Journal Article

What's in the file? The economics and law of consumer credit bureaus.

Abstract: In \\"What's in the File? The Economics and Law of Consumer Credit Bureaus,\\" author Bob Hunt points out that lenders in the United States have voluntarily shared information about their customers - through credit bureaus - for nearly a century. Hunt explains how sharing information about consumers' indebtedness and payment histories can benefit both consumers and lenders. These benefits depend, however, on the accuracy of the information reported and the care taken to ensure that information is disclosed only when appropriate. Hunt also describes the Fair Credit Reporting Act, which attempts to address these concerns. He closes by reviewing a number of challenges consumer credit bureaus may face in the early years of this new century. ; Also issued as Payment Cards Center Discussion Paper No. 02-06

Keywords: Consumer credit; credit bureaus;

Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Business Review

Publication Date: 2002

Issue: Q2

Pages: 17-25