[CircleUp] PERC/CFED/CFSI Sign-on Letter

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    <http://www.cfsinnovation.com/images/new-site/h_logo.jpg> 

  <http://www.cfed.org/images/cfed_logo.gif> 



 

  _____  

July 27, 2009

 

  _____  

 

Dear Friends and Supporters:
SIGN ME UP NOW
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39953&admin=0&destination=http%3A%2F%2Fwww.zoomerang.com%2FSurvey%2Fsurvey-i
ntro.zgi%3Fp%3DWEB229FYVV28Q6> 

 

The Political and Economic Research Council (PERC at www.infopolicy.org ),
the Center for Financial Services Innovation (CFSI at
www.cfsinnovation.com), and the Corporation for Enterprise Development (CFED
at www.cfed.org
<http://click.icptrack.com/icp/relay.php?r=7092248&msgid=138834&act=WZN6&c=4
39953&admin=0&destination=http%3A%2F%2Fwww.cfed.org> ) seek your support in
helping to reduce financial exclusion in the US by endorsing efforts to
permit the full inclusion of fully reported non-financial payment data in
Fair Credit Reporting Act (FCRA) regulated consumer credit files. 

 

Non-financial payment data, both positive and negative, would be provided by
utilities and telecommunications firms to national credit bureaus.
Currently, only negative data, or delinquent payments, are reported. We
believe that consumers should be rewarded for timely and accurate payments,
not simply punished for delinquencies and defaults as is currently the
prevailing practice. 

 

CFSI, PERC, and CFED endeavor to work with private and public sector actors
to achieve a comprehensive and fair standard for reporting all payment
information. PERC has released multiple empirical studies that document
proven benefits to both consumers and companies. A complete analysis of
alternative data and its impact on the financial landscape can be found in
PERC's joint study with The Brookings Institution Urban Markets Initiative,
Give Credit Where Credit Is Due (December 2006). PERC scholars provided more
information regarding the long-term ramifications of such a policy in You
Score, You Win: The Consequences of Giving Credit Where Credit Is Due (July
2008). 

 

Particularly empowered by provision of alternative data are financially
excluded and economically disadvantaged individuals, many of whom are now
subject to steep fees on credit from high priced lenders. To find out more
regarding the advantages for financially excluded populations, please review
PERC's publication New to Credit from Alternative Data (March 2009). 

 

Please read the attached sign on letter
<http://click.icptrack.com/icp/relay.php?r=7092248&msgid=138834&act=WZN6&c=4
39953&admin=0&destination=http%3A%2F%2Fwww.infopolicy.org%2Fcontent> ,
currently signed by CFED, CFSI, and PERC, and consider encouraging your
organization to lend its name to our efforts to promote the use of
alternative data to dramatically reduce financial exclusion in America in
the near-term. To have your organization's name included among those
supporting this effort, click on this link and complete the survey (SIGN ME
UP NOW
<http://click.icptrack.com/icp/relay.php?r=7092248&msgid=138834&act=WZN6&c=4
39953&admin=0&destination=http%3A%2F%2Fwww.zoomerang.com%2FSurvey%2Fsurvey-i
ntro.zgi%3Fp%3DWEB229FYVV28Q6> ). In this era of focus upon credit
quality-with the enactment of ever tighter underwriting guidelines, and an
estimated contraction of $2.5 trillion by 2010 in card credit alone-it is
critical not to lose sight of credit access. 

 

The proposed solution will help ease the current credit crunch that is
constraining many millions of Americans in their efforts to build assets,
and will help rectify a long-standing and undeserved systemic bias and
resulting discrimination against those 70 million Americans who have
insufficient credit history to generate a credit score, and who are denied
access to affordable sources of mainstream credit as a result. 

 

We thank you in advance for your support of this timely and worthy cause. If
you have any questions or comments, feel free to contact Michael Turner,
Carol Wayman, or Jennifer Tescher at the numbers listed below. 

  _____  

For more information: 

 

Michael Turner, President, PERC, The Europa Center, 100 Europa Drive, Suite
403, Chapel Hill, NC 27517 (919) 338-2798 x801 work, turner at infopolicy.org. 

 

Carol Wayman, Senior Legislative Director, CFED, 1200 G Street, NW, Suite
400, Washington, DC 20005 (202) 207-0125 work, (202) 725-0762 cell,
Cwayman at cfed.org. 

 

Jennifer Tescher, Director, CFSI, 2230 South Michigan Avenue, Suite 200,
Chicago, IL (312) 881-5818 work, jtescher at cfsinnovation.com. 

Copyright 2009

                                                                      SIGN
ME UP NOW
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This message was sent from Michael Turner to ssarkozy at oweesta.org. It was
sent from: PERC, 100 Europa Drive Suite 403, Chapel Hill, NC 27517. You can
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