Financial Services Innovation Coalition
No Result
View All Result
  • Home
  • About FSIC
    • Advisory Board
    • FSIC American Innovation and Opportunity Fund – Officers and Staff
  • Newsroom
  • Video

Financial Services Innovation Coalition
  • Home
  • About FSIC
    • Advisory Board
    • FSIC American Innovation and Opportunity Fund – Officers and Staff
  • Newsroom
  • Video
No Result
View All Result
Financial Services Innovation Coalition
No Result
View All Result
Home Insights

FSIC Housing Task Force – How The Work Number Cheats American Consumers

March 22, 2022
in Insights, Media, News Release, Newsroom, Press Release
Share on FacebookShare on Twitter

In a new op-ed, the Housing Task Force’s own Donnetta Wells argues that The Work Number – the dominant financial information verification service – is contributing to the increasing costs of housing with its unnecessary price increases.

The Work Number has increased the price of its employment verification service by 31 percent over the past several months without any improvement to the service. Because of The Work Number’s market dominance, lenders have little choice but to pay the increased costs. Consumers can expect to see these rising costs reflected in higher fees or rates.

It’s easy for costs to mount in the home-buying or –refinancing process. These costs present an additional and unwanted barrier for mortgage applicants, especially first-time home buyers, at a time when most Americans are already suffering from spiking inflation. Policymakers and regulators should consider how the costs resulting from The Work Number’s price hikes will have outsized harm on low-income consumers and people of color.

Read Donnetta Wells’s full op-ed here.

Tags: Blog PostEconomic EmpowermentFSIC Housing Task ForceMarket Overviewnews releaseOp-edPress ReleaseSocial Justice

Related Posts

Insights

FSIC Letter to Congress: Support the SECURE Act

November 28, 2022
Newsroom

FSIC Housing Task Force – Blog Post – “Is The New Bank of America Zero-Down Payment Mortgage Really Just Reverse Redlining?”

November 8, 2022
FSIC Housing Task Force Blog Post – Mortgage denial rate for Black borrowers is twice that of overall population, report finds
Media

FSIC Housing Task Force Blog Post – Mortgage denial rate for Black borrowers is twice that of overall population, report finds

October 2, 2022
FSIC Video Podcast – “What is Antitrust and Why are Monopolies Bad?”
Insights

FSIC Video Podcast – “What is Antitrust and Why are Monopolies Bad?”

October 1, 2022

TOPICS

AI Crypto Metaverse Facial Recognition antitrust Archived Press Release Bank Fees Banking Blog Post Congress Credit Reporting Economic Empowerment Facial Recognition FSIC Housing Task Force Health Care Hidden Fees legal Lending Market Overview MLK Birthday MLK Holiday monopolies monopoly Mortgage news release Op-ed Oversight Predatory Practices Press Release public private partnerships Redlining SECURE Act Segregation Social Justice Technology video Video Podcast Voting Rights Workforce

FEATURED POST

A Case for Inclusion

FSIC Economic Inclusion Reverse Discrimination Defense Initiative

February 21, 2023

FSIC Letter to Congress: Support the SECURE Act

November 28, 2022

FSIC Housing Task Force – Blog Post – “Is The New Bank of America Zero-Down Payment Mortgage Really Just Reverse Redlining?”

November 8, 2022
FSIC Housing Task Force Blog Post – Mortgage denial rate for Black borrowers is twice that of overall population, report finds

FSIC Housing Task Force Blog Post – Mortgage denial rate for Black borrowers is twice that of overall population, report finds

October 2, 2022

Tags

AI Crypto Metaverse Facial Recognition antitrust Archived Press Release Bank Fees Banking Blog Post Congress Credit Reporting Economic Empowerment Facial Recognition FSIC Housing Task Force Health Care Hidden Fees legal Lending Market Overview MLK Birthday MLK Holiday monopolies monopoly Mortgage news release Op-ed Oversight Predatory Practices Press Release public private partnerships Redlining SECURE Act Segregation Social Justice Technology video Video Podcast Voting Rights Workforce

About Us

FSIC is a network of Industry Innovators, Legislators, Community Groups, and Academics who share a passion for applying emerging technology and market innovation to create a more inclusive economy and advocate for policy which promotes economic empowerment.

Category

  • Insights
  • Media
  • News Release
  • Newsroom
  • Press Release
  • TechCast
  • Uncategorized
  • Video

Tweets

  • About
  • Contact

© 2022 FSIC - The Financial Services Innovation Coalition .

No Result
View All Result
  • Home
  • About FSIC
    • Advisory Board
    • FSIC American Innovation and Opportunity Fund – Officers and Staff
  • Newsroom
  • Support Our Work

© 2022 FSIC - The Financial Services Innovation Coalition .

Welcome Back!

Sign In with Facebook
Sign In with Google
Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist