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Seminar on Credit Reporting System and China’s Economy The People’s Bank of China and the World Bank* * * The Legal and Regulatory Framework for Credit Reporting in the United States and the European UnionDavid Medine May 18, 2004 United States/European Union Regulation of Credit Bureaus Statutory structure Legitimizes system Provides protection Encourages participation Poses risk of over-regulation United States/European Union Regulation of Credit Bureaus Participation Voluntary If perceived to be in lenders’ self-interest Mandatory Improves decisionmaking Increased competition New entrants can make educated credit decisions Encourage use of unsecured credit Greater access to credit Easier and faster United States/European Union Regulation of Credit Bureaus Process Protections adverse action notification disclosure rights dispute and reinvestigation record of inquiries obsolete information limitations on access -- permissible purpose or consent Principles: accuracy, fairness and privacy History of Credit Reporting in the United States Before World War II Credit relationships were more personal Merchants knew their customers Consumers were less mobile History of Credit Reporting in the United States Increased population Population more mobile Computerization of consumer reporting information Consolidation of industry No restrictions on access to information about consumers Consumers were unaware that credit reports even existed Even if aware, consumers could not challenge incorrect information Current FCRA Key terms: consumer report and consumer reporting agency“ Not limited to “credit” Offers legal framework to regulate databases used to make eligibility decisions Improves risk analysis in wide range of economic sectors Current FCRA No licensing or registration requirements Safeguards based on law enforcement and private lawsuits Guiding principles of statute: Privacy Accuracy Fairness Key Provisions Permissible purposes Alternative to conse