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Criticism Of Credit Scoring Systems In The United States
Credit scoring systems in the United States have garnered considerable criticism from various media outlets, consumer law organizations, government officials, debtors unions, and academics. Racial bias, discrimination against prospective employees,"Millions Need Not Apply" '''', May 29, 2011. discrimination against medical and student debt holders, poor predictability, manipulation of credit scoring |
Credit Score In The United States
A credit score is a number that provides a comparative estimate of an individual's creditworthiness based on an analysis of their credit report. It is an inexpensive and main alternative to other forms of consumer loan underwriting. Lenders, such as banks and credit card companies, use credit scores to evaluate the risk of lending money to consumers. Lenders contend that widespread use of credit scores has made credit more widely available and less expensive for many consumers. Under the Wall Street reform bill passed in 2010, a consumer is entitled to receive a free report of the specific credit score used if they are denied a loan, credit card or insurance due to their credit score. History Before credit scores, credit was evaluated using credit reports from credit bureaus. During the late 1950s, banks started using computerized credit scoring to redefine creditworthiness as abstract statistical risk. The Equal Credit Opportunity Act banned denying credit on gender or mari ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pawnbroker
A pawnbroker is an individual or business (pawnshop or pawn shop) that offers secured loans to people, with items of personal property used as collateral. The items having been ''pawned'' to the broker are themselves called ''pledges'' or ''pawns'', or simply the collateral. While many items can be pawned, pawnshops typically accept jewelry, musical instruments, home audio equipment, computers, video game systems, coins, gold, silver, televisions, cameras, power tools, firearms, and other relatively valuable items as collateral. If an item is pawned for a loan (colloquially "hocked" or "popped"), within a certain contractual period of time the pawner may redeem it for the amount of the loan plus some agreed-upon amount for interest. In the United States the amount of time, and rate of interest, is governed by law and by the state commerce department policies. They have the same license as a bank, which is highly regulated. If the loan is not paid (or extended, if applica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Trade Commission
The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction over federal civil antitrust enforcement with the Department of Justice Antitrust Division. The agency is headquartered in the Federal Trade Commission Building in Washington, DC. The FTC was established in 1914 with the passage of the Federal Trade Commission Act, signed in response to the 19th-century monopolistic trust crisis. Since its inception, the FTC has enforced the provisions of the Clayton Act, a key antitrust statute, as well as the provisions of the FTC Act, et seq. Over time, the FTC has been delegated with the enforcement of additional business regulation statutes and has promulgated a number of regulations (codified in Title 16 of the Code of Federal Regulations). The broad statutory authority granted to the FTC provide ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Center For Housing Studies
The Joint Center for Housing Studies is a research center on housing-related issues at Harvard Kennedy School at Harvard University in Cambridge, Massachusetts. Through its research, education, and public outreach programs, the center helps leaders in government, business, and the civic sectors make decisions that effectively address the needs of cities and communities. History The center was formed in 1959 under the leadership of Martin Meyerson, its founding director, as the Harvard–MIT Joint Center for Urban Studies, to address intellectual and policy issues confronting a nation experiencing widespread demographic, economic and social change. Its research was based on the premise that the resolution of these issues called for imaginative interdisciplinary approaches to the study of urban problems and issues, and required cooperation among universities, government and industry. In 1989, a split was made from the Massachusetts Institute of Technology, and became affiliated sol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Texas Department Of Insurance
The Texas Department of Insurance (TDI) regulates insurers and other companies that conduct insurance business in Texas, and assists Texas-based insurance consumers. TDI was founded in 1876 as the Department of Insurance, Statistics and History. The agency is responsible of enforcing the Texas Insurance Code; to regulate the insurance business, protect consumers, ensure fair competition among companies, and foster the stability of insurance market. In addition to administering the Texas workers' compensation system according to the Texas Labor Code, performing the duties of the State Fire Marshal's Office, and providing administrative support to the Office of Injured Employee Counsel. The agency is headquartered at the William P. Hobby State Office Building at 333 Guadalupe Street in Austin, Texas.It has around 1,400 employees statewide and a $110 million annual budget. The Commissioner of Insurance serves as the chief executive and administrative officer of the department. Hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
African-Americans
African Americans (also referred to as Black Americans and Afro-Americans) are an ethnic group consisting of Americans with partial or total ancestry from sub-Saharan Africa. The term "African American" generally denotes descendants of enslaved Africans who are from the United States. While some Black immigrants or their children may also come to identify as African-American, the majority of first generation immigrants do not, preferring to identify with their nation of origin. African Americans constitute the second largest racial group in the U.S. after White Americans, as well as the third largest ethnic group after Hispanic and Latino Americans. Most African Americans are descendants of enslaved people within the boundaries of the present United States. On average, African Americans are of West/Central African with some European descent; some also have Native American and other ancestry. According to U.S. Census Bureau data, African immigrants generally do not self-i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hispanic And Latino Americans
Hispanic and Latino Americans ( es, Estadounidenses hispanos y latinos; pt, Estadunidenses hispânicos e latinos) are Americans of Spanish and/or Latin American ancestry. More broadly, these demographics include all Americans who identify as Hispanic or Latino regardless of ancestry.Mark Hugo Lopez, Jens Manuel Krogstad and Jeffrey S. PasselWho Is Hispanic? Pew Research Center (November 11, 2019). As of 2020, the Census Bureau estimated that there were almost 65.3 million Hispanics and Latinos living in the United States and its territories (which include Puerto Rico). "Origin" can be viewed as the ancestry, nationality group, lineage or country of birth of the person or the person's parents or ancestors before their arrival in the United States of America. People who identify as Hispanic or Latino may be of any race. As one of the only two specifically designated categories of ethnicity in the United States (the other being "Not Hispanic or Latino"), Hispanics and Latinos f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
African American
African Americans (also referred to as Black Americans and Afro-Americans) are an ethnic group consisting of Americans with partial or total ancestry from sub-Saharan Africa. The term "African American" generally denotes descendants of enslaved Africans who are from the United States. While some Black immigrants or their children may also come to identify as African-American, the majority of first generation immigrants do not, preferring to identify with their nation of origin. African Americans constitute the second largest racial group in the U.S. after White Americans, as well as the third largest ethnic group after Hispanic and Latino Americans. Most African Americans are descendants of enslaved people within the boundaries of the present United States. On average, African Americans are of West/ Central African with some European descent; some also have Native American and other ancestry. According to U.S. Census Bureau data, African immigrants generally do not s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vice (magazine)
''Vice'' (stylized in all caps) is a Canadian-American magazine focused on lifestyle, arts, culture, and news/politics. Founded in 1994 in Montreal as an alternative punk magazine, the founders later launched the youth media company Vice Media, which consists of divisions including the printed magazine as well as a website, broadcast news unit, a film production company, a record label, and a publishing imprint. As of February 2015, the magazine's editor-in-chief is Ellis Jones. History Founded by Suroosh Alvi, Gavin McInnes, and Shane Smith (the latter two being childhood friends), the magazine was launched in 1994 as the ''Voice of Montreal'' with government funding. The intention of the founders was to provide work and a community service. When the editors later sought to dissolve their commitments with the original publisher, Alix Laurent, they bought him out and changed the name to ''Vice'' in 1996. Richard Szalwinski, a Canadian software millionaire, acquired the magazi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equifax
Equifax Inc. is an American multinational consumer credit reporting agency headquartered in Atlanta, Georgia and is one of the three largest consumer credit reporting agencies, along with Experian and TransUnion (together known as the "Big Three"). Equifax collects and aggregates information on over 800 million individual consumers and more than 88 million businesses worldwide. In addition to credit and demographic data and services to business, Equifax sells credit monitoring and fraud prevention services directly to consumers. Equifax operates or has investments in 24 countries in the Americas, Europe, and Asia Pacific. With over 14,000 employees worldwide, Equifax has nearly US$5 billion in annual revenue and is traded on the New York Stock Exchange (NYSE) under the symbol EFX. History Equifax was founded by Cator and Guy Woolford in Atlanta, Georgia, as Retail Credit Company in 1899. By 1920, the company had offices throughout the United States and Canada. By the 1960s, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FICO
FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is a data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States. In 2013, lenders purchased more than 10 billion FICO scores and about 30 million American consumers accessed their scores themselves. The company reported a revenue of $1.29 billion dollars for the fiscal year of 2020. History FICO was founded in 1956 as Fair, Isaac and Company by engineer William R. "Bill" Fair and mathematician Earl Judson Isaac. The two met while working at the Stanford Research Institute in Menlo Park, California. Selling its first credit scoring system two years after the company's creation, [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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