The Detractors
Voices of opposition
- E-Loan: "After being forced to abandon this effort by Fair Isaac, we successfully lobbied for legislation to allow California consumers to view their FICO® score and are working on similar national legislation."
- National Association of REALTORS®
- California
Association of REALTORS®
- "The Senate Judiciary committee, on Tuesday passed SB 1607, C.A.R.’s sponsored credit scoring disclosure bill with a bi-partisan vote of eight to one."
- "C.A.R.’s sponsored bill, SB 1607, will be voted on in the Senate Judiciary committee on Tuesday, May 2nd [2000]."
- C.A.R.: Consumer's Right to Know - Share Your Credit Scoring Stories
- 7/8/99:
"N.A.R. and Freddie Mac have
teamed up to produce
a booklet and brochure entitled
"The Doorway to Good Credit,"
which answers frequently asked
questions about credit and
mortgage scoring."
- (7/28/99:
This page is now missing.)
6/15/98: C.A.R.:
Real Estate Finance - The
National Association of REALTORS® and The
California Association of
REALTORS® seek
legislation and regulations that
mandate disclosure of credit
scores to mortgage loan
applicants.
- PIRG: Mistakes Do
Happen: Conclusion and Recommendations - "Consumers
should be allowed access to credit scores
and explanations as a part of their
credit reports. Credit scoring models
fail to account for the existence of
disputed, erroneous or fraudulent
information..."
"Altogether, 70% of the credit
reports contained either serious
errors or other mistakes of some kind."
- 4/99: AAA
American Credit Bureau - "This newsletter is designed to
awaken the mortgage industry to a problem
that seems to be out of control and will
"destroy" our real estate
industry as we know it."
- 12/10/98: Credit
Scoring Questioned for Minority Lending-- "Recently,
some industry leaders have argued that
the formula used to determine credit
scoring is inherently biased because it's
based on middle-class areas where
approval for a major loan is easier than
in other lower-income areas..."
- (Your
organization's name here)
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