WASHINGTON — A new organization comprising subprime lenders and borrowers is concerned that Congress could go too far in its efforts to protect consumers from predatory lenders.
Citizens for Equal Access to Credit describes itself as a "diverse, national, multicultural, nonprofit coalition" whose members include some smaller subprime card issuers but also chambers of commerce, some minority organizations and current and former subprime borrowers.
The center has drawn attention by releasing a study, conducted on its behalf by TransUnion, one of the three leading credit bureaus, indicating that a percentage of subprime borrowers have increased their credit scores by using subprime cards responsibly. These subprime borrowers should not be penalized or effectively kept from getting credit as a result of regulatory or legislative zeal to protect consumers, the center argued.
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