Schumer: Probe credit bureau reports
U.S. Sen. Charles Schumer (D-NY) speaks during a news conference to announce campaign finance reform legislation at the U.S. Capitol in Washington D.C. (Nov. 1, 2011) Credit: Getty Images
U.S. Sen. Charles Schumer is asking the Federal Trade Commission to investigate new scores compiled by credit bureaus with personal information that's not disclosed to consumers the same way credit scores are.
In a letter to FTC Chairman Jon Leibowitz, the New York Democrat asks he examine "the proliferation" of reports sold to outside businesses for marketing and business decisions.
His office cites Fair Isaac Corp. reports on consumer prescription drug use and Experian's estimates of consumer incomes as examples.
Experian says it hasn't seen the letter.
Fair Isaac says it is not a credit bureau and its medication adherence score helps practitioners identify patient compliance.
Schumer says federal law requires telling people their credit scores, which are used by lenders.
He says he'll craft new legislation if needed.
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