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What Borrowers Need to Know About Credit Scoring Models and Credit Scores

July 30, 2008

WASHINGTON, DC— The Subcommittee on Oversight and Investigations, today conducted hearing to examine credit scoring and what borrowers need to know about it. Specifically, this hearing will hear testimony about the use of credit scoring models and credit scores in the extension of credit cards and mortgage credit and how borrowers and consumers can understand the models and get access to their credit scores.

Congressman Watt said, “I hope this hearing will help take some of the mystery out of the credit scoring process and provide guidance on what steps need to be taken to ensure that consumers have the information they need to make informed credit decisions.”

Witness List & Prepared Testimony:

Panel One

• Mr. Thomas J. Quinn, Vice President, Fair Isaac Corporation
• Mr. Stan Oliai, Senior Vice President, Experian Decision Analytics, Experian PLC
• Mr. Richard G. Goerss, Chief Privacy Officer and Regulatory Counsel, Equifax, Inc.
• Mr. Chet Wiermanski, Group Vice President, Global Analytical and Decision Systems, TransUnion LLC

 

Panel Two

• Mr. Clark Abrahams, Chief Financial Architect, SAS Institute, Inc.
• Dr. Michael Staten, Professor, University of Arizona
• Dr. Michael Turner, President and Senior Scholar, Political and Economic Research Council (PERC)
• Mr. Evan Hendricks, Publisher and Editor, Privacy Times
  

 

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Member Statements

• Senator Tim Johnson