Hudson Cook Attorney Speaks Before U.S. House Subcommittee About Consumer Credit

HANOVER, Md. - Nationally recognized expert on consumer credit reporting, Anne Fortney, a partner at Hudson Cook, LLP, was invited to testify before the U.S. House Subcommittee on Financial Institutions and Consumer Credit hearing on credit reporting and credit scores. The hearing was held March 24.

In her testimony, Anne stated, “Credit scoring has been widely adopted as an effective tool in credit and insurance underwriting. Because credit scoring models are devoid of characteristics with respect to race, gender or other prohibited factors, credit scoring facilitates fair lending compliance and assures treatment based on objective criteria. Many concerns about the process can be attributed to a lack of understanding about the factors used in credit scoring models. These concerns can be addressed through the implementation of new government required notices and increased consumer education and awareness of the process.”

Other witnesses included representatives from the nationwide consumer reporting agencies (Equifax, Experian and TransUnion), VantageScore, FICO, and CDIA, the trade association for consumer reporting agencies. The Federal Trade Commission and the Federal Reserve Board also testified on this subject.