Public Policy Implementation to Reduce Credit Score Discrimination: Beyond Enacting Legislation to Reduce Socioeconomic Disparities

44 Pages Posted: 24 Sep 2017

See all articles by MiEsha Strickland, MAHLP, MPA (DHA)

MiEsha Strickland, MAHLP, MPA (DHA)

Franklin University; Hofstra University - Maurice A. Deane School of Law, Students ; Cleveland State University - Maxine Goodman Levin College of Urban Affairs

Date Written: May 1, 2017

Abstract

The credit reporting agencies are to consumers what credit rating agencies are to banks and other vendors. That is to say that, Transunion, Equifax and Experian are the credit reporting agencies (CRA’s) that collect data on consumers and runs risk assessments on the consumers that seek credit on the behalf of their costumers. The credit reporting agencies also allow vendors and lenders to report payment information to them as well. According to the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) there is often erroneous reporting that can occur in the process of reporting data, which negatively affects consumer credit scores. In comparison the Credit Rating Agencies for banks and federal loans Standard and Poor’s provides rating to government entities and banks. Consumer credit is accessed whenever a person seeks credit from a creditor. It is also accessed for some employers and rental properties.

Keywords: Credit Scores, Credit Discrimination, Credit Crisis, Credit Reporting, Accountability, Transparency

JEL Classification: H44, H77, H50, O38, Y40, H60, H70, H83, H63, G02, G28, G32, G38

Suggested Citation

Strickland, MiEsha and Strickland, MiEsha, Public Policy Implementation to Reduce Credit Score Discrimination: Beyond Enacting Legislation to Reduce Socioeconomic Disparities (May 1, 2017). Available at SSRN: https://ssrn.com/abstract=3038211 or http://dx.doi.org/10.2139/ssrn.3038211

MiEsha Strickland (Contact Author)

Franklin University ( email )

201 S. Grant Avenue
Columbus, OH 43215
United States

Hofstra University - Maurice A. Deane School of Law, Students ( email )

Hempstead, NY
United States
216-835-6698 (Phone)

Cleveland State University - Maxine Goodman Levin College of Urban Affairs ( email )

1717 Euclid Avenue
Cleveland, OH 44115
United States

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