TAILIEUCHUNG - Credit Score Accuracy and Implications for Consumers December 17, 2002: Consumer Federation of America National Credit Reporting Association

When a consumer applies for employment, or for a service that reviews credit histories, (such as insurance, an apartment rental, utilities, cell phone accounts) these data users may also request and receive a credit report and/or scores from one or more repositories, to be used to evaluate the consumer’ s application. Job applicants or employees must provide consent before a report is pulled, but other users derive a permissible purpose to review credit from the consumer’ s act of submitting an application, except in Vermont, where oral consent is required to review a credit report for credit uses. . | Credit Score Accuracy and Implications for Consumers December 17 2002 Consumer Federation of America National Credit Reporting Association Table of Contents I. About II. The Growing Importance of Credit III. Controversial Issues Affecting A. Speed. 4 B. Customized or Risk-Based Pricing. 4 C. Effect on Discrimination. 4 D. Statistical E. Untested Scoring F. Inaccurate credit IV. How Does the System Work .8 A. Non-Mortgage B. Employment and Services Other Than C. Other Data D. Mortgage 1. Portfolio 2. Loans Sold in the Secondary 3. Credit 4. Federal Housing Administration FHA and Department of Veterans Affairs VA V. Study A. Phase One. 16 B. Phase C. Phase Three. 18 VI. Findings . 20 A. Phase One. 20 1. Almost One in Ten Files was Missing a Credit Score from at Least One 2. A Substantial Number of Files Met the Criteria for Further 3. Numerous Files Contained Additional Repository Reports and Information not Relevant to the Consumer s Credit 4. Scores Reported by the Three Repositories for a Given Consumer Varied 5. Reports Contained Limited Information to Help Consumers Understand the Principal Reasons for their Credit 6. In Depth Reviews Revealed Significant Errors and Inconsistencies Some of Which were Likely Artificially Lowering Consumer Credit Scores and Some of Which were Likely Artificially Raising Consumer Credit B. Phase Two. 25 1. Scores Reported by the Three Repositories for a Given Consumer Varied 2. Reports Scored With Different Versions of Scoring Software Reflected Almost No Difference in Overall Variability of Credit 3. Reports Contained Limited Information to Help Consumers Understand the Principal Reasons for their Credit ii C. Phase Three - Specific Types of 1. .

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