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New York Times: Banks Mine Data and Woo Troubled Borrowers

October 23, 2008

AFFIL appeared in this article on October 23, 2008

A good article in yesterday’s New York Times talks about data-mining companies that specialize in finding credit-challenged customers that banks can prey upon. Some selections, including a nice quote from Jim Campen, D&S Associate and frequent contributor:

[…]Using techniques that grew more sophisticated over the lastdecade, businesses comb through an array of sources, including bank and court records, to create detailed profiles of the financial lives of more than 100 million Americans.[…]

“They get people who they know are in trouble, they know are desperate, and they aggressively market a product to them which is not in their best interest,” said Jim Campen, executive director of the Americans for Fairness in Lending, an advocacy group that fights abusive credit and lending practices. “It’s the wrong product at the wrong time.”

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