[StBernard] Subcommittee to Examine Role of Credit Scores

[Westley Annis]

Subcommittee to Examine Role of Credit Scores

 

            Washington, DC - Tomorrow, Rep. Luis Gutierrez (D-IL), Chairman
of the Subcommittee on Financial Institutions and Consumer Credit, will hold
a hearing to examine the role consumer credit scores and reports play in
today's economy.  Credit scores and reports are ubiquitous in the current
financial marketplace and are used for everything from credit card and
mortgage approval to setting car insurance rates and even judging whether or
not someone is employable.  

 

"Consumers' credit scores and credit reports have become their passports in
our financial world," Rep. Gutierrez said. "Yet many consumers do not fully
understand how these increasingly important scores and reports are created
and used by lenders and others, how consumers can obtain copies of their
credit scores and reports and use them to their best advantage, and what
they can do in order to correct inaccuracies in their credit reports."  

 

The subcommittee hearing will focus on how credit scores and reports are
formulated, who purchases them and for what purpose. The hearing is also
intended to provide a discussion of relevant issues of particular concern to
consumers and several Members of Congress, including the impact of rising
medical debt on credit scores and reports and their use for hiring purposes.
Witnesses will include FICO, VantageScore, and the three major credit
bureaus - Equifax, Experian and Transunion.  The Federal Reserve and the
Federal Trade Commission will also testify to their recent and ongoing
oversight efforts over the consumer credit scoring industry.  

 

 

Who:               Subcommittee on Financial Institutions and Consumer
Credit

What:             Hearing: "Keeping Score on Credit Scores: An Overview of
Credit Scores, Credit 

Reports and their Impact on Consumers"

When:            Wednesday, March 24

2:00 p.m.

Where:           Room 2128, Rayburn House Office Building

 

 

Witness List:

 

First Panel:

 

Mr. Evan Hendricks
<http://www.house.gov/apps/list/hearing/financialsvcs_dem/hendricks_testimon
y.pdf> , Editor/Publisher, Privacy Times 

Mr. Stuart K. Pratt
<http://www.house.gov/apps/list/hearing/financialsvcs_dem/pratt_testimony.pd
f> , President and CEO, Consumer Data Industry Association 

Mr. Tom Quinn
<http://www.house.gov/apps/list/hearing/financialsvcs_dem/quinn_testimony.pd
f> , Vice President, Global Scoring Solutions, FICO 

Mr. Barrett Burns
<http://www.house.gov/apps/list/hearing/financialsvcs_dem/burns_testimony.pd
f> , President & CEO, VantageScore Solutions, LLC 

Mr. Chet D. Wiermanski
<http://www.house.gov/apps/list/hearing/financialsvcs_dem/wiermanski_testimo
ny.pdf> , Global Chief Scientist, Analytic Decision Services, TransUnion LLC


Mr. Stan Oliai, Senior Vice President, Decision Sciences, Experian Decision
Analytics, Experian 

Ms. Myra K. Hart
<http://www.house.gov/apps/list/hearing/financialsvcs_dem/hart_testimony.pdf

> , PhD., Senior Vice President, Analytical Services, Equifax Inc. 


Ms. Anne P. Fortney, Partner, Hudson Cook, LLP 

 

Second Panel:

 

Ms. Sandra Braunstein, Director, Division of Consumer and Community Affairs,
Federal Reserve Board of Governors 

Mr. David Vladeck
<http://www.house.gov/apps/list/hearing/financialsvcs_dem/ftc_vladeck_testim
ony_2010_03_24.pdf> , Director, Bureau of Consumer Protection, Federal Trade
Commission 

 

 

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