What Borrowers Need to Know About Credit Scoring Models and Credit Scores

Tuesday, July 29, 2008, 2:00 p.m., 2128 Rayburn House Office Building
Oversight & Investigations

 Oversight and Investigations Subcommittee to Hold Hearing on Credit Scoring Models and Credit Scores

            WASHINGTON, DC— U.S. Representative Melvin L. Watt (D-NC), Chairman of the Subcommittee on Oversight and Investigations, today announced that the Subcommittee will hold a hearing to examine credit scoring and what borrowers need to know about it.  Specifically, this hearing will hear testimony about the use of credit scoring models and credit scores in the extension of credit cards and mortgage credit and how borrowers and consumers can understand the models and get access to their credit scores.

            Congressman Watt said, “I hope this hearing will help take some of the mystery out of the credit scoring process and provide guidance on what steps need to be taken to ensure that consumers have the information they need to make informed credit decisions.”