CREDIT REPORTING
Credit Reporting
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The accuracy of credit reports for individuals in American society has been under attack for years. TRW, the largest credit reporting agency, has been sued for faulty credit reporting. Both TRW and Trans Union have been charged with another violation of the privacy of credit information on individuals because the credit reporting agencies have been selling mailing lists based on individual credit dossiers. Changes have been leveled at banks and bankers for decades in relation to the extension of mortgage, business, and community development credit to members of minority population groups and to residents of neighborhoods and communities with predominantly minority group populations. The discriminatory and unethical practice of which banking and bankers are accused is known as redlining. Many bankers and some economists, however, contend that banking is being criticized unfairly, and that loan denials to minorities are neither discriminatory nor unethical. Similarly, TRW and the other credit reporting agencies contend that they have done nothing illegal or unethical. This research examines the issues of inaccuracy and unfairness in credit reporting and extension. This examination also reviews legislative initiatives designed to correct these problems. Bias in lending on the basis of race and ethnic background has an extensive history--both actual and perceived--in the United States. Such bias
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nted via the Community Development Act. Prohibitions against discrimination in housing and credit extension on the basis of age and handicap were enacted in 1988, as a part of the bill to extend the Civil Rights Act.
Official concern with credit extension was expanded again in 1975, with the enactment of the Home Mortgage Disclosure Act (HMDA). This act made it a less difficult for both individuals and public officials to ascertain whether depository institutions were in fact discriminating in the granting of credit. The HMDA was structured to deal with discrimination on the basis of geographic criteria, and was perceived as a means of dealing with the problem of redlining. Thus, the geographic criteria were conceived of as indirect means of attacking discrimination in credit against minority population groups that were restricted to living within specific sections of urban areas.
The CRA, the Fair Housing Act, the Community Development Act, and the HMDA should have eliminated discrimination from financing. That charges of the existence of such discrimination persist in the 1990s is evidence either that the legislation has not been effectively enforced. The Fair Credit Reporting Act is also a part of t
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Some common words found in the essay are:
Findings Bias, Housing Act, Public Research, Trans Union, Act CRA, Act HMDA, American Banker, Federal Reserve, TRW Credit, Additionally CRA, credit reporting, reporting agencies, credit reporting agencies, credit reports, american banker, racial ethnic, fair housing act, fair housing, local communities, community development, housing act, banker 159, american banker 159, wall street journal, week 15 1993,
Approximate Word count = 2091
Approximate Pages = 8 (250 words per page)
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