The credit report is one of the most important pieces of financial information available to consumers nationwide. It is the key to unlocking more lending options for a new home or car and even enhanced rental opportunities. The beauty of the credit reporting system is that a specific consumer’s success it entirely in their own hands. By simply living in a mortgaged property, buying a car, making purchases on a credit card, or paying off an unsecured loan, a consumer is able to build a better report, opening new opportunities. Good financial management behaviors beget positive credit report results.
The pandemic has made accurate credit reporting more important than ever. Consumers need access to safe, reliable lending options as they return to work. They may need a new mode of transportation, like a vehicle, if they have to avoid public transit. They may need more funding for equipment to work from home. The pandemic has changed the way we view our time; consumers may even need funding to open a new small business.
Certain legal protections were prudent to ensure lenders have an accurate picture of the typical consumer, not the one impacted by things completely out of their control, like losing a job as a result of COVID. However, federal and state governments have a tendency to overcorrect.
That’s why AFSA worked with state and federal legislators to ensure that consumers’ credit reports were kept intact. From Nevada to New York, the U.S. Senate to Court of Appeals, blog posts to podcasts, AFSA worked to educate policymakers about the crucial role that accurate credit reporting plays in consumers’ lives, especially at a time when reliable lending options are crucial.
All AFSA member companies report their borrowers’ payment activities to credit bureaus, helping their neighbors build a safe, sound financial life. The association will continue to fight for accurate and responsible credit reports and scores on behalf of consumers nationwide.
Highlighting the Role of Credit Reporting for Consumers
Sep 10, 2021
The credit report is one of the most important pieces of financial information available to consumers nationwide. It is the key to unlocking more lending options for a new home or car and even enhanced rental opportunities. The beauty of the… Read the rest
September White Paper is Out!
Sep 09, 2021
AFSA’s State Government Affairs September White Paper covers municipal debt collection laws. In addition to state and federal laws governing debt collection, at least five municipalities have gone beyond the federal and state restrictions… Read the rest
September’s Featured Business Partner is DataScan
Sep 08, 2021
September’s Featured Business Partner is DataScan. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2021. Learn more at onedatascan.com.
What are your financial… Read the rest
AFSA’s Flippin’ Great News
Sep 08, 2021
AFSA is pleased to announce that Olympic Gold Medalist and 3-Time Olympian Dominique Dawes is confirmed as a featured speaker for AFSA’s Annual Meeting in Washington, D.C., from October 24 through October 27.
Affectionately known… Read the rest
Be a Mastermind …
Aug 30, 2021
AFSA Business Partner, FICO, has launched its virtual annual FICO Mastermind Event — dedicated to the vehicle-finance industry. By registering attendees can access FICO Mastermind’s streamed, prerecorded sessions anywhere in… Read the rest
AFSA Sends Letter to HUD Regarding Fair Housing Act
Aug 26, 2021
AFSA wrote to the Department of Housing and Urban Development (HUD) on August 24 regarding its proposed rule amending its interpretation of the Fair Housing Act’s disparate impact standard.
AFSA’s letter emphasized that that the association… Read the rest
Senator Tim Scott to Join AFSA in Washington, DC
Aug 23, 2021
AFSA is pleased to announce Sen. Tim Scott (R-SC) as a keynote speaker at the 2021 Annual Meeting.
Senator Scott began his political career in the Charleston County Council followed by the South Carolina House of Representatives, the United… Read the rest
CFPB Files Settlement
Aug 20, 2021
AFSA’s Fagre Arlowe, Members Highlighted in Auto Fin Journal ‘Women in Auto Finance’ Issue
Aug 18, 2021
Each year, Auto Fin Journal publishes an issue dedicated to highlighting outstanding Women in Auto Finance. The 2021 edition features AFSA Senior Vice President Danielle Fagre Arlowe, as well as a number of AFSA member representatives from… Read the rest
Fagre Arlowe Featured in AARMR Magazine
Aug 16, 2021
AFSA’s Danielle Fagre Arlowe penned an article for the American Association of Mortgage Regulators’ (AARMR) quarterly publication The Regulator. The piece, Closing the Homeownership Gap Requires Public & Private … Read the rest