the FICO scores actually provided to credit card issues

In January 2017 two of the three largest US credit reporting bureaus, Equifax and TransUnion, were jointly fined $23 million in a settlement with the Consumer Financial Protection Bureau. CFPB held that the two companies marketed some of their products as free or costing $1 when in fact consumers

In August 2013, a jury in the Portland, Oregon Federal District Court awarded Julie Miller $18.4 million in punitive damages when despite two years of complaints and filings Equifax failed to rectify errors in her credit report that blocked many aspects of her financial life. Miller had followed the

In 2000, and then again in 2003, the US Federal Trade Commission fined Equifax for blocking phone calls from consumers trying to get information about their credit or discuss their reports or making them wait for extended periods of time in violation of the Fair Credit Reporting Act. In 1996