‘Lenders are very comfortable with this way of doing things’: We’re stuck with our credit-reporting system, despite errors and data breaches. Here’s why.
The credit reporting industry may have flaws, but it’s one we’re more or less stuck with. Equifax EFX, +3.25%, one of the three main credit bureaus, sent faulty scores to millions of lenders, resulting in higher interest rates and denied applications, the Wall Street Journal reported this week. This follows a data breach by the…
