The Importance of the National Credit Reporting System to Consumers and the U.S. Economy

The Importance of the National Credit Reporting System to Consumers and the U.S. Economy PDF Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 224

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The Importance of the National Credit Reporting System to Consumers and the U.S. Economy

The Importance of the National Credit Reporting System to Consumers and the U.S. Economy PDF Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 224

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Consumer Credit and the American Economy

Consumer Credit and the American Economy PDF Author: Thomas A. Durkin
Publisher:
ISBN: 0195169921
Category : Business & Economics
Languages : en
Pages : 737

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Book Description
Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.

United States Congressional Serial Set, Serial 14856, House Reports Nos. 248-280

United States Congressional Serial Set, Serial 14856, House Reports Nos. 248-280 PDF Author:
Publisher: Government Printing Office
ISBN:
Category :
Languages : en
Pages : 1386

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Creditworthy

Creditworthy PDF Author: Josh Lauer
Publisher: Columbia University Press
ISBN: 0231544626
Category : History
Languages : en
Pages : 393

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Book Description
The first consumer credit bureaus appeared in the 1870s and quickly amassed huge archives of deeply personal information. Today, the three leading credit bureaus are among the most powerful institutions in modern life—yet we know almost nothing about them. Experian, Equifax, and TransUnion are multi-billion-dollar corporations that track our movements, spending behavior, and financial status. This data is used to predict our riskiness as borrowers and to judge our trustworthiness and value in a broad array of contexts, from insurance and marketing to employment and housing. In Creditworthy, the first comprehensive history of this crucial American institution, Josh Lauer explores the evolution of credit reporting from its nineteenth-century origins to the rise of the modern consumer data industry. By revealing the sophistication of early credit reporting networks, Creditworthy highlights the leading role that commercial surveillance has played—ahead of state surveillance systems—in monitoring the economic lives of Americans. Lauer charts how credit reporting grew from an industry that relied on personal knowledge of consumers to one that employs sophisticated algorithms to determine a person's trustworthiness. Ultimately, Lauer argues that by converting individual reputations into brief written reports—and, later, credit ratings and credit scores—credit bureaus did something more profound: they invented the modern concept of financial identity. Creditworthy reminds us that creditworthiness is never just about economic "facts." It is fundamentally concerned with—and determines—our social standing as an honest, reliable, profit-generating person.

Report on the Activity of the Committee on Financial Services for the ... Congress

Report on the Activity of the Committee on Financial Services for the ... Congress PDF Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category :
Languages : en
Pages : 196

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Report on the Activity of the Committee on Financial Services for the 108th Congress

Report on the Activity of the Committee on Financial Services for the 108th Congress PDF Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category :
Languages : en
Pages : 196

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Fair and Accurate Credit Transactions Act of 2003

Fair and Accurate Credit Transactions Act of 2003 PDF Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category : Consumer credit
Languages : en
Pages : 96

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United States Congressional Serial Set, Serial No. 14929, House Reports Nos. 793-803

United States Congressional Serial Set, Serial No. 14929, House Reports Nos. 793-803 PDF Author:
Publisher: Government Printing Office
ISBN:
Category :
Languages : en
Pages : 1378

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Fair Credit Reporting Act

Fair Credit Reporting Act PDF Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Publisher:
ISBN:
Category : Consumer credit
Languages : en
Pages : 506

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Journal and history of legislation

Journal and history of legislation PDF Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category :
Languages : en
Pages : 268

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