Watch Live Today at 2 p.m.: U.S. House Subcommittee Reviews Economic Role of Consumer Credit Scores and Reports
Mar 24, 2010
Chaired by U.S. Representative Luis Gutierrez (D-IL), the U.S. House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing today, March 24, 2010 at 2:00 p.m. to examine the role of consumer credit scores and reports in the current economy.
Note: To access today’s 2:00 p.m. live webcast of this event, click here.
“Consumers’ credit scores and credit reports have become their passports in our financial world,” Representative 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 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 representatives from FICO, VantageScore and the three major credit bureaus: Equifax, Experian and Transunion. Representatives from the U.S. Federal Reserve and the Federal Trade Commission also will testify about their recent and ongoing oversight efforts over the consumer credit scoring industry.
Witness list and prepared testimony (click on a name to access the written testimony):
First Panel:
- Mr. Evan Hendricks, Editor/Publisher, Privacy Times
- Mr. Stuart K. Pratt, President and CEO, Consumer Data Industry Association
- Mr. Tom Quinn, Vice President, Global Scoring Solutions, FICO
- Mr. Barrett Burns, President & CEO, VantageScore Solutions, LLC
- Mr. Chet D. Wiermanski, Global Chief Scientist, Analytic Decision Services, TransUnion LLC
- Mr. Stan Oliai, Senior Vice President, Decision Sciences, Experian Decision Analytics, Experian
- Ms. Myra K. Hart, 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, Director, Bureau of Consumer Protection, Federal Trade Commission
Should you have any questions or comments, please contact Colodny Fass.
To unsubscribe from this newsletter, please send an email to sgray@cftlaw.com.