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Credit Scoring and the Un-Scored: Alternative Data Reporting

Credit Scoring and the Un-Scored: Alternative Data Reporting. Sponsored by:. Housekeeping. Technical difficulties? Contact Lissa Domoracki at 312-368-1154 or at lissadomoracki@povertylaw.org Submit questions during the presentations via the control panel.

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Credit Scoring and the Un-Scored: Alternative Data Reporting

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  1. Credit Scoring and the Un-Scored: Alternative Data Reporting Sponsored by:

  2. Housekeeping • Technical difficulties? Contact Lissa Domoracki at 312-368-1154 or at lissadomoracki@povertylaw.org • Submit questions during the presentations via the control panel

  3. Polling Question #1:Describe your organization

  4. Asset Poverty • Focus on total household wealth including real estate, savings accounts and retirement accounts • Asset “poor” means that individuals do not have enough wealth to meet their needs for 3 months if no outside sources of income exist

  5. Asset Poverty and Credit • Credit is required to build assets including to purchase a home, secure a loan, finance a car • You can’t build credit if you don’t have assets, and you can’t build assets if you don’t have credit

  6. Asset Poverty and Credit • Fact: Somewhere between 50 and 70 million people have • No credit score • A thin file score

  7. Polling Question # 2: Do you believe the current credit reporting system is a transparent, fair and accurate way for consumers to build credit?Polling question # 3: Do you think most people understand what is currently being reported?

  8. Poll Question #4: Will alternative data reporting increase or decrease low income families’ access to the mainstream credit industry?Poll question #5: Assuming that it increases access, how will such reporting affect low income families’ credit scores?

  9. What this Webinar will Cover • The Type of Data that is Currently Reported • Discuss Alternative Data Reporting • Impact of Such Reporting • Consumer Service Providers’ and Reporting Agencies’ Perspectives • Legislative Initiatives

  10. Panelists • Michael Turner, President, Policy and Economic Research Council (PERC) • John Howat, Senior Policy Analyst, National Consumer Law Center (NCLC) • Jennifer Smith, Director, Home Energy Assistance Programs, CEDA of Cook County • Terry Clemans, Executive Director, National Credit Reporting Association (NCRA) • Carol Wayman, Federal Policy Director, CFED

  11. Panelist 1: Michael Turner, President, Policy and Economic Research Council

  12. Panelist 2: John Howat, Senior Policy Analyst, National Consumer Law Center

  13. Panelist 3: Jennifer Smith, Director, Home Energy Assistance Programs, CEDA of Cook County

  14. Panelist 4: Terry Clemans, Executive Director, National Credit Reporting Association

  15. Panelist 5: Carol Wayman, Federal Policy Director, CFED

  16. Q and A

  17. Polling Question #6:Do you believe including alternative data will increase or decrease low income families’ access to the mainstream credit industry?Polling Question #7:Assuming that it increases access, will such reporting increase, decrease or leave unchanged low income families’ credit scores?

  18. Thank You • Visit our resource pagefor additional materials and copies of today’s presentations, an audio recording of today’s webinar and transcript • Complete the survey and subscribe to ACTS for future events and information • For questions or comments concerning this webinar contact Susan Ritacca at SusanRitacca@povertylaw.org

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