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Considering Money Transfers In Calculating Credit Scores

Thursday, July 28, 2011 - 9:16 PM
From Bucks Blogs - NYTimes.com
Can data about electronic money transfers be used to help create credit scores for people who rely on them?

That’s the subject of a study to be undertaken by the new Consumer Financial Protection Bureau. The agency, which officially opened for business on July 21, was directed to look into the matter by the Dodd-Frank financial reform law. The new agency is also reviewing ways to provide clearer disclosure of the exchange rates and fees charged for the transfers, which can be substantial — up to 13 percent of amounts up to $200....

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