has been invited to speak at the CFA (Consumer Federation of America) national conference in Washington DC March 13-14 2002 on the "Impact of Risk Based Pricing of Financial Services on Low Income Consumers". He will also address the fairness of Credit Scoring and Credit reporting accuracy.
AAA American Credit Bureau's President Richard F. Le Febvre is again in the news. An article written by Kenneth Harney titled "Outdated Credit-Scoring System Can Penalize Potential Borrowers" in the world renowned newspaper, the Washington Post, was published today, February 23, 2002. Kenneth Harney is one of the nation's most reputable authorities on housing news. He is most respected by the nations leaders in Washington DC. The Washington Post newspaper is the most highly read newspaper in our nations capital and throughout the country. Kenneth Harney is a syndicated columnist whose stories are picked up by the newswire and newspapers across the nation, coast to coast.
Affichage des articles dont le libellé est agency. Afficher tous les articles
Affichage des articles dont le libellé est agency. Afficher tous les articles
lundi 30 avril 2007
AAA American Credit Bureau's President Richard F. Le Febvre
s again in the news. An article written by Beth Kobliner titled "Borrower Beware: Credit Scorers Are Watching" in the world respected newspaper, the New York Times, was published today, April 21, 2002. The story talks about how much a low "Fico" score could cost the average consumer during their application for a mortgage loan, auto loan, auto insurance, or even their homeowners insurance.
AAA American Credit Bureau's President Richard F. Le Febvre has been invited to speak at the NCRC (National Community Reinvestment Coalition) national conference in Washington DC February 26-March 1, 2002 on "Accessing and Correcting Credit Records". He will also address the impact of Credit Scoring on minorities and consumers with errors.
AAA American Credit Bureau's President Richard F. Le Febvre has been invited to speak at the NCRC (National Community Reinvestment Coalition) national conference in Washington DC February 26-March 1, 2002 on "Accessing and Correcting Credit Records". He will also address the impact of Credit Scoring on minorities and consumers with errors.
AAA American Credit Bureau's President Richard F. Le Febvre
is again in the news. This time on NBC nightly news with Tom Brokaw on Wednesday May 1, 2002 titled "The Impact of your Credit Score " created by Dan Lothian an NBC correspondent. The story talks about how much a low "Fico" score could cost the average consumer during the automated underwriting process of their mortgage loan application. We were interviewed with three of our consumer success stories. In one case we were able to re-score and raise Dave Birdsall's middle Fico score from 560 to 720 in about five days. This story just touches the tip of the "Iceberg" when it comes to consumers being harmed by Fannie Mae & Freddie Mac's automated underwriting systems DU & LP. These two automated underwriting systems deny consumers their legal rights under the Fair Credit Reporting Act of 1970 and the amended FCRA of 1996.
vendredi 13 avril 2007
Welcome to Experian
Our vision is for Experian's people, data and technology to become a necessary part of every major consumer economy around the world. The recent demerger of Experian from GUS has enabled investors to participate directly in our future as an independent company. We look forward to continuing to develop our business for the benefit of all our stakeholders.
United Kingdom
In the United Kingdom, the three credit reference agencies are Experian, Equifax and Callcredit, which was established in 2001 and is now working closely in association with its American counterpart, TransUnion.
Most banks and other credit-granting organisations subscribe to one or more of these organisations to ensure the quality of their lending. This includes companies who sell goods or services on credit such as credit card issuers, utility companies and store card issuers. Subscribing organisations are expected to provide relevant data to maintain the common data pool.
Credit reference agencies are bound by the Data Protection Act, which requires that data relating to identifiable individuals must be accurate, relevant, held for a proper purpose and not out-of-date. Individuals have a legal right to access data held on them.
The activities of Credit Reference Agencies are governed under UK law by the Consumer Credit Act 1974.
Most banks and other credit-granting organisations subscribe to one or more of these organisations to ensure the quality of their lending. This includes companies who sell goods or services on credit such as credit card issuers, utility companies and store card issuers. Subscribing organisations are expected to provide relevant data to maintain the common data pool.
Credit reference agencies are bound by the Data Protection Act, which requires that data relating to identifiable individuals must be accurate, relevant, held for a proper purpose and not out-of-date. Individuals have a legal right to access data held on them.
The activities of Credit Reference Agencies are governed under UK law by the Consumer Credit Act 1974.
United States
In the United States, the legal term for a credit bureau under the Federal Fair Credit Reporting Act (FCRA) is consumer reporting agency.
Most credit history information is collected and kept by the three national credit bureaus, Experian (which purchased the files and other assets of TRW), Equifax, and TransUnion. These organizations are for-profit entities and possess no governmental affiliation.
Innovis is another consumer reporting agency. Starting out as ACB Services in 1970 by Associated Credit Bureaus, in 1989 it was purchased and renamed Consumers Credit Associates (CCA) and began to gain commitments from major credit grantors to contribute data. In 1997, First Data Corporation (FDC) purchased CCA and renamed this division Innovis Data Solutions, Inc. In April of 1999, CBC Companies purchased Innovis Data Services from First Data Corporation.
PRBC (Pay Rent, Build Credit, Inc.) is a national alternative credit bureau. Incorporated in March of 2002, PRBC enables consumers to self-enroll and build a positive credit file by reporting their on-time payments (such as rent, utilities, cable, and phone) that are not automatically reported to the three traditional credit bureaus.
[edit] Tort liability for business defamation
In the case of Dun & Bradstreet, Inc. v. Greenmoss Builders, 472 U.S. 749 (1985) the U.S. Supreme Court held that a credit reporting agency may be liable if it was careless in reporting an impending or past bankruptcy filing of a business that is not a public figure
Most credit history information is collected and kept by the three national credit bureaus, Experian (which purchased the files and other assets of TRW), Equifax, and TransUnion. These organizations are for-profit entities and possess no governmental affiliation.
Innovis is another consumer reporting agency. Starting out as ACB Services in 1970 by Associated Credit Bureaus, in 1989 it was purchased and renamed Consumers Credit Associates (CCA) and began to gain commitments from major credit grantors to contribute data. In 1997, First Data Corporation (FDC) purchased CCA and renamed this division Innovis Data Solutions, Inc. In April of 1999, CBC Companies purchased Innovis Data Services from First Data Corporation.
PRBC (Pay Rent, Build Credit, Inc.) is a national alternative credit bureau. Incorporated in March of 2002, PRBC enables consumers to self-enroll and build a positive credit file by reporting their on-time payments (such as rent, utilities, cable, and phone) that are not automatically reported to the three traditional credit bureaus.
[edit] Tort liability for business defamation
In the case of Dun & Bradstreet, Inc. v. Greenmoss Builders, 472 U.S. 749 (1985) the U.S. Supreme Court held that a credit reporting agency may be liable if it was careless in reporting an impending or past bankruptcy filing of a business that is not a public figure
credit bureau (U.S.), or credit reference agency (UK)
is a company that provides credit information on individual borrowers. This helps lenders assess credit worthiness, the ability to pay back a loan, and can affect the interest rate applied to loans. Interest rates are not the same for everyone, but instead are based on risk-based pricing, a form of price discrimination based on the different expected costs of different borrowers, as set out in their credit rating.
Credit bureaus collect and collate personal financial data on individuals, from financial institutions with which they have a relationship. The data are aggregated and the resulting information is made available on request to contributing companies for the purposes of credit assessment and credit scoring. Given the large number of consumer borrowers, these credit scores tend to be mechanistic. In other words, the different credit bureaus collect data from a variety of sources and then apply a mathematical algorithm to assess the likelihood that an individual will repay a given debt given the frequency that other individuals in similar situations have defaulted. Given the mechanical nature of this calculation, an individual's credit score is highly dependent on the information input into the algorithm. If a credit bureau has collected inaccurate or misleading data, an individual's credit score could be adversely affected as a result. Consequently, most consumer welfare advocates advise individuals to review their credit reports at least once per year, in order to ensure that the reports are accurate.
Credit bureaus collect and collate personal financial data on individuals, from financial institutions with which they have a relationship. The data are aggregated and the resulting information is made available on request to contributing companies for the purposes of credit assessment and credit scoring. Given the large number of consumer borrowers, these credit scores tend to be mechanistic. In other words, the different credit bureaus collect data from a variety of sources and then apply a mathematical algorithm to assess the likelihood that an individual will repay a given debt given the frequency that other individuals in similar situations have defaulted. Given the mechanical nature of this calculation, an individual's credit score is highly dependent on the information input into the algorithm. If a credit bureau has collected inaccurate or misleading data, an individual's credit score could be adversely affected as a result. Consequently, most consumer welfare advocates advise individuals to review their credit reports at least once per year, in order to ensure that the reports are accurate.
mardi 13 mars 2007
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