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Thread: Black credit scores don't matter

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    Default Black credit scores don't matter

    Banks could begin issuing credit cards to people without credit scores thanks to an effort by a banking regulator to make lending more racially equitable.

    WSJ's AnnaMaria Andriotis tells the story of how Black Lives Matter protests sparked the effort and explains how the lending would work.


    https://www.wsj.com/podcasts/the-journal/no-credit-score-no-problem/9315467c-7b8a-4346-b3ce-1f05019fe790



    The effort, if successful, would mark a significant change in the underwriting tactics of big banks, which for decades have enshrined credit scores and credit reports as the main tools to determine who gets a loan. They generally reflect a personís borrowing history in the U.S., including whether they pay their loans on time.

    Black adults in the U.S. are more likely than white or Asian adults to lack credit scores, according to a 2015 report by the Consumer Financial Protection Bureau.

    The plans grew out of Project REACh, or the Roundtable for Economic Access and Change, an effort launched by the Office of the Comptroller of the Currency. After protests following the killing of George Floyd in police custody, the OCC convened bankers, financial-technology executives and nonprofit leaders to brainstorm on how to increase credit access to historically disadvantaged communities.


    https://www.wsj.com/articles/jpmorgan-others-plan-to-issue-credit-cards-to-people-with-no-credit-scores-11620898206

    Discuss.

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    Quote Originally Posted by Legion View Post
    Banks could begin issuing credit cards to people without credit scores thanks to an effort by a banking regulator to make lending more racially equitable.

    WSJ's AnnaMaria Andriotis tells the story of how Black Lives Matter protests sparked the effort and explains how the lending would work.


    https://www.wsj.com/podcasts/the-journal/no-credit-score-no-problem/9315467c-7b8a-4346-b3ce-1f05019fe790



    The effort, if successful, would mark a significant change in the underwriting tactics of big banks, which for decades have enshrined credit scores and credit reports as the main tools to determine who gets a loan. They generally reflect a person’s borrowing history in the U.S., including whether they pay their loans on time.

    Black adults in the U.S. are more likely than white or Asian adults to lack credit scores, according to a 2015 report by the Consumer Financial Protection Bureau.

    The plans grew out of Project REACh, or the Roundtable for Economic Access and Change, an effort launched by the Office of the Comptroller of the Currency. After protests following the killing of George Floyd in police custody, the OCC convened bankers, financial-technology executives and nonprofit leaders to brainstorm on how to increase credit access to historically disadvantaged communities.


    https://www.wsj.com/articles/jpmorgan-others-plan-to-issue-credit-cards-to-people-with-no-credit-scores-11620898206

    Discuss.
    Just more ways for the left to fuck america up the ass

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    Quote Originally Posted by Yakuda View Post
    Just more ways for the left to fuck america up the ass
    Surely you don't think that lenders who suffer losses by lending to defaulting borrowers will jack up interest rates to compensate.

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    Quote Originally Posted by Legion View Post
    Surely you don't think that lenders who suffer losses by lending to defaulting borrowers will jack up interest rates to compensate.
    No of course not. Why would they do such a thing?

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    Quote Originally Posted by Yakuda View Post
    No of course not. Why would they do such a thing?
    Money grows on trees, doesn't it?

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    Quote Originally Posted by Legion View Post
    Money grows on trees, doesn't it?
    Joke Biden and the leftist crowd seem to think so.

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    Quote Originally Posted by Yakuda View Post
    Joke Biden and the leftist crowd seem to think so.
    They can just print more.

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    Quote Originally Posted by Legion View Post
    They can just print more.
    They are going to have to to get to 3 trillion. Then they'll wonder why inflation is through the roof

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    Quote Originally Posted by Yakuda View Post
    They are going to have to to get to 3 trillion. Then they'll wonder why inflation is through the roof
    No, they won't. You know who they'll blame, and so do I.

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    So, banks are getting into the payday and car title loan business are they? Must be pretty lucrative or they're hurting for customers...

    Either that, or they've figured out a way to deny future credit on the cheap. That is, they give somebody without credit a card one with say, a $250 limit at 30%+ interest per month like payday and car title loan places do. The idiot accepts the card, maxes it out and doesn't pay. Soon they owe over $1000 and the bill is sent to a collection agency. Now the person without a credit score has a score and it's so awful they couldn't get change at the grocery store. The bank then has justification to deny them more credit. Better, if they're getting something like welfare or the like from the government the bank can skim their payment on the card right off the top.

    That is, the bank recognizes this as a way to make perpetual money from losers on the government dole and further screw them while claiming they're really just trying to help them by being "fair and equal..."

  11. The Following 2 Users Say Thank You to T. A. Gardner For This Post:

    anonymoose (05-17-2021), War=Peace (05-17-2021)

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    Quote Originally Posted by T. A. Gardner View Post
    So, banks are getting into the payday and car title loan business are they? Must be pretty lucrative or they're hurting for customers...

    Either that, or they've figured out a way to deny future credit on the cheap. That is, they give somebody without credit a card one with say, a $250 limit at 30%+ interest per month like payday and car title loan places do. The idiot accepts the card, maxes it out and doesn't pay. Soon they owe over $1000 and the bill is sent to a collection agency. Now the person without a credit score has a score and it's so awful they couldn't get change at the grocery store. The bank then has justification to deny them more credit. Better, if they're getting something like welfare or the like from the government the bank can skim their payment on the card right off the top.

    That is, the bank recognizes this as a way to make perpetual money from losers on the government dole and further screw them while claiming they're really just trying to help them by being "fair and equal..."
    Exactly. democrats fucking over minorities again.
    Consider the Oyster.

    C-4 is just angry playdoh.

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    The new racism is just like the old racism, only the victims and the abusers have traded places.

    Whites are fucked in the head for accepting this.
    The Regressive WOKE TALIBAN lust after visions of fairies and pixie dust as they conduct their brutality. Prepare for HELL. NOW!

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    Quote Originally Posted by Micawber View Post




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