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

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  • Robert M. Hunt

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

Suggested Citation

  • Robert M. Hunt, 2002. "What's in the file? The economics and law of consumer credit bureaus," Business Review, Federal Reserve Bank of Philadelphia, issue Q2, pages 17-25.
  • Handle: RePEc:fip:fedpbr:y:2002:i:q2:p:17-25
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    Cited by:

    1. Brown, Meta & Haughwout, Andrew F. & Lee, Donghoon & Van der Klaauw, Wilbert, 2011. "Do we know what we owe? A comparison of borrower- and lender-reported consumer debt," Staff Reports 523, Federal Reserve Bank of New York, revised 01 Oct 2013.
    2. Juan Escobar, 2008. "Cooperation and Self-Governance in Heterogeneous Communities," Discussion Papers 07-038, Stanford Institute for Economic Policy Research.

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    Keywords

    Credit bureaus ; Consumer credit;

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