[an error occurred while processing this directive]

Consumer Credit: Credit Reports and Credit Scoring

August 2003

BNA's Web Watch is prepared by Laura Gordon-Murnane. E-mail suggestions for future weekly topics always welcome.

Federal Government

Congressional Testimony

Senate Banking Committee Hearing
July 29, 2003 Consumer Awareness and Understanding of the Credit Granting Process
Dolores S. Smith, Director, Division of Consumer and Community Affairs, Federal Reserve Board

Donna J. Gambrell, Deputy Director of Compliance & Consumer Protection, Federal Deposit Insurance Corporation

Joel Winston, Associate Director, Financial Practices Division, Bureau of Consumer Protection Issues, Federal Trade Commission

Stacey D. Stewart, President and Chief Executive Officer, Fannie Mae Foundation

Scott Hildebrand, Vice President of Direct Marketing Operations, Capital One Financial Corporation

Travis Plunkett, Consumer Federation of America

Cheri St. John, Vice President for Global Scoring Solutions, Fair Isaac Corporation

Senate Banking Committee – July 10, 2003
The Accuracy of Credit Report Information and the Fair Credit Reporting Act
Witness Testimony
The Honorable Timothy Muris, Chairman, Federal Trade Commission

Mr. Stuart Pratt, President and CEO, Consumer Data Industry Association

Mr. Richard Le Febvre, President and Chief Executive Officer, AAA American Credit Bureau

Mr. Evan Hendricks, Editor, Privacy Times

Mr. Stephen Brobeck, Executive Director, Consumer Federation of America

Mr. David Jokinen, Consumer Witness

Committee on Financial Services - Hearing on H.R. 2622, the Fair and Accurate Credit Transactions Act of 2003 Wednesday, July 09, 2003

The Honorable John W. Snow, Secretary, Department of the Treasury

The Honorable Timothy J. Muris, Chairman, Federal Trade Commission

Mr. Mallory Duncan, Senior Vice President, General Counsel, National Retail Federation

Mr. Stephen Brobeck, Executive Director, Consumer Federation of America

Mr. Michael F. McEneney, Partner, Sidley Austin Brown & Wood LLP, on behalf of the U.S. Chamber of Commerce

Mr. Michael F. McEneney, Partner, Sidley Austin Brown & Wood LLP, on behalf of the U.S. Chamber of Commerce

Mr. John C. Dugan, Partner, Covington & Burling, on behalf of the Financial Services Coordinating Council

Mr. Stuart K. Pratt, President, Consumer Data Industry Association

Mr. Joe Belew, President, Consumer Bankers Association

Ms. Kayce Bell, Chief Operating Officer, Alabama Credit Union, on behalf of the Credit Union National Association

Mr. Hilary O. Shelton, Director, NAACP, Washington Bureau

Dr. William E. Spriggs, Executive Director, National Urban League Institute for Opportunity and Equality

Mr. D. Russell Taylor, Chairman, America’s Community Bankers

Mr. Chris Jay Hoofnagle, Deputy Counsel, Electronic Privacy Information Center

Mr. L. Richard Fischer, Visa U.S.A.

Senate Banking Committee on the affiliate sharing loophole in the Fair Credit Reporting Act (June 26, 2003)
Hearing on "Affiliate Sharing Practices and Their Relationship to the Fair Credit Reporting Act"

Mr. Terry Baloun - Regional President and Group Head Wells Fargo Bank

Ms. Julie Brill - Assistant Attorney General State of Vermont

Ms. Angela L. Maynard - Senior Vice President and Chief Privacy Executive Key Bank

Mr. Edmund Mierzwinski Consumer Program Director U.S. Public Interest Research Group

Professor Joel R. Reidenberg - Professor of Law and Director of the Graduate Program Fordham University

Mr. Ronald A. Prill President Target Financial Services f

Mr. Martin Wong - General Counsel, Global Consumer Group
Citigroup, Inc.

Subcommittee on Financial Institutions and Consumer Credit
Hearing entitled “The Role of FCRA in the Credit Granting Process”
Thursday, June 12, 2003

Mr. John Courson, Chairman, Mortgage Bankers Association

Mr. David Moskowitz, General Counsel, Wells Fargo Home Mortgage

Mr. A.W. Pickel, President, Leader Mortgage Company, Lenexa, KS, President-Elect, National Association of Mortgage Brokers

Mr. Travis Plunkett, Legislative Director, Consumer Federation of America

Mr. Alan Fishbein, General Counsel, Center for Community Change

Mr. Harry Gambill, CEO, TransUnion LLC

Mr. Michael Vadala, President and CEO, The Summit Federal Credit Union, on behalf of the National Association of Federal Credit Unions

Mr. C.R. Cloutier, Chairman, Independent Community Bankers of America

Mr. George B. LoBan , Co-Chairman and President , FSF Financial Corporation and First Federal FSB, Hutchinson, MN, on behalf of America’s Community Bankers

Dr. Robert Manning, Professor of Humanities, Rochester Institute of Technology

Mr. Evan Hendricks, Editor, Privacy Times

Mr. Martin Wong, General Counsel, Global Consumer Group, Citigroup, Inc.

Mr. Scott Hildebrand, Vice President, Direct Marketing Services, Capital One

Fannie Mae (submitted for the record)

Subcommittee on Financial Institutions and Consumer Credit Hearing entitled “The Importance of the National Credit Reporting System to Consumers and the U.S. Economy” Thursday, May 08, 2003

Mr. Michael F. Uffner, President, Chairman and CEO, AutoTeam Delaware, on behalf of the United States Chamber of Commerce

Mr. Dean Sheaffer, Vice President of Credit, Boscov’s Incorporated, on behalf of the National Retail Federation

Mr. Michael Turner, President and Senior Scholar, Information Policy Institute

Mr. Joel R. Reidenberg, Professor of Law, Fordham University

Mr. Peter P. Swire, Professor of Law, Moritz College of Law, Ohio State University

Mr. Michael Staten, Director, Credit Research Center, Georgetown University

Federal Reserve
"An Overview of Consumer Data and Credit Reporting," Federal Reserve Bulletin, February 2003, at 49-50.

Ana M. Aizcorbe, Arthur B. Kennickell, and Kevin B. Moore, ‘‘Recent Changes in U.S. Family Finances: Evidence from the 1998 and 2001 Survey of Consumer Finances,’’ Federal Reserve Bulletin, vol. 89 (January 2003),

Federal Reserve Bank of Philadelphia
‘‘The Development and Regulation of Consumer Credit Reporting in America,’’ Federal Reserve Bank of Philadelphia, Working Paper no. 02-21, November 2002.

General Accounting Office
Consumer Credit: Limited Information Exists on Extent of Credit Report Errors and Their Implications for Consumers, statement for the record by Richard J. Hillman, director, financial markets and community investment, before the Senate Committee on Banking, Housing and Urban Affairs. GAO-03-1036T, July 31.

Consumer Federation of America
Consumers Lack Essential Knowledge, And Strongly Support New Protections, On Credit Reporting And Credit Scores Monday, July 28, 2003

‘‘Credit Score Accuracy and Implications for Consumers,’’ report by Consumer Federation of America and the National Credit Reporting Association, December 17, 2002.

Credit Research Center McDonough School of Business Georgetown University
Michael Staten and Fred Cate, “The Impact of National Credit Reporting Under the Fair Credit Reporting Act: The Risk of New Restrictions and State Regulations,” May, 2003.

The Value of Comprehensive Credit Reports: Lessons from the U.S. Experience Summary John M. Barron, Dept. of Economics, Krannert Graduate School of Management, Purdue University Michael Staten, Credit Research Center, McDonough School of Business, Georgetown University (2000)

Dept. of Economics Krannert Graduate School of Management Purdue University and Credit Research Center McDonough School of Business Georgetown University John M. Barron and Michael Staten, “The Value of Comprehensive Credit Reports: Lessons from the U.S. Experience,” (2000)

US Public Interest Group
‘‘Mistakes Do Happen: Credit Report Errors Mean Consumers Lose,’’ March 1998