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Lending Club Crashes Near Record Lows After Slashing Guidance

Despite record high stocks, record high consumer confidence, and 'full' employment, LendingClub is struggling to originate high-enough quality loans – crashing almost 20% after slashing its Q4 outlook. CEO Scott Sanborn on LendingClub’s conference call pointed to a new credit model that represents "a tightening with an overall shift to higher-quality grades and higher quality approvals within grades," […]


Equifax Web-Page Goes Offline Amid Reports Of New Breach

Equifax has taken one of its web pages offline as its security team looks into reports of another potential cyber breach, the credit reporting company, which recently disclosed a hack that compromised the sensitive information of 145.5 million people, said on Thursday. "We are aware of the situation identified on the equifax.com website in the […]


Watch Live: Former Equifax CEO Faces Congressional “Public Shaming” Over Hack Farce

Former Equifax CEO Richard Smith (now retired) can expect a serious grilling this morning as he faces a congressional hearing into the utter farce surrounding the company's gross mishandling (and potential insider trading) of a cyber-security breach which has left almost 150 million people at risk. As The Washington Post reports, some lawmakers plan to […]


Equifax Bonds Crash As FTC Confirms Investigation Into Massive Hack

While not entirely surprising given the demands from politicians, The Hill reports that The Federal Trade Commission on Thursday announced that it had launched an investigation into the Equifax breach that left sensitive information for 143 million Americans exposed to hackers. “The FTC typically does not comment on ongoing investigations,” FTC spokesman Peter Kaplan said […]


Massachusetts Kicks Off State Lawsuits Against Equifax Over Massive Data Breach

Content originally published at iBankCoin.com Consumer credit reporting agency Equifax has already been hit with over 30 lawsuits over what may be the largest breach of sensitive information in U.S. history – at least 23 of which are class-action filings, and all of them representing individuals. On Tuesday, Massachusetts AG Maura Healey – a Democrat who in […]


“Somebody Goes To Jail” – Senator Says Equifax Execs Should Face Criminal Investigation

Little more than a day after Equifax disclosed that hackers had infiltrated its cybersecurity systems and “compromised” the personal data of 143 million Americans, the company was hit with its first class-action lawsuit, which alleged that the company could’ve prevented the breach if hadn’t instead opted for negligent cost-cutting. That suit, seeking $70 billion, was […]


With Scumbags Like This, It’s Easy To Understand Why Bitcoin Is At $4400…

Authored by Simon Black via SovereignMan.com, File this one away under ‘utterly repulsive’. As you probably heard, yesterday the US-based credit reporting agency Equifax announced a massive cyberattack that affects as many as 143 million consumers. Names. Birth dates. Addresses. Social Security Numbers. Even some credit card numbers were stolen. Literally over one third of […]


Visualizing 5,000 Years Of Consumer Credit Growth

Consumer credit may seem like a fairly new invention – but, as Visual Capitalist's Jeff Desjardins details below, it’s actually been around for more than 5,000 years! In fact, many millennia before the credit score became ubiquitous, there is historical evidence that cultures around the world were borrowing for various reasons. From the writings in […]


Ford To Abandon “Traditional Credit Scores” For Underwriting Decisions As Sales Stall

So, what do you do when your sales are stalling because you’ve already financed new cars for every man, woman and child with a credit score north of 500?  Well, you simply abandon credit scores in the underwriting process and instead explicitly mandate that your loan officers approve every potential car buyer that walks through […]


Carmageddon: Deep Subprime Auto Delinquencies Spike To 10-Year Highs

If you’re still on the fence about whether the auto market in this country is anything but a massive bubble being propped up by extremely loose credit underwriting standards, then we think Equifax has just provided some definitive evidence that just might push you over the edge.  In discussing delinquency trends in deep subprime auto […]