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Draft:Michael A. Turner (credit reporting)

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Early Work on Alternative Data and Credit Invisibility

Michael Turner founded the Policy and Economic Research Council in 2002 (known as The Information Policy Institute between 2002 and 2005). PERC focuses exclusively upon examining the relationship between data and information policy on the one hand, and social and economic outcomes on the other.

PERC began researching how including non-financial payment data or "alternative data" in full-file consumer credit reports maintained by the big three credit bureaus could make the national credit market fairer.[1] This theory was tested and proven in a joint study with the Brookings Institution titled "Give Credit Where Credit is Due.".[2] In this work, it was shown how including both positive and negative payment information for utilities and telecoms services could increase access to credit given a target default rate, especially for lower income borrowers and members of minority communities.[3]

The term "credit invisibles" was coined by Dr. Turner, and debuted in the U.S. Congress during Turner's testimony in 2012,[4][5] and was eventually picked up by Congress (Rep. Keith Ellison introduced the "End Credit Invisibility Act" to encourage the reporting of non-financial payment data to nationwide credit bureaus to reduce credit invisibility [6][7] and then the Consumer Financial Protection Bureau thereafter, which issued several "Data Points" on credit invisibility, and actively tracks rates of credit invisibility in 25 urban markets across the United States.[8][9]

Dr. Turner has co-authored studies on consumer credit reporting and credit risk with the US Department of Housing and Urban Development [10], the Organization for Economic Cooperation and Development (OECD) [11], the World Bank [12] and lending industry practitioners.[13][14]

In 2009 Dr. Turner was awarded a lifetime fellowship by the Ashoka Foundation for his ideas on alternative data and financial inclusion in the US and globally.[15] Dr. Turner also serves as the "Sherpa" for credit information sharing for the Asia Pacific Economic Cooperation (APEC) the APEC Business Advisory Council Asia-Pacific Financial Forum (APFF),[16][17] and was appointed as the APEC/APFF delegate to the International Committee on Credit Reporting, jointly organized by the International Finance Committee (IFC) and the International Monetary Fund (IMF).


Efforts to Reform U.S. Credit Reporting and Scoring

Dr. Turner has testified before the U.S. Congress on four occasions [18][19][20][21][22],[23][24] has briefed the White House, has advised and consulted with the Consumer Financial Protection Bureau] (CFPB),[25] the Federal Trade Commission (FTC),[26][27] and the Department of Housing and Urban Development (HUD)[28] among others.

Dr. Turner has served on the inaugural U.S. Department of Homeland Security Advisory Committee on Data Privacy and Integrity [29], the Brookings Institution Urban Markets Initiative Advisory Committee [30], and as a member of the 2008 Urban Policy Committee for the Campaign of Senator Barack Obama [31]

More recently, Dr. Turner has worked extensively as an expert witness on cases involving the Fair Credit Reporting Act, consumer credit, credit data breaches, credit reporting, and credit risk assessment.[32][33] [34] Dr. Turner has taken cases for both Plaintiff and Defendant, and his clients include the U.S. Consumer Financial Protection Bureau,[35] Sony Pictures Entertainment,[36] as well as a range of data and financial companies.


Recent Work in Verifications

Dr. Turner co-founded Verify4 in 2019, a public benefit company based in North Carolina providing verification of income and verification of employment services. The firm seeks to increase financial inclusion by addressing data gaps in assessing a person's credit capacity.[37]

References

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  1. ^ https://www.urban.org/urban-wire/six-things-might-surprise-you-about-alternative-credit-scores
  2. ^ www.brookings.edu/articles/give-credit-where-credit-is-due-increasing-access-to-affordable-mainstream-credit-using-alternative-data/
  3. ^ https://www.marketplace.org/2013/11/12/dont-have-credit-history-utility-bills-could-soon-help/
  4. ^ https://financialservices.house.gov/uploadedfiles/hhrg-112-ba15-wstate-mturner-20120913.pdf
  5. ^ https://www.govinfo.gov/content/pkg/CHRG-112hhrg76127/pdf/CHRG-112hhrg76127.pdf
  6. ^ https://www.govinfo.gov/app/details/BILLS-112hr6363ih
  7. ^ https://www.wsj.com/articles/SB10000872396390443995604578003872577102686
  8. ^ https://www.consumerfinance.gov/data-research/research-reports/data-point-credit-invisibles/
  9. ^ https://www.consumerfinance.gov/data-research/research-reports/data-point-geography-credit-invisibility/
  10. ^ https://www.huduser.gov/portal/sites/default/files/pdf/Potential-Impacts-of-Credit-Reporting.pdf
  11. ^ https://one.oecd.org/document/DSTI/ICCP/IE/REG(2010)3/en/pdf
  12. ^ https://documents1.worldbank.org/curated/en/662161468147557554/pdf/70193-2014-CR-General-Principles-Web-Ready.pdf
  13. ^ https://scholar.google.com/citations?view_op=view_citation&hl=en&user=p74u6xIAAAAJ&citation_for_view=p74u6xIAAAAJ:Tyk-4Ss8FVUC
  14. ^ https://www.ingentaconnect.com/content/hsp/jrmfi/2008/00000001/00000002/art00005
  15. ^ https://www.ashoka.org/en-ca/fellow/michael-turner
  16. ^ https://www.fudan.edu.cn/en/2021/1108/c1092a110515/page.htm
  17. ^ https://smefinanceforum.org/post/covid-19-and-credit-reporting-suppression-is-not-the-solution
  18. ^ https://www.google.ca/books/edition/The_Importance_of_the_National_Credit_Re/TdIY4pbi-ysC?hl=en&gbpv=1&dq=2003+Congress.+House.+Committee+on+Financial+Services.+Michael+Turner+Information+Policy+Institute&pg=PA130&printsec=frontcover
  19. ^ https://www.google.ca/books/edition/Helping_Consumers_Obtain_the_Credit_They/ZtTEYcsup0AC?hl=en&gbpv=1&dq=2005+Congress.+House.+Committee+on+Financial+Services.+Michael+Turner+Information+Policy+Institute&pg=PA92&printsec=frontcover
  20. ^ https://financialservices.house.gov/uploadedfiles/112-157.pdf
  21. ^ https://democrats-financialservices.house.gov/uploadedfiles/09.27.2016_michael_turner_testimony.pdf
  22. ^ "- What Borrowers Need to Know About Credit Scoring Models and Credit Scores".
  23. ^ https://www.c-span.org/person/michael-a-turner/1029469/
  24. ^ https://www.govinfo.gov/content/pkg/CHRG-112hhrg76127/pdf/CHRG-112hhrg76127.pdf
  25. ^ https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-ftc-host-december-workshop-accuracy-consumer-reporting/
  26. ^ https://businesslawtoday.org/2020/02/ftc-cfpb-host-workshop-accuracy-consumer-reporting/
  27. ^ https://www.ftc.gov/sites/default/files/documents/reports/section-319-fair-and-accurate-credit-transactions-act-2003-fifth-interim-federal-trade-commission/130211factareport.pdf
  28. ^ https://www.huduser.gov/portal/sites/default/files/pdf/Potential-Impacts-of-Credit-Reporting.pdf
  29. ^ https://www.govtech.com/security/dhs-announces-appointments-to-data-privacy.html
  30. ^ https://www.brookings.edu/people/michael-turner/
  31. ^ https://www.wsj.com/articles/SB121962139246367581
  32. ^ https://caselaw.findlaw.com/court/us-dis-crt-ed-pen/2196482.html
  33. ^ https://thehill.com/opinion/finance/358929-preventative-steps-key-to-protecting-personal-finances/
  34. ^ https://www.hollywoodreporter.com/business/business-news/sony-aims-use-corporate-hacks-817313/
  35. ^ https://dockets.justia.com/docket/pennsylvania/pamdce/3:2017cv00101/110329
  36. ^ https://www.hollywoodreporter.com/business/business-news/sony-aims-use-corporate-hacks-817313/
  37. ^ https://www.bizjournals.com/triangle/news/2021/01/05/credit-access-durham-startup-fundraise-perc.html
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