The number of consumers being pursued by debt-collection agencies fell dramatically in the past year, but it's as much technicality as achievement, and bankers need to keep that in mind when reviewing the credit scores of millions of Americans.
The Federal Housing Finance Agency is suspending its ongoing review of new credit scoring models and will instead move forward with creating a regulatory framework for providers of alternative credit scores to apply and be evaluated for use by Fannie Mae and Freddie Mac.
Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do.
It is unclear whether the Consumer Financial Protection Bureau is abandoning its supervisory oversight of Equifax or just taking a back seat to the Federal Trade Commission as the latter investigates the credit bureau.