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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:46 |
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THE HEARING WILL COME TO ORDER. WITHOUT OBJECTION, ALL MEMBERS 'S OPENING STATEMENTS WILL BE MADE... |
| 00:07:00 |
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THE FEDERAL TRADE COMMISSION UNDER THE FAIR AND ACCURATE CREDIT TRANSACTIONS ACT IS CHARGED WITH CHARGING... |
| 00:08:28 |
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THANK YOU, MR. CHAIRMAN. GENTLEMEN, THANK YOU FOR COMING TODAY. MR. CHAIRMAN, I WANT TO THANK YOU... |
| 00:13:24 |
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THANK THE GENTLEMAN FOR BEING HERE. MR. CLEAVER, DO YOU DESIRE TO MAKE AN OPENING STATEMENT? |
| 00:13:30 |
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YES, MR. CHAIRMAN. |
| 00:13:32 |
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YOU ARE RECOGNIZED FOR FIVE MINUTES. |
| 00:13:35 |
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THANK YOU, MR. CHAIRMAN AND ACTING RANGING MEMBER BARRETT. WE APPRECIATE VERY MUCH YOUR PRESENCE AND... |
| 00:18:37 |
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I THANK THE GENTLEMAN FOR HIS OPENING STATEMENT. AS USUAL, HE BRINGS A REAL WORLD PERSPECTIVE TO THESE... |
| 00:18:56 |
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THANK YOU. I WOULD LIKE TO WELCOME STAN OUT HERE FROM COASTA MESA. HE IS THE SENIOR VICE PRESIDENT... |
| 00:20:10 |
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CHALLENGE THE GENTLEMEN FOR BEING HERE AND THE GENTLE LADY FROM CALIFORNIA IS RECOGNIZED. |
| 00:20:16 |
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THANK YOU FOR PROVIDING US THE OPPORTUNITY FOR HAVING THIS HEARING. I THINK THE CONSUMERS IN THIS... |
| 00:22:39 |
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I THANK THE GENTLE LADY FOR BEING HERE. WE WERE SURPRISED AT THE INTEREST IN THIS HEARING TODAY. ... |
| 00:26:17 |
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MR. CHAIRMAN AND MEMBERS OF THE SUBCOMMITTEE. MY NAME IS TOM CONFINE, I AM VICE PRESIDENT FOR FAIR... |
| 00:30:39 |
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THERE IS A LOT OF CREDIT MATERIALS. CONSUMER OUTWRETCH TOUCH AS THE CONSUMER -- DISTRIBUTED TO THOUSANDS... |
| 00:31:31 |
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THANK YOU. |
| 00:31:35 |
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GOOCH CHAIRMAN AND MEMBERS OF THE SUBCOMMITTEE. I AM SENIOR VICE PRESIDENT. I WOULD LIKE TO THANK... |
| 00:37:36 |
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THANK YOU FOR YOUR TESTIMONY. YOU ARE RECOGNIZED FOR FIVE MINUTES. |
| 00:37:43 |
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MR. CHAIRMAN AND MEMBERS OF THE SUBCOMMITTEE, I AM THE CHIEF PRIVACY OFFICE AND COUNSEL FOR EX-FAX.... |
| 00:42:21 |
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THANK YOU FOR YOUR TESTIMONY. NEXT? YOU ARE RECOGNIZED FOR FIVE MINUTES. |
| 00:42:36 |
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CHAIRMAN, CONGRESSMEN AND COMMITTEE. THANK YOU FOR YOUR INVITATION TO TESTIFY TO ON THE IMPORTANT... |
| 00:47:23 |
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THANK YOU SO MUCH, AND THANK ALL OF THESE WITNESSES FOR BEING WITH US. WE WILL NOW RECOGNIZE EACH... |
| 00:52:47 |
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ON THE FIRST QUESTION REGARDING APPLYING FOR A RETAIL CART AT POINT OF SALE TO GET A DISCOUNT, THAT... |
| 00:54:16 |
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I QUESTIONS I DID HAVE A PRETTY GOOD CREDIT SCORE. BUT IT WASN'T 850. I UNDERSTAND THAT THERE IS A... |
| 00:54:39 |
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WELL, THE GENTLEMEN HERE ARE THE STATICTICIANS. OUR MODELS THAT WE DEVELOP DON'T TAKE THINGS INTO... |
| 00:54:56 |
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INTEREST MUCH ACCOUNT OR NO ACOUNTY? |
| 00:55:01 |
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FOUR OF OUR MODELS TAKE THEM INTO NO ACCOUNT AND OTHERS USE THEM LESS THAN 3 OR 4%. |
| 00:55:10 |
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IN YOUR MODELS, STUDENTS WHO ARE SHOPPING AROUND FOR STUDENT LOANS, THAT IS NOT GOING TO COUNT AGAINST... |
| 00:55:18 |
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THAT IS CORRECT. |
| 00:55:23 |
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WHAT ABOUT YOU? |
| 00:55:24 |
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I'M GOING TO GET IT RIGHT AT SOME POINT. THAT IS WHAT YOU GET FOR ACCUSING ME OF BEING POLISH. I'M... |
| 02:40:19 |
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WELL, IT HAS TO BE A MULTI-FRONT ATTACK. AND, YOU KNOW, I'VE WRITTEN A BOOK, YOU'RE HOLDING A HEARING,... |
| 02:41:29 |
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ABSOLUTELY. THANK YOU, GENTLEMEN. |
| 02:41:32 |
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I YIELD BACK, MR. CHAIRMAN. |
| 02:41:33 |
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THANK YOU, GENTLEMEN. I'M GOING TO REPORT TO MY RANKING MEMBER THAT HE SHOULD HAVE YOU SUBSTITUTE... |
| 02:41:45 |
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THANK YOU. AGAIN, MR. CHAIRMAN. LET'S START WITH MR. ABRAHAMS. SIR, YOU SEEM TO STATE THAT A COMPREHENSIVE... |
| 02:42:11 |
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I WOULD SAY THAT'S A FAIR STATEMENT. YES. |
| 02:42:13 |
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AND YOU'VE HEARD SOME OF THE INDICATIONS ABOUT INFORMATION COLLECTED FROM UTILITIES AND LANDLORDS... |
| 02:42:43 |
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IT WOULD FIRST CLASSIFY THE BORROWER OR THE LOAN APPLICANT. SO WE TALKED ABOUT THE CELSIUS AND FAHRENHEIT.... |
| 02:43:25 |
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AND MR. TURNER, YOU GAVE SOME INFORMATION CONCERNING THIS, AS WELL. IT SEEMS TO ME THAT YOU ARE OF... |
| 02:43:41 |
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IT'S A FAIR STATEMENT, BUT I WOULD RECOGNIZE THE CHAIRMAN'S CAVEAT THAT THERE ARE CERTAINLY GOING... |
| 02:43:49 |
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IS THERE A MEANS? A METHODOLOGY BY WHICH THE ROAD BUMPS WHILE THEY ARE THERE THEY CAN STILL BE FACTORED... |
| 02:44:05 |
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WELL, I THINK THE MARKET IS RESPONDING. I THINK YOU ARE SEEING, IN FACT, A NUMBER OF MODELS THAT RELY... |
| 02:44:18 |
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I'M GOING TO TAKE IT FROM YOUR ANSWER THAT IS YES? |
| 02:44:20 |
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YES. |
| 02:44:28 |
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JUST SO I CAN MOVE ON. MUST YOU REPORT TO THE AGENCY TO BENEFIT FROM THE INFORMATION THAT THE AGENCY... |
| 02:44:54 |
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THERE ARE A NUMBER OF ALTERNATIVES AVAILABLE RIGHT NOW. AND SOME EMERGING. WE'RE WORKING CURRENTLY... |
| 02:45:27 |
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I BELIEVE YOU INDICATED EARLIER THAT MORE AND MORE LANDLORDS AND NONTRADITIONAL USERS ARE NOW STARTING... |
| 02:45:39 |
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THAT'S CORRECT. |
| 02:45:41 |
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IF THEY'RE USING THE SCORES, IS THAT A MEANS BY WHICH WE CAN INDUCE THEM TO ALSO PRESENT INFORMATION... |
| 02:46:05 |
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I WOULD SUGGEST AGAIN, I THINK THAT TRANSUNION WOULD BE BETTER SITUATED TO TALK ABOUT THEIR STANDARDS... |
| 02:46:35 |
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IT SEEMS TO ME AND I'LL COME TO YOU IN A MOMENT, MR. HENDRICKS. BECAUSE I'M INTERESTED IN WHAT YOU... |
| 02:47:17 |
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AND, NO, I AGREE. WE'RE TRYING TO SHOW THE BUSINESS VALUE TO PERSPECTIVE FURNISHERS FROM REPORTING.... |
| 02:47:30 |
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I WANT TO ANSWER YOUR QUESTION. RIGHT NOW, NOT REALLY RECIPROCITY. EVEN THE ACT DEFINES THERE ARE... |
| 02:48:23 |
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I THINK I COMPREHEND WHAT YOU'RE SAYING. YOU'RE SAYING THIS IS AN EVOLUTIONARY PROCESS AND MAY MET... |
| 02:49:49 |
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WE WOULD ENCOURAGE CLARIFICATION AND PASS A LAW THAT PERMITS UTILITY COMPANIES AND TELEKOM FIRMS TO... |
| 02:50:36 |
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I DON'T KNOW IF IT'S ALREADY BEING REVIEWED BY THE COMMITTEE MEMBER OR SOMEONE ELSE, BUT IF IT IS... |
| 02:51:02 |
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THE GENTLEMAN MIGHT BE SURPRISED TO KNOW THAT HE IS THE LEADER ON THIS ISSUE. YOU REALLY ARE PERHAPS... |
| 02:52:37 |
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THANK YOU, MR. CHAIRMAN. I SOMETIMES -- SOMETIMES I'M BETTER THAN I REALIZE I AM. |
| 02:52:44 |
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YOU DON'T KNOW WHAT YOUR POWER IS. |
| 02:52:46 |
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UNANIMOUS CONSENT TO GIVE A QUICK RESPONSE. I'M MORE CONCERNED ABOUT SECTION 222 OF THE TELEKOM ACT... |
| 02:52:59 |
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SOUNDS LIKE FROM MR. TURNER'S -- DR. TURNER'S RESPONSE THAT THERE'S NO REAL -- THE PROBLEM IS A LACK... |
| 02:53:31 |
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A MAJOR TELEKOM FIRM DID FULLY REPORT TO ALL THREE BUREAUS BUT COUNCIL HAD ANY NEGATIVE DATA AND THEY... |
| 02:53:49 |
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THAT'S ONE OF THE CONCERNS BEING RAISED ABOUT IT UNLESS YOU PUT SOME PARAMETERS AROUND IT ONLY ADVERSELY... |
| 02:54:25 |
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AS AN INDICATION THAT YOU ARE ADMITTING THAT YOUR @@@@@@@@ @ RYa$@ @ I AM NOT JUST HUMOURING YOU PUBLICLY.... |
| 02:54:56 |
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THANK YOU TO OUR PANEL AND A SPECIAL HELLO TO EVAN HENDRICKS WHO I HAVE HAD THE PLEASURE OF WORKING... |
| 02:58:58 |
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I THINK WE START BY TEACHING THEM TO PAY THEIR BILLS. GOING TO TRADE YOU ANOTHER STORY. I TAUGHT A... |
| 03:00:35 |
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FIRST QUESTION -- |
| 03:00:37 |
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5 MILLION -- |
| 03:00:39 |
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YOU RAISED ANOTHER QUESTION THERE IN TERMS OF THE SUGGESTION THAT THEY WERE DUPED TO MORTGAGE MORTGAGES... |
| 03:01:18 |
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I WOULD LIKE TO SAY TAKES 11 YEARS FOR WHITE NONHISPANIC AND 14 YEARS FOR AN AFRICAN-AMERICAN BORROWER... |
| 03:03:10 |
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WE'RE IN DISDISCUSSION IN THE STATE OF OHIO TO DETERMINE THE LENDERS IN OHIO ABOUT CERTAIN PRACTICES... |
| 03:03:50 |
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AND I THINK CONGRESSWOMAN THAT I THINK WHERE THIS COMMITTEE CAN START IS PEOPLE HAVE TO KNOW WHERE... |
| 03:04:32 |
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THE GENTLEMEN LEIDY'S TIME HAS EXPIRED. MAKE ONE POINT AS A REMINDER TO THE MEMBERS WHO PARTICIPATE... |
| 03:07:06 |
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THANK YOU. WHAT WE'RE ADVOCATING IS NOT GOING BACK TO THE OLD METHOD OF EVERY LOAN OFFICER IS A SYSTEM.... |
| 03:08:46 |
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I THINK YOU'RE GOING TO WITHHOLD THE REST OF MY QUESTIONS, DO THEM IN WRITING. LET ME -- WHILE I HAVE... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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