By Aaron Klein and Lisa Servon May 17 at 9:40 AM Aaron Klein is a fellow in economic studies at the Brookings Institution. Lisa Servon is professor and chair of the City and Regional Planning Department at the University of Pennsylvania’s Weitzman School of Design. She is the author of “The Unbanking of America: How the New Middle Class Survives.”
To make affordable credit accessible to a broader group, let’s fix the flawed scoring system that allocates credit. Congress should start examining this system and aggressively pushing for its improvement. Lawmakers should push for credit-scoring formulas that take a wider range of data into consideration. Paying a mortgage on time improves your credit score, but paying your rent on time does not, because mortgages are tracked and rents generally are not. That’s just not fair.
Credit scoring is a relatively recent phenomenon. FICO debuted its first general-purpose score in 1989, as computing power and data collection made it possible. It is time to advance again. New computing tools allow leaders to use broader information. Alternatives such as cash-flow underwriting eschew credit history altogether and focus on how much money a person regularly has available.
Start with the illegal credit score companies and sue the hell out of them for publishing records with out permission! For allowing records to be compromised! If they can't control the security them can't profit from the data!
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Your credit score should be based solely on payment history, and nothing else. If you make all payment on time you should have the highest score possible, if you’re late, delinquent you should have the worst score, period.
The fact that we have three private companies dictating our credit scores (not a gov’t agency as is done elsewhere) is weird and exploitative.
True words from idiots who don't need them. I have enough problems with capped credit scores, yes, I said 'capped' because of my income bracket, I will never rise above fair credit, no matter how I pay my bills, or how high my credit limit is. So STFU
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