E2: Cracking the Code: Credit Scores (Video)

How did our credit scoring system arise? How do CRAs and lenders translate information on a credit report into a credit score? What laws govern compilation and distribution of scores? This session will explain how to assess the impact of different consumer credit activities and credit reporting errors on clients' scores and overall ability to obtain credit. It offers an overview of the history and laws governing credit scores; identifies players in the consumer credit scoring industry; and discusses score components, scoring models, and the cultivation of lender witnesses to testify on damage claims. In addition, the panel will address racial bias in credit scoring and policy implications of the resulting disparities in access to credit.