MODIFICATION
70 -- Consumer Credit Information Panel
- Notice Date
- 3/15/2012
- Notice Type
- Modification/Amendment
- NAICS
- 561450
— Credit Bureaus
- Contracting Office
- Federal Reserve, Consumer Financial Protection Bureau, Bureau of Public Debt for CFPB, 1801 L St NW, Washington, District of Columbia, 20036, United States
- ZIP Code
- 20036
- Solicitation Number
- RFI-CFP-12-0062
- Archive Date
- 3/29/2013
- Point of Contact
- Jacob Oberlin, , ,
- E-Mail Address
-
PSB3@bpd.treas.gov, jacob.oberlin@bpd.treas.gov
(PSB3@bpd.treas.gov, jacob.oberlin@bpd.treas.gov)
- Small Business Set-Aside
- N/A
- Description
- Request for Information: Consumer Credit Information Panel Background: Consumer Credit Information Panel for Consumer Financial Protection Bureau (CFPB) Research The CFPB seeks to acquire and maintain a nationally representative panel of credit information on consumers for use in a wide range of policy research projects. The panel would be a random sample of consumer credit files obtained from a national database of credit files. The outside contractor would provide an initial panel of consumers with information on an annual or quarterly basis for each of the last 10 years. Going forward, the contractor would provide updated consumer credit files for the consumers in the database on an annual or quarterly basis. The CFPB seeks to obtain information that will enable it to identify the important design considerations in developing such a panel. The CFPB requests comments on the following issues. Study population: • The CFPB may consider the household as the appropriate sampling unit for the panel. How would your organization construct a panel based on households? • Can your organization identify joint borrowers, co-signers, and/or authorized users? How? Should the Bureau append to the core sample of consumers or households joint borrowers, co-signers, and/or authorize users? What are the trade-offs the Bureau should consider in making this determination? • The panel will have ongoing annual or quarterly refreshes. What are the benefits of moving from an annual to a quarterly update schedule? Additionally, does your organization have the ability to provide data for interim periods? For example, if you provide quarterly updates, can you provide monthly data on credit balances? For example, for an end-of-calendar Q1 data pull, would you be able to tell us the credit balances for consumers in January and February? • One issue of concern is how the CFPB should treat files that are split. A file might be split if new tradelines reveal that a consumer identified as a single individual is actually two people. Similarly, a file might be split because some tradelines are identified as fraudulent. How would your organization handle credit files that are split between sample pulls? How would you suggest treating these files to maintain the representativeness of the panel? Can your technology identify these split files? • A similar concern is how the CFPB should treat files that get combined. For example, two files might be combined if new tradelines reveal that two files actually belong to a single consumer. How would your organization handle credit files that are combined between sample pulls? How would you suggest treating these files to maintain the representativeness of the panel? Can your technology follow two files that are combined into a single file? • The CFPB would like to do an initial data pull that goes back 10 years. For each of the years in this initial pull, the sample needs to be representative of the population of credit files at that time. Given this objective, what methodology is recommended to establish the initial sample? If an initial pull is for 10 years, should the base population be selected at a current date, should it be selected at the beginning of the 10 year data pull, or should the CFPB consider an alternate method? • An important consideration in designing the panel is to maintain its representativeness over time. Describe the methods your organization could provide to assure the ongoing representativeness of the panel. Would your organization compare updated samples with a representative sample of the current credit population? • How would your organization plan to identify new entrants to update the panel over time? In your answer, could you specifically address the challenge of differentiating between truly new entrants and files that look like new entrants, but are really not (e.g., files that are split over time). • If the CFPB pulls a sample today, and then tries the pull the updated records of the same sample a year from now, should the CFPB assume that some files won't be found? Could you list the specific reasons why your organization might not be able to find all the records? • The CFPB seeks input on the recommended size of the panel. The CFPB is estimating a panel of roughly 1 million consumers. The Bureau intends to study the behavior of individuals and financial products over time on a national and regional basis. Do the consumer panels deployed by other Federal agencies and private sector entities offer a meaningful comparative metric? • Please provide any additional recommendations for constructing an initial credit panel. Data Characteristics: • Central to the creation of the panel is the ability to track consumers over time. Please describe how your organization follows consumers over time. If individuals are tracked by means of a unique identifier, under what condition can this identifier change? If two credit records are combined, which identifier (if either) is maintained? Similarly, if a credit record splits into multiple records, how are the identifiers for the new records assigned? • The consumer panel would include available information in the consumer's credit file. To maintain consumer privacy, what data fields would have to be anonymized? Please identify the specific data fields that could be made available for analysis. • Are there additional variables associated with the consumer credit file that are not part of a consumer report, but would be available for research (e.g. identity theft flag)? Please identify other raw data fields that the CFPB could consider obtaining as part of the panel. Panel Features: • The CFPB would like to use the consumer credit panel to analyze and survey subpopulations of individual consumers on their use of specific types of products (e.g. private label cards; general purpose branded cards) and product subclasses (e.g., first time home equity loans). How would you recommend developing the panel to permit such surveys? How would you implement such a survey consistent with Fair Credit Reporting Act (FCRA) obligations? • The CFPB is interested in tracking the tradelines of particular consumers over time. o What techniques/technologies are available to enable such tracking? o Can such technologies track accounts after they have been sold (e.g. to a debt buyer) or transferred? If so, how? o Some loans may be reported by multiple reporting entities. These potentially could appear as duplicates on a person's credit record. How would your organization recommend identifying duplicates? • Please describe the categories of consumer non-credit attributes (include specific examples as well) that your organization could attach to the panel. • Can your organization provide a credit score for each consumer in the panel? What specific scores would be available and over what time frame? • What restrictions, if any, exist on the supplying the name of furnishers of specific tradelines? If the identity of a furnisher cannot be provided, is it possible to provide an anonymized indicator that would allow the CFPB to identify trade lines across consumers that are from the same furnisher? What information is available to describe the type of data furnisher? • What information is available to describe the type of tradeline (e.g. industry type, loan type, interest rate, etc.)? • The CFPB plans to supplement this file periodically with additional data sources in accordance with FCRA requirements. These data linkages likely would be conducted by the outside contractor or a third party. Please describe the necessary technical specifications to permit the future linking of this panel with other databases. Does your organization have such a capability? • For any of the strategies recommended in your response, what limitations apply when applying these strategies to the initial 10 year data pull? To historical data in general? Other issues: • Prior Performance: Please provide any example of comparable panels developed by your organization for other institutions. • What type of external resources (e.g. consulting) should the Bureau plan for as it sets up and maintains this consumer panel? For all of the bullet points addressed, please specify whether your particular firm is describing a capability that has already been implemented or whether it is describing one that could be implemented. Please also describe: (a) the standard list price for any data set or service described, if there is a standard commercial list price available, (b) known limitations of the service discussed, (c) whether capabilities are internal or external, (d) and a description of the level of staffing required to implement the activity or service described, In addition to the above, the response should include all of the following: 1. Vendor's name, address, point of contact, phone number, and e-mail address; 2. Vendor's business size status, including any applicable socio-economic classifications (e.g. HUBZone, SDVOSB, etc.), and its most applicable North American Industry Code System (NAICS) code. 3. Whether the vendor has the capability to perform the contemplated work as a prime contractor or a subcontractor, or anticipates significant teaming arrangements; 4. Recommendations for how to structure a program to project and measure the costs of building and maintaining a national panel of consumer reporting information. Interested vendors shall respond no later than 4:00 p.m. ET on Wednesday, March 28, 2012. Responses shall sent via e-mail to psb3@bpd.treas.gov. Subject heading shall state, "Attention: J. Oberlin, Consumer Credit Information Panel". All information in response to this notice must be sent via e-mail in Adobe Acrobat (.pdf) or MSWord format. Note that this is not a request for proposal or quote and does not imply an obligation on the part of the Bureau to purchase services or to proceed to any request for proposals or quotes for such services. Any information provided to the Bureau in response to this Request will become the property of the Bureau and, in addition, may be subject disclosure under a FOIA request.
- Web Link
-
FBO.gov Permalink
(https://www.fbo.gov/notices/fba82d95b7816f2475434eb18627b224)
- Record
- SN02698234-W 20120317/120315235600-fba82d95b7816f2475434eb18627b224 (fbodaily.com)
- Source
-
FedBizOpps Link to This Notice
(may not be valid after Archive Date)
| FSG Index | This Issue's Index | Today's FBO Daily Index Page |