Credit Report/Score Question

[Community Development Banking List]

Original message from: stateosian@unitedwayfresno.org

Hello from Fresno, CA!

Does anyone know which agency/organization provides a credit score and report for free or a limited fee? We are looking to create a partnership that would allow us to check the credit of low to moderate income clients in a frugal manner that would not negatively impact their credit.

Thanks!

Sevag Tateosian / Manager, Financial Stability Services / United Way of Fresno County
4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax: 559-228-8159
Give. / Advocate. / Volunteer. / Live United
www.unitedwayfresno.org<http://www.unitedwayfresno.org>
www.bankonfresno.ca.gov<http://www.bankonfresno.ca.gov>

[Community Development Banking List]

Original message from: gmccullough@novadebt.org

You can actually work with Trans Union. We have a relationship with
them that allows us to pull the credit report for specific reasons
related to our business that does not have an impact on the client.
There are restrictions but they could go over everything with you



Gina McCullough

Director of Quality Assurance

Accounting Manager

Novadebt

Garden State Consumer Credit Counseling, Inc.

225 Willowbrook Road

Freehold, NJ 07728

ginamccullough@novadebt.org <mailto:ginamccullough@novadebt.org>

732-409-6281 ext. 80213

800-772-4557

732-863-5051 (fax)

<http://www.facebook.com/pages/Novadebt/137277882987869>

Check us out on Facebook
<http://www.facebook.com/pages/Novadebt/137277882987869>
Click here <http://www.novadebt.org/newsletters.taf> to view our free
newsletter, The Penny Pincher



________________________________

From: bounce-8064128-12839739@list.cornell.edu
[mailto:bounce-8064128-12839739@list.cornell.edu] On Behalf Of Sevag
Tateosian
Sent: Wednesday, February 09, 2011 11:29 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Credit Report/Score Question



Hello from Fresno, CA!



Does anyone know which agency/organization provides a credit score and
report for free or a limited fee? We are looking to create a
partnership that would allow us to check the credit of low to moderate
income clients in a frugal manner that would not negatively impact their
credit.



Thanks!



Sevag Tateosian / Manager, Financial Stability Services / United Way of
Fresno County

4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax:
559-228-8159

Give. / Advocate. / Volunteer. / Live United

www.unitedwayfresno.org

www.bankonfresno.ca.gov

CDB list instructions http://www.runonthebank.net/cdblist.htm





The information contained in this communication is intended solely for the use of the individual or entity to whom it is addressed and others authorized to receive it. It may contain confidential or legally privileged information. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by responding to this email and then delete it from your system. The sender is neither liable for the proper and complete transmission of the information contained in this communication nor for any delay in its receipt.

[Community Development Banking List]

Original message from: KnoxL@pdc.us

As part of the Portland (OR) Economic Opportunity Initiative,
http://www.pdc.us/bus_serv/economic-op.asp , we provide free credit
repair coaching for all of our participants. We looked long and hard to
find an agency with credit repair expertise that approached the work in
a way that does not negatively impact people's credit. We found a
non-profit called Metropolitan Family Services that had a very small
project accomplishing this by intensively coaching people to do things
for themselves but not doing it for them (this is what can negatively
affect their credit & is the approach that most credit counseling uses).
This program is very affective at increasing scores over time and our
final payment to them for each client does not occur until there has
been at least a 75 point increase.



Lynn Knox

Economic Opportunity Initiative, Sr. Program Manager

Portland Development Commission

ph. 503-823-2385 fax 503-865-3629

knoxl@pdc.us



From: bounce-8064128-14588394@list.cornell.edu
[mailto:bounce-8064128-14588394@list.cornell.edu] On Behalf Of Sevag
Tateosian
Sent: Wednesday, February 09, 2011 8:29 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Credit Report/Score Question



Hello from Fresno, CA! J



Does anyone know which agency/organization provides a credit score and
report for free or a limited fee? We are looking to create a
partnership that would allow us to check the credit of low to moderate
income clients in a frugal manner that would not negatively impact their
credit.



Thanks!



Sevag Tateosian / Manager, Financial Stability Services / United Way of
Fresno County

4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax:
559-228-8159

Give. / Advocate. / Volunteer. / Live United

www.unitedwayfresno.org

www.bankonfresno.ca.gov

CDB list instructions http://www.runonthebank.net/cdblist.htm

[Community Development Banking List]

Original message from: drhinden@managance.com

Hello! Check out Credit Builders Alliance based in Washington DC http://www.creditbuildersalliance.org/. To the best of my knowledge this nonprofit organization does exactly what you are asking.

Best, Denice


Denice R. Hinden, PhD, ACC
President
Managance Consulting & Coaching
1708 Chester Mill Road
Silver Spring, MD 20906
(O) 301-260-9503
(F) 301-260-9506
(M) 301-641-1466
www.managance.com
http://www.linkedin.com/in/drhinden
Twitter ID: drhinden



From: bounce-8064128-4990432@list.cornell.edu [mailto:bounce-8064128-4990432@list.cornell.edu] On Behalf Of Sevag Tateosian
Sent: Wednesday, February 09, 2011 11:29 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Credit Report/Score Question

Hello from Fresno, CA!

Does anyone know which agency/organization provides a credit score and report for free or a limited fee? We are looking to create a partnership that would allow us to check the credit of low to moderate income clients in a frugal manner that would not negatively impact their credit.

Thanks!

Sevag Tateosian / Manager, Financial Stability Services / United Way of Fresno County
4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax: 559-228-8159
Give. / Advocate. / Volunteer. / Live United
www.unitedwayfresno.org<http://www.unitedwayfresno.org>
www.bankonfresno.ca.gov<http://www.bankonfresno.ca.gov>

CDB list instructions http://www.runonthebank.net/cdblist.htm

[Community Development Banking List]

Original message from: cuwarrior@gmail.com

creditkarma.com

Really cool site. Offers free scores, guidance on how to improve them, and tools with which you can test certain scenarios' impact on them. I've CC'd a contact I have at the organization.

Matt Davis
Filene Research Institute

On Feb 9, 2011, at 11:28 AM, Sevag Tateosian wrote:

Hello from Fresno, CA! J

Does anyone know which agency/organization provides a credit score and report for free or a limited fee? We are looking to create a partnership that would allow us to check the credit of low to moderate income clients in a frugal manner that would not negatively impact their credit.

Thanks!

Sevag Tateosian / Manager, Financial Stability Services / United Way of Fresno County
4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax: 559-228-8159
Give. / Advocate. / Volunteer. / Live United
www.unitedwayfresno.org
www.bankonfresno.ca.gov
CDB list instructions http://www.runonthebank.net/cdblist.htm

[Community Development Banking List]

Original message from: MLui@insightcced.org

Hi Sevag,



Credit scores are a poor measure of whether or not a person is credit
worthy, particularly for those from different cultures with different
savings and ownership practices. Case in point: my immigrant father
from China bought everything in cash because he was a great saver and
avoided debt - car, first small house - paid for in cash. When he
finally needed credit, he had none. What the big banks want measured is
not your likelihood of repaying a loan, it's the likelihood that they'll
make money from your debt. That's why you have to take on debt and be
good about paying the interest before they'll give you a good score.
The 3 big credit score companies have so much power over all of us, and
yet they do not have to be transparent in their methodologies
(federalizing credit scoring would be one way to deal with this). In
order to really help expand services to low-income low-asset people
particularly in communities of color, we'll need to look beyond these
scores and encourage the creation of new ways of determining
credit-worthiness that fit their practices and needs.



Best,



Meizhu Lui

Director, Closing the Racial Wealth Gap Initiative
<http://www.insightcced.org/communiti...sing-RWG.html>

Insight Center for Community Economic Development

2201 Broadway, Suite 815

Oakland, CA 94612

808 345-9024

mlui@insightcced.org <mailto:vcorral@insightcced.org>



Follow us on Twitter: www.twitter.com/racialwealthgap

Experts of Color Network: www.expertsofcolor.org

Closing the Racial Wealth Gap Initiative:
www.closingtheracialwealthgap.org











From: bounce-8064128-9001587@list.cornell.edu
[mailto:bounce-8064128-9001587@list.cornell.edu] On Behalf Of Sevag
Tateosian
Sent: Wednesday, February 09, 2011 8:29 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Credit Report/Score Question



Hello from Fresno, CA! J



Does anyone know which agency/organization provides a credit score and
report for free or a limited fee? We are looking to create a
partnership that would allow us to check the credit of low to moderate
income clients in a frugal manner that would not negatively impact their
credit.



Thanks!



Sevag Tateosian / Manager, Financial Stability Services / United Way of
Fresno County

4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax:
559-228-8159

Give. / Advocate. / Volunteer. / Live United

www.unitedwayfresno.org

www.bankonfresno.ca.gov

CDB list instructions http://www.runonthebank.net/cdblist.htm

[Community Development Banking List]

Original message from: DonnaRockin@jvschicago.org

I concur that a thin credit history or no credit history doesn't mean you are a bad risk. However, have your clients look into affordable secured credit cards to have a way to establish credit and get some report history going.

Electric companies and gas companies often report to the credit bureaus too, so that helps establish a credit history. Most major department stores will give you a low limit credit card too which is a good way to charge a shirt or small appliance and pay the bill in full. Next month, charge another item and pay bill in full, and on and on.

Credit builder loans are another way to help under-banked people start building credit histories. With these tools a credit history can be established so when you need a mortgage or car loan you can get one at a reasonable rate.

Donna



Donna R. Rockin
Director
Illinois SBDC/Duman Microenterprise Center
JVS Chicago
216 W. Jackson Blvd., Suite 700
Chicago, IL 60606-6921
Phone: 312-673-3430
Fax: 312-553-5544
donnarockin@jvschicago.org<mailto:donnarockin@jvsc hicago.org>
CONFIDENTIALITY NOTICE: This electronic mail transmission and any other files or attachments transmitted with it are privileged and confidential and is intended solely for the use of the individual or entity to whom the e-mail is addressed. If you have received this transmission in error please notify the sender immediately and delete the material from your computer.


From: bounce-8065391-14529408@list.cornell.edu [mailto:bounce-8065391-14529408@list.cornell.edu] On Behalf Of Meizhu Lui
Sent: Wednesday, February 09, 2011 1:59 PM
To: Sevag Tateosian; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Credit Report/Score Question

Hi Sevag,

Credit scores are a poor measure of whether or not a person is credit worthy, particularly for those from different cultures with different savings and ownership practices. Case in point: my immigrant father from China bought everything in cash because he was a great saver and avoided debt - car, first small house - paid for in cash. When he finally needed credit, he had none. What the big banks want measured is not your likelihood of repaying a loan, it's the likelihood that they'll make money from your debt. That's why you have to take on debt and be good about paying the interest before they'll give you a good score. The 3 big credit score companies have so much power over all of us, and yet they do not have to be transparent in their methodologies (federalizing credit scoring would be one way to deal with this). In order to really help expand services to low-income low-asset people particularly in communities of color, we'll need to look beyond these scores and encourage the creation of new ways of determining credit-worthiness that fit their practices and needs.

Best,

Meizhu Lui
Director, Closing the Racial Wealth Gap Initiative<http://www.insightcced.org/communiti...sing-RWG.html>
Insight Center for Community Economic Development
2201 Broadway, Suite 815
Oakland, CA 94612
808 345-9024
mlui@insightcced.org<mailto:vcorral@insightcced.or g>

Follow us on Twitter: www.twitter.com/racialwealthgap
Experts of Color Network: www.expertsofcolor.org
Closing the Racial Wealth Gap Initiative: www.closingtheracialwealthgap.org





From: bounce-8064128-9001587@list.cornell.edu [mailto:bounce-8064128-9001587@list.cornell.edu] On Behalf Of Sevag Tateosian
Sent: Wednesday, February 09, 2011 8:29 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Credit Report/Score Question

Hello from Fresno, CA!

Does anyone know which agency/organization provides a credit score and report for free or a limited fee? We are looking to create a partnership that would allow us to check the credit of low to moderate income clients in a frugal manner that would not negatively impact their credit.

Thanks!

Sevag Tateosian / Manager, Financial Stability Services / United Way of Fresno County
4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax: 559-228-8159
Give. / Advocate. / Volunteer. / Live United
www.unitedwayfresno.org<http://www.unitedwayfresno.org>
www.bankonfresno.ca.gov<http://www.bankonfresno.ca.gov>

CDB list instructions http://www.runonthebank.net/cdblist.htm

CDB list instructions http://www.runonthebank.net/cdblist.htm

[Community Development Banking List]

Original message from: ralphj@gcua.org

Not true (except for the codicil added - particularly for those from
different cultures) - credit scores are a very good way of measuring the
credit worthiness of most people - no system is very good for ALL
people. There are, and forever will be, exceptions. Once size solution
does not fit all - particularly in such a diverse society as the US.
But I have performance statistics for the last six years on almost
60,000 car loans. Cumulative loss of over 9% on loans with original
scores of 600- 640, just over 5% on loans with scores 640-670, less than
3% on 670- 700, 1.5% on 700 - 740 and less than .5% on loans with
original scores over 740. That is a significant and material difference
in yield that absolutely must be factored in to pricing. Servicing
costs are also directly impacted by the percentage of loans delinquent
in each credit tier. It cost more to service (collect) loans that are
past due than it does to service loans that are never past due. The
above loss rates to not include servicing cost differential.



One very serious misunderstanding is to assume that because a person has
low income that translates into a low credit score - not true. There
may be a correlation, but I have had many accounts with good scores and
low income, and high income with low scores. Scores are a function of
how you have paid your publicly reported credit. They should not be
used for other purposes. For people that fall outside the measured
population - Meizhu Lui's father, they should not be used. For most
lenders serving most people - they are a very good tool to assist in
pricing cost.



Scoring can be used to automatically approve very good loans, and
automatically reject obviously very bad loans, so that capable and
experienced loan analysts can focus their attention on the exceptions -
Like Meizhu Lui's father. If a lender fails to do that - they are
simply in it to maximize return. There are other lenders that
understand exceptions and work to make solid decisions in that space.



Ralph Jones



From: bounce-8065391-5322649@list.cornell.edu
[mailto:bounce-8065391-5322649@list.cornell.edu] On Behalf Of Meizhu Lui
Sent: Wednesday, February 09, 2011 2:59 PM
To: Sevag Tateosian; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Credit Report/Score Question



Hi Sevag,



Credit scores are a poor measure of whether or not a person is credit
worthy, particularly for those from different cultures with different
savings and ownership practices. Case in point: my immigrant father
from China bought everything in cash because he was a great saver and
avoided debt - car, first small house - paid for in cash. When he
finally needed credit, he had none. What the big banks want measured is
not your likelihood of repaying a loan, it's the likelihood that they'll
make money from your debt. That's why you have to take on debt and be
good about paying the interest before they'll give you a good score.
The 3 big credit score companies have so much power over all of us, and
yet they do not have to be transparent in their methodologies
(federalizing credit scoring would be one way to deal with this). In
order to really help expand services to low-income low-asset people
particularly in communities of color, we'll need to look beyond these
scores and encourage the creation of new ways of determining
credit-worthiness that fit their practices and needs.



Best,



Meizhu Lui

Director, Closing the Racial Wealth Gap Initiative
<http://www.insightcced.org/communiti...sing-RWG.html>

Insight Center for Community Economic Development

2201 Broadway, Suite 815

Oakland, CA 94612

808 345-9024

mlui@insightcced.org <mailto:vcorral@insightcced.org>



Follow us on Twitter: www.twitter.com/racialwealthgap

Experts of Color Network: www.expertsofcolor.org

Closing the Racial Wealth Gap Initiative:
www.closingtheracialwealthgap.org











From: bounce-8064128-9001587@list.cornell.edu
[mailto:bounce-8064128-9001587@list.cornell.edu] On Behalf Of Sevag
Tateosian
Sent: Wednesday, February 09, 2011 8:29 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Credit Report/Score Question



Hello from Fresno, CA! J



Does anyone know which agency/organization provides a credit score and
report for free or a limited fee? We are looking to create a
partnership that would allow us to check the credit of low to moderate
income clients in a frugal manner that would not negatively impact their
credit.



Thanks!



Sevag Tateosian / Manager, Financial Stability Services / United Way of
Fresno County

4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax:
559-228-8159

Give. / Advocate. / Volunteer. / Live United

www.unitedwayfresno.org

www.bankonfresno.ca.gov

CDB list instructions http://www.runonthebank.net/cdblist.htm

CDB list instructions http://www.runonthebank.net/cdblist.htm

[Community Development Banking List]

Original message from: gerr4040@aol.com

I believe credit scores have shown very significant correlation and predictability of the repayment on a loan. However, I do agree that a credit score is not the full story in approving or disapproving a loan. For example, if a person has no credit score and it can be "explained" by the culture or a history of paying cash, then that borrower can be an excellent credit risk.


Dan Morrisey, NCCO
Queen of Peace Arlington FCU
Treasurer/CEO
gerr4040@aol.com



-----Original Message-----
From: Ralph Jones <ralphj@gcua.org>
To: Meizhu Lui <MLui@insightcced.org>; Sevag Tateosian <stateosian@unitedwayfresno.org>; communitydevelopmentbanking-l <communitydevelopmentbanking-l@cornell.edu>
Sent: Wed, Feb 9, 2011 7:49 pm
Subject: RE: Credit Report/Score Question



Not true (except for the codicil added – particularly for those from different cultures) – credit scores are a very good way of measuring the credit worthiness of most people – no system is very good for ALL people. There are, and forever will be, exceptions. Once size solution does not fit all – particularly in such a diverse society as the US. But I have performance statistics for the last six years on almost 60,000 car loans. Cumulative loss of over 9% on loans with original scores of 600- 640, just over 5% on loans with scores 640-670, less than 3% on 670- 700, 1.5% on 700 – 740 and less than .5% on loans with original scores over 740. That is a significant and material difference in yield that absolutely must be factored in to pricing. Servicing costs are also directly impacted by the percentage of loans delinquent in each credit tier. It cost more to service (collect) loans that are past due than it does to service loans that are never past due. The above loss rates to not include servicing cost differential.

One very serious misunderstanding is to assume that because a person has low income that translates into a low credit score – not true. There may be a correlation, but I have had many accounts with good scores and low income, and high income with low scores. Scores are a function of how you have paid your publicly reported credit. They should not be used for other purposes. For people that fall outside the measured population – Meizhu Lui’s father, they should not be used. For most lenders serving most people – they are a very good tool to assist in pricing cost.

Scoring can be used to automatically approve very good loans, and automatically reject obviously very bad loans, so that capable and experienced loan analysts can focus their attention on the exceptions – Like Meizhu Lui’s father. If a lender fails to do that – they are simply in it to maximize return. There are other lenders that understand exceptions and work to make solid decisions in that space.

Ralph Jones


From: bounce-8065391-5322649@list.cornell.edu [mailto:bounce-8065391-5322649@list.cornell.edu] On Behalf Of Meizhu Lui
Sent: Wednesday, February 09, 2011 2:59 PM
To: Sevag Tateosian; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Credit Report/Score Question


Hi Sevag,

Credit scores are a poor measure of whether or not a person is credit worthy, particularly for those from different cultures with different savings and ownership practices. Case in point: my immigrant father from China bought everything in cash because he was a great saver and avoided debt – car, first small house – paid for in cash. When he finally needed credit, he had none. What the big banks want measured is not your likelihood of repaying a loan, it’s the likelihood that they’ll make money from your debt. That’s why you have to take on debt and be good about paying the interest before they’ll give you a good score. The 3 big credit score companies have so much power over all of us, and yet they do not have to be transparent in their methodologies (federalizing credit scoring would be one way to deal with this). In order to really help expand services to low-income low-asset people particularly in communities of color, we’ll need to look beyond these scores and encourage the creation of new ways of determining credit-worthiness that fit their practices and needs.

Best,

Meizhu Lui
Director, Closing the Racial Wealth Gap Initiative
Insight Center for Community Economic Development
2201 Broadway, Suite 815
Oakland, CA 94612
808 345-9024
mlui@insightcced.org

Follow us on Twitter: www.twitter.com/racialwealthgap
Experts of Color Network: www.expertsofcolor.org
Closing the Racial Wealth Gap Initiative: www.closingtheracialwealthgap.org






From: bounce-8064128-9001587@list.cornell.edu [mailto:bounce-8064128-9001587@list.cornell.edu] On Behalf Of Sevag Tateosian
Sent: Wednesday, February 09, 2011 8:29 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Credit Report/Score Question


Hello from Fresno, CA! J

Does anyone know which agency/organization provides a credit score and report for free or a limited fee? We are looking to create a partnership that would allow us to check the credit of low to moderate income clients in a frugal manner that would not negatively impact their credit.

Thanks!


Sevag Tateosian / Manager, Financial Stability Services / United Way of Fresno County
4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax: 559-228-8159
Give. / Advocate. / Volunteer. / Live United
www.unitedwayfresno.org
www.bankonfresno.ca.gov

CDB list instructions http://www.runonthebank.net/cdblist.htm
CDB list instructions http://www.runonthebank.net/cdblist.htm

CDB list instructions http://www.runonthebank.net/cdblist.htm

[Community Development Banking List]

Original message from: ngrandquis@aol.com

Fyi-At the USDA/rural Dev the underwriters for sec 502 loans (1% interest for 33 years) use a credit score of 640--640 or above they didn't care if there were any collections--below they had to be paid,resolved or removed. If an applicant came back with credit scores from the 3 agencies the middle score had to be 640 or above

Sent from my iPad

On Feb 9, 2011, at 5:36 PM, "Rockin, Donna" <DonnaRockin@jvschicago.org> wrote:

I concur that a thin credit history or no credit history doesn’t mean you are a bad risk. However, have your clients look into affordable secured credit cards to have a way to establish credit and get some report history going.



Electric companies and gas companies often report to the credit bureaus too, so that helps establish a credit history. Most major department stores will give you a low limit credit card too which is a good way to charge a shirt or small appliance and pay the bill in full. Next month, charge another item and pay bill in full, and on and on.



Credit builder loans are another way to help under-banked people start building credit histories. With these tools a credit history can be established so when you need a mortgage or car loan you can get one at a reasonable rate.



Donna







Donna R. Rockin
Director
Illinois SBDC/Duman Microenterprise Center
JVS Chicago
216 W. Jackson Blvd., Suite 700
Chicago, IL 60606-6921
Phone: 312-673-3430
Fax: 312-553-5544
donnarockin@jvschicago.org
CONFIDENTIALITY NOTICE: This electronic mail transmission and any other files or attachments transmitted with it are privileged and confidential and is intended solely for the use of the individual or entity to whom the e-mail is addressed. If you have received this transmission in error please notify the sender immediately and delete the material from your computer.





From: bounce-8065391-14529408@list.cornell.edu [mailto:bounce-8065391-14529408@list.cornell.edu] On Behalf Of Meizhu Lui
Sent: Wednesday, February 09, 2011 1:59 PM
To: Sevag Tateosian; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Credit Report/Score Question



Hi Sevag,



Credit scores are a poor measure of whether or not a person is credit worthy, particularly for those from different cultures with different savings and ownership practices. Case in point: my immigrant father from China bought everything in cash because he was a great saver and avoided debt – car, first small house – paid for in cash. When he finally needed credit, he had none. What the big banks want measured is not your likelihood of repaying a loan, it’s the likelihood that they’ll make money from your debt. That’s why you have to take on debt and be good about paying the interest before they’ll give you a good score. The 3 big credit score companies have so much power over all of us, and yet they do not have to be transparent in their methodologies (federalizing credit scoring would be one way to deal with this). In order to really help expand services to low-income low-asset people particularly in communities of color, we’ll need to look beyond these scores and encourage the creation of new ways of determining credit-worthiness that fit their practices and needs.



Best,



Meizhu Lui

Director, Closing the Racial Wealth Gap Initiative

Insight Center for Community Economic Development

2201 Broadway, Suite 815

Oakland, CA 94612

808 345-9024

mlui@insightcced.org



Follow us on Twitter: www.twitter.com/racialwealthgap

Experts of Color Network: www.expertsofcolor.org

Closing the Racial Wealth Gap Initiative: www.closingtheracialwealthgap.org











From: bounce-8064128-9001587@list.cornell.edu [mailto:bounce-8064128-9001587@list.cornell.edu] On Behalf Of Sevag Tateosian
Sent: Wednesday, February 09, 2011 8:29 AM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Credit Report/Score Question



Hello from Fresno, CA! J



Does anyone know which agency/organization provides a credit score and report for free or a limited fee? We are looking to create a partnership that would allow us to check the credit of low to moderate income clients in a frugal manner that would not negatively impact their credit.



Thanks!



Sevag Tateosian / Manager, Financial Stability Services / United Way of Fresno County

4949 East Kings Canyon Rd., Fresno, CA 93727 / tel: 559-243-3664 / fax: 559-228-8159

Give. / Advocate. / Volunteer. / Live United

www.unitedwayfresno.org

www.bankonfresno.ca.gov

CDB list instructions http://www.runonthebank.net/cdblist.htm

CDB list instructions http://www.runonthebank.net/cdblist.htm

CDB list instructions http://www.runonthebank.net/cdblist.htm