Credit scores drop at fastest pace since the Great Recession
Credit scores drop at fastest pace since the Great Recession
www.cnn.com
Credit scores drop at fastest pace since the Great Recession | CNN Business
6 comments
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The findings underscore the growing disconnect between the euphoria on Wall Street and pessimism on Main Street. While US stocks continue to shatter record highs, a significant chunk of Americans say they are hurting.
this is just irresponsible reporting because it completely elides over the reason that stocks are up - because the dollar is down almost 11% YTD
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These delinquency rates are “more consistent with an economy in recession than one still in expansion,” FICO said, adding that mortgage and home equity loan delinquency rates are still near historic lows.
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2 points drop the most in 16 years? either the average is pretty stable, for 2009 was so bad and the recovery so slow that just now we see a correction
6 comments
Reminder that credit scores were invented to keep black people from being able to finance things.
Not that there isn’t bias in the credit scoring system, but I don’t think anyone was having any trouble keeping black people from financing things before. Before credit scores, credit worthiness was just up to the opinion of the bank manager, who had latitude to be as racist as he pleased. Practices like redlining actually became a lot more difficult with standardized credit scoring criteria. Again, it’s not perfect, but it’s about as close to a fair system as we’ve ever gotten.
I did not know that, though I would have assumed any scoring/ranking system that doesn't take into account realities of history would systematically disadvantage minorities. Who/where did it come from? Chicago redlining? The good old South?