wlmmyers
03-19-2003, 08:52 AM
From: "Heidi Green" <heidi@gnhclf.org>
It's important to remember that credit reporting isn't done for the good of
consumers, it's done for the good of financial institutions. Collecting the
information on low income people's good credit isn't really of interest to
larger financial institutions. These customers don't purchase a whole lot of
financial products and don't run up the majority of the debt. A sort of
secondary reporting system could be created, but would it be effective? I
don't think so. The financial institutions aren't likely to choose to buy
and analyze yet another report. It would be duplicative, marginal and
costly. Instead, couldn't CDFI's pool their reports through the national
organization or something and submit collectively in batches of 500?
Heidi Green
Greater New Haven Community Loan Fund
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This post transferred from the cdb-l mailing list
It's important to remember that credit reporting isn't done for the good of
consumers, it's done for the good of financial institutions. Collecting the
information on low income people's good credit isn't really of interest to
larger financial institutions. These customers don't purchase a whole lot of
financial products and don't run up the majority of the debt. A sort of
secondary reporting system could be created, but would it be effective? I
don't think so. The financial institutions aren't likely to choose to buy
and analyze yet another report. It would be duplicative, marginal and
costly. Instead, couldn't CDFI's pool their reports through the national
organization or something and submit collectively in batches of 500?
Heidi Green
Greater New Haven Community Loan Fund
---
<html><font size=1>[This E-mail scanned for viruses (http://www.cayugacomputers.com/ccvds.html) 03/19/2003 09:40:19]</font></html>
This post transferred from the cdb-l mailing list