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The House Financial Services Subcommittee conducts hearings on the effects of creditworthiness and consumer reporting.
The House Financial Services Subcommittee on Financial Institutions and Consumer Credit hosted a consultation titled "Keeping scores on credit scores: A review of creditworthiness, credit reports and their impact on consumers". The subcommittee chairman, Luis Gutierrez (D-IL), raised concern about the way credit scores are created and used by matching credit scores with "passports" made out by tens of millions of private, commercial enterprises that few can match with obscure formulae concealed from the U.S. public and from Congress.
" And the following testimonies testify to these concerns: Contrary to these discussion participants and in line with the reservations of Chairman Gutierrez, Mr Hendricks argued for more transparent credit coverage for credit and proposed the following reforms: However, (1) Individuals should be eligible to obtain an annually free credit rating used by a plurality of creditors; (2) Businesses that resell credit ratings should clearly indicate whether their rating is used by creditors or by a plurality of creditors; (3)'resellers' of individual credit statements should not be contracted to prevent the sale or redistribution directly to individuals of the credit ratings or specialised credit statements they produce; and (4) credit rating agencies should be obliged to publish how much credit rating they actually resell and their total exposure to credit information they use.
In the second panelling, regulators were represented and participated in the monitoring of credit monitoring practice. Ms. Braunstein, Director of the Federal Reserve's Department of Consumers and Community Affairs, reviewed the credit review processes of the Department of Credit Rating Frameworks for fair credit and security and solidity, sketched the results of the Federal Reserve's 2007 report on creditworthiness and its impact on the accessibility and affordability of credit, and described the recently adopted regulations for participating riskbased price lenders using credit report information.
Ms Braunstein debated the provisions of Regulation B of the Equal Credit Opportunity Act, which forbids discriminatory treatment of borrowers on the basis of criteria such as racial or ethnic origin, gender or gender and also deals with the use of forbidden criteria within credit rating schemes. Mr. Vladek, Director of the Bureau of Consumer Protection of the FTC, spoke about the FTC's implementation of the Fair and Accurate Credit Transactions Act 2003 (the "FACT Act") and the Fair Credit Reporting Act (FCRA).
The Federal Reserve and the FTC issued in July 2009 definitive policies and guidance on the provision of information to credit rating agencies to guarantee the correctness and completeness of the information provided and to determine the conditions under which information providers must examine a litigation in responding to a customer's enquiry.
By December 2009, the two credit rating agencies published definitive risk-based rating schemes obliging lenders to give risk-based price information to customers if, on the basis of the information in the consumer's credit report, the lender grants credit to that person on less favourable conditions than the lender can grant to others.