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Who's Keeping Score?: Oversight of Changing Consumer Credit Infrastructure
American Business Law Journal ( IF 1.743 ) Pub Date : 2022-04-06 , DOI: 10.1111/ablj.12199
Janine S. Hiller , Lindsay Sain Jones

Access to credit in the United States is contingent upon an individual obtaining the “right” credit score. Yet the opaque scoring system makes it nearly impossible for an individual to break out of a cycle of low credit ratings and participate in the benefits of the American economy. Partially as a response, alternative credit rating products now use personal nonfinancial data for automated credit decision-making, purportedly intended to expand access to credit. Social media activity, college grades, and even what time of day a person applies for a loan are examples of data points used for this purpose. However, these and other alternative data can be highly correlated with protected traits, such as race and national origin. While extending access to credit equitably across society is an important goal, the cure should not exacerbate the same inequalities that it is designed to address. The necessity of credit for the modern consumer compels continued oversight of the credit infrastructure to ensure fair data practices and to hold participants accountable. This article contends that consumer access to a fair credit score is a necessity, and that the consumer credit infrastructure should be viewed as a modern utility and subject to additional oversight. A proposal is then advanced that establishes fair data duties for credit scoring entities.

中文翻译:

谁在记分?:对不断变化的消费者信用基础设施的监督

在美国获得信贷取决于个人获得“正确”的信用评分。然而,不透明的评分系统使个人几乎不可能摆脱低信用评级的循环并参与美国经济的利益。部分作为回应,替代信用评级产品现在使用个人非财务数据进行自动信用决策,据称旨在扩大获得信贷的机会。社交媒体活动、大学成绩,甚至一个人申请贷款的时间都是用于此目的的数据点的示例。然而,这些和其他替代数据可能与受保护的特征高度相关,例如种族和国籍。虽然在整个社会中公平地扩大信贷渠道是一个重要目标,但 治愈不应加剧其旨在解决的相同不平等现象。现代消费者对信贷的必要性迫使对信贷基础设施的持续监督,以确保公平的数据实践并让参与者承担责任。本文认为,消费者获得公平的信用评分是必要的,消费者信用基础设施应被视为现代公用事业并受到额外的监督。然后提出一项建议,为信用评分实体建立公平的数据职责。消费者信贷基础设施应被视为现代公用事业并受到额外监督。然后提出一项建议,为信用评分实体建立公平的数据职责。消费者信贷基础设施应被视为现代公用事业并受到额外监督。然后提出一项建议,为信用评分实体建立公平的数据职责。
更新日期:2022-04-06
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