In the past 15 years the ramifications of poor credit have grown, as credit score "mission creep" has set in, said Amy Traub, a senior policy analyst with the New York-based think tank Demos and author of the recently released report "Discrediting America." Credit scores determine not just the interest rates paid on material goods, such as a cell phone or car, but also the pricing of utilities and insurance. Approximately 60 percent of employers use credit reports to screen job applicants.
Amy Traub, a senior policy analyst at watchdog group Demos, says that credit-based insurance scores hurt lower-income people more because they are more likely to have lower scores. She noted a study that showed while those with lower scores made more claims because they couldn't swallow the costs, the cost of those claims were not necessarily greater.
In its bombshell of a report “Discrediting America,” the nonpartisan public policy research group Demos sums up the problem for black and Latinos:
Credit reports largely mirror racial and economic divides, with African Americans and Latinos disproportionately likely to have lower scores. In turn, these communities are more likely to be offered high-priced loan products, which may contribute to more defaults, maintaining and amplifying historical injustice.
“If you’re out of work for a long time, you have difficulty paying your bills,” says Amy Traub, coauthor of a June report from the think tank Demos that calls for reform of the credit reporting industry. “If potential employers are looking at credit scores, how on earth are you going to pay your bills then?”
What’s more, the credit bureaus themselves acknowledge there is no proof of a link between a person’s credit report and their suitability as an employee.
Why is it important for civil rights and good government groups to to be granted status as intervenor defendants in a lawsuit about counting prisoners in redistricting?
Because the legislative commission charged with drawing the lines, LATFOR, hasn't exactly been vigorous in defending itself in a lawsuit filed about the issue, they say.
Today, six in ten employers say that they check the credit histories of some or all prospective employees before making final hiring decisions. This traps many jobseekers in a devastating catch-22.
This is very different than a CD, which comes from a bank with Federal Deposit Insurance Corp. protection up to $250,000. And it's different than a U.S. Treasury bond, backed entirely by the U.S. government.
As currently drawn, five Massachusetts House districts would have too few residents to meet the Supreme Court's standard - if inmates are not counted as living there, according to Brenda Wright of Demos, a public interest group with a Boston office. She testified before the committee in Dorchester last month.
The mutual admiration between the two has been apparent for some time. Herbert has been a speaker at Demos and has also cited the think tank over his years as a New York Times columnist. He wrote in one that almost exclusively centered on Demos that the think tank has responded to right-wing zealotry with “admirable real-world scholarship, a highly respected fellows program to encourage new writers and thinkers and steadfast efforts to promote civic engagement. (It’s a big champion, among other things, of same-day voter registration.)”
Rob Brunhild trusted his broker when he was sold principal-protected notes underwritten by Lehman Brothers, noting that the broker implied that the notes were like Treasuries. His expectations for a solid return were dashed when Lehman went under, wiping out his investment. He said his family lost $275,000 on the notes.
“I had to tell my mother,” Brunhild said. “Mom lived off of this money.”
Republicans cite the measures as protection against voter fraud, while Democrats and voting rights groups say the bills would disproportionately keep away young people and minorities, and say they are aimed at blocking ballot access for core Democratic voters.
In 2008, for example, Barack Obama relied on college students to bolster his base during the primaries. Under several proposals, an out-of-state student would no longer be able to use a school photo ID as proof of identity, but would have to make an effort to get state identification.
One report shows that nearly 12,000 voters were disqualified statewide from October 2008 to November 2010. Another shows that nearly 6,200 were disqualified from 2006 to 2010. The Election Division wasn't able to explain the discrepancy.
The sheer number of potential voters swept up by the law is another concern, said Brenda Wright, director of the Democracy Program at Demos, a nonpartisan organization that focuses on public policy research and advocacy.
Senate Republicans are suing the Department of Corrections as well as LAT-FOR, the task force on redistricting & reapportionment over a new law sponsored last year by Eric Schneiderman while he was still in the State Senate — the law changes where prisoners are counted. Today we will hear both sides of the argument beginning with Brenda Wright of Demos, a non partisan public policy research and advocacy organization… And then Senator James Seward, one of the people filing the law suit.
A study released by Demos, a research and advocacy organization, may shed light on why some working families have credit card debt and others don't.
The study, "Understanding the Debt Difference," is based on survey research of 2,248 low- and middle-income adults between April 2008 and August 2008, and contrasts the demographics, financial habits and economic circumstances of those with credit card debt and those without it.
The suit is against LATFOR and DOCS. They will be defended by the state attorney general's office. AG Eric Schneiderman was a senator last year, and sponsored legislation to count prisoners at their former homes. Proponents of the law argue that prisoners should count in the communities they were a part of, not ones where they can't vote.