TAILIEUCHUNG - The Value of Comprehensive Credit Reports: Lessons from the U.S. Experience Summary

The main goal of our estimation is to study the industry incidence of tax evasion. We Önd a high tax evasion multiple for doctors, engineers, private tutors, Önancial services agents, accountants, and lawyers, consistently across di§erent credit models. We turn to making sense of the industry distribution. We Önd no evidence that the govern- ment is subsidizing either areas of local economic growth or industries o§ering apprentice-like training to unskilled workers. Turning to incentive stories, we investigate enforcement using detailed data by tax authority o¢ ces (which are very local in Greece). Our data tell an in- teresting story of enforcement, but the incentives of enforcement do. | The Value of Comprehensive Credit Reports Lessons from the . Experience Summary John M. Barron Dept. of Economics Krannert Graduate School of Management Purdue University Michael Staten Credit Research Center McDonough School of Business Georgetown University Credit bureau data on consumer borrowing and payment behavior has become the cornerstone of the underwriting decision for loans. Armed with the most comprehensive consumer payment histories in the world . creditors apply statistical scoring models to estimate an individual s repayment risk with remarkable accuracy. Such risk scoring has fundamentally improved the efficiency of . credit markets. Credit bureau data has brought consumers lower prices more equitable treatment and more credit products to millions of households who would have been turned down as too risky just a generation ago. The . credit reporting system also has made consumers and workers more mobile by reducing the cost of severing established financial relationships and seeking better opportunities elsewhere. The full benefits of comprehensive credit reporting have yet to be realized in most other countries because the amount of personal credit history available to lenders for assessing risk varies widely around the globe. Historically credit reporting in most countries began with the sharing of so-called negative information delinquencies bankruptcies etc. on borrowers. Only gradually and recently has information about the successful handling of accounts prior and current been contributed to the data repository. However in the interest of protecting privacy some countries continue to ban the reporting of data such as account balance and credit limit on accounts that are not delinquent. For example Australia s Commonwealth Privacy Act allows reporting of only negative information about borrowers plus inquiries from potential creditors. This paper describes a series of simulations demonstrating how credit availability .

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