The Federal Reserve Bank of St. Louis
Mortgage Credit Partnership Credit Scoring Committee o o o o o
The purpose of the Federal Reserve System's Credit Scoring Committee is to publish a variety of perspectives on the credit-scoring process and to identify areas where the use of credit scores may create disparities in the home mortgage process.
The first four installments in this series addressed aspects of the use of credit scores and fair-lending concerns, including the maintenance of scoring models, the use of third-party brokers and the provision of assistance in the credit-application process.
The fifth and final installment addresses the use of counteroffers, overrides and second reviews of credit-scored decisions. We have solicited feedback from industry, consumer and academic representatives to ensure a variety of perspectives on these topics.
Mr. Immergluck is a faculty member at the School of Public and Nonprofit Administration at Grand Valley State University in Grand Rapids, Mich. He recently joined the university after having served as senior vice president of the Woodstock Institute for many years. He has written extensively about access to credit, community reinvestment, and community and economic development, and he has worked with community organizations and government agencies on an array of community reinvestment and development projects. Mr. Immergluck holds a doctorate in urban planning and policy from the University of Illinois-Chicago.
Mr. Aldridge is a vice president and director of community affairs for Fifth Third Bank, where he administers and oversees community affairs for the bank's Cincinnati and affiliate markets. He is also responsible for BLITZ, the bank's $9 billion community development initiative to fund building, lending, investments and technology zones over the next three years. He has been instrumental in establishing relationships with minority brokers that generate Community Reinvestment Act loans, and he has launched programs to increase product sales and to support business development.
Prior to joining Fifth Third, Mr. Aldridge was the managing principal for NuCapital Management in Southfield, Mich. He holds a Juris Doctor degree from Wayne State University and a bachelor's degree in economics from Harvard University.
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There are many misconceptions about credit scores out there. There are customers who believe that they don’t have a credit score and many customers who think that their credit scores just don’t really matter. These sorts of misconceptions can hurt your chances at some jobs, at good interest rates, and even your chances of getting some apartments.