than any other consumer debt category; Americans owe more than $300 billion on them. There are all kinds of personal loan offers in the mail, online and on TV. Many promise to lower your interest rate by consolidating credit card debt into a single loan.
That's not good news for people who are struggling financially, says Marisabel Torres with the Center for Responsible Lending."It sounds like we're penalizing people for getting into a bad situation." With some loans, especially home mortgages, lenders tend to use older versions of the FICO score, so the new version won't have an impact on all types of lending.
Credit is one of the dumbest things American society has came up with
If only they could find competent credit reporting agencies that will actually keep accurate records. But... crooks will be crooks.
Didn’t they just make everyone’s go up a few years ago?
WHEN!?
Bs
Fucking dirt bags. Keeping the poor, poor.
Another way to keep the poor in check...
As DaveRamsey would say, FICO score is a 'I love debt' score. It is a made up number, it has no value. If you have a fico score of zero, it means you don't owe any credit to anyone. Ideally you'd wanna have no fico score.
How about debt incurred because of medical bills? I was double billed for an ambulance ride, paid the first bill but couldn’t argue away the second which was subsequently sent to collections thus adversely affecting my credit score. I don’t have $900 to pay that off!!!
Let’s get all the lobbyists out of the legislatures & congress. Special interests always support legislation & policy that benefits their sponsors-even when it harms the greater community. Govt of the People by the People for the People.
If the CFPB allows credit industry to ‘score’ consumers, with impact on terms for borrowing, then there should a parallel system for borrowers to rate lenders - with those metrics impacting the terms those lenders are allowed to offer to borrowers. A fair system. Level the field.
FICO is a tool contrived by banking industry to mechanize standardize lending. They don’t publish the rules they change the rules to benefit the lenders as borrowers habits change. It is an unfair playing field for consumers.
FICO - could be accused of libel or defamation - if they are publishing credit information that is untrue unverified or even unauthorized by the consumer. SenAlexander MarshaBlackburn repjimcooper CFPB
And the wealth Gap gets larger. Fantastic. *Sigh*
Are y’all blaming POTUS for this yet? Lol
Surprise! People who are struggling financially are bad credit risks.
FICO - much like the IRS, it’s a “screw you” to the middle class and those struggling to get there - yes, its practices are “a riddle wrapped in a mystery, wrapped in an enigma. “ It should not be so. FICO NoTransparency
The fleecing of hard working Americans continues.
This really makes me mad, all this hype about credit score, just trying to make it hard for low income family. If that is the case, I rather be homeless, than applying for a mortgage. You gonna see a lot of repossessions and more people will be homeless, but WTF do they care, No
They penalize us now.
I was told that this economy was the greatest ever, so really, NO BIG DEAL!!! Plus, all those people dying in China will bring jobs back!!! Even more MAGA
Nonsense. Nobody is struggling financially anymore because MAGA.
Are these the same group of criminals who gave Bear Sterns and Lehman Brothers AAA ratings a month before they created the biggest financial meltdown in history?
Perhaps there should be a FICO score for our fed govt and big banks first?
China has their credit system, and we have this. It's just another way to punish the poor or people that had hard times in the past and are working to improve. Have a poor score? 29.99% interest for you! Good score? They practically pay you!
fashoBrad
Just come out and say you hate poor people already
20 point drop does no harm when your credit score (like mine) is 0 cc: Ben_In_Texas
Cool cool
Made up numbers to justify screwing people over or rewarding those that lucked out. Our system is such garbage.
Well shit
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