One of Progrexion Marketing’s affiliates falsely advertised that it “guarantee[d] anyone a 0% to 3.5% down home loan no matter how bad their credit is when we start!”
Expanding the Fair Credit Reporting Act’s dispute and accuracy requirements to a broadened definition of credit reporting agency could lead some industries to stop reporting or furnishing consumer credit data, according to Dan Smith, newly appointed president and CEO of the Consumer Data Industry Association.
Trade groups representing lenders noted that mortgage originators typically have no control over AVM providers and have no way to assess the goals, design or data inputs that go into the models.