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August 24, 2007

New credit scores report from the Fed

You won't find a press release anywhere, but buried deep on the Federal Reserve Board website is its August report to Congress on Credit Scoring and Its Effects on the Availability and Affordability of Credit (2 mB pdf). Its a companion to the widely criticized recent FTC report on credit scoring and insurance. Both reports were required by 2003 amendments to the Fair Credit Reporting Act. I haven't read the Fed report yet, but look forward to it, since it has the contradictory finding that even though non-whites have lower credit scores, not to worry, because there is "no compelling evidence, however, that any particular demographic group has experienced markedly greater changes in credit availability or affordability than other groups due to credit scoring."

Posted by Ed Mierzwinski at August 24, 2007 11:14 AM


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