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Old 01-27-2013, 05:45 AM
 
281 posts, read 629,306 times
Reputation: 364

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I found an interesting chart on-line that showed the cities with the highest and lowest personal credit ratings of it's citizens. Very interesting: The cities that had the highest credit ratings were dominated by white people and the lowest were dominated by blacks and hispanics. What do you think?

http://www.vantagescore.com/docs/the...11-october.pdf

VANTAGE SCORE 300-950 Range

Cities whose residents have the Highest credit scores:
1. Wausau, Wis.: 789
2. Minneapolis, Minn.: 787
3. Madison, Wis.: 785
4. Cedar Rapids, Iowa: 781
5. San Francisco, Calif.: 781
6. Green Bay, Wis.: 780
7. Boston, Mass.: 779
8. Peoria, Ill.: 778
9. Sioux Falls, S.D.: 778
10. La Crosse, Wis.: 777

Cities whose residents have the Lowest credit scores:

1. Harington, Texas: 686
2. Jackson, Miss.: 701
3. Corpus Christi, Texas: 686
4. Monroe, La.: 706
5. Shreveport, La.: 706
6. Augusta, Ga.: 709
7. Bakersfield, Calif.: 709
8. Las Vegas, Nev.: 709
9. Tyler, Texas: 710
10. El Paso, Texas: 710
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Old 01-27-2013, 05:55 AM
 
Location: Iowa, USA
15 posts, read 11,997 times
Reputation: 41
Of course it is racist! After all, if Blacks and Hispanics don't pay their bills, they should still have high credit scores- makes perfect sense!
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Old 01-27-2013, 06:02 AM
 
20,978 posts, read 16,216,679 times
Reputation: 10270
Quote:
Originally Posted by Old Tired Man View Post
I found an interesting chart on-line that showed the cities with the highest and lowest personal credit ratings of it's citizens. Very interesting: The cities that had the highest credit ratings were dominated by white people and the lowest were dominated by blacks and hispanics. What do you think?

http://www.vantagescore.com/docs/the...11-october.pdf

VANTAGE SCORE 300-950 Range

Cities whose residents have the Highest credit scores:
1. Wausau, Wis.: 789
2. Minneapolis, Minn.: 787
3. Madison, Wis.: 785
4. Cedar Rapids, Iowa: 781
5. San Francisco, Calif.: 781
6. Green Bay, Wis.: 780
7. Boston, Mass.: 779
8. Peoria, Ill.: 778
9. Sioux Falls, S.D.: 778
10. La Crosse, Wis.: 777

Cities whose residents have the Lowest credit scores:

1. Harington, Texas: 686
2. Jackson, Miss.: 701
3. Corpus Christi, Texas: 686
4. Monroe, La.: 706
5. Shreveport, La.: 706
6. Augusta, Ga.: 709
7. Bakersfield, Calif.: 709
8. Las Vegas, Nev.: 709
9. Tyler, Texas: 710
10. El Paso, Texas: 710
I know from 20 years experience in the car business that as soon as a black customer arrived on the lot, the first thing you do is run credit. It's not racist, but it is prejudging based on experience. 9 out of 10 had scores lower than 550.

You don't want to waste 2-3 hours on test drives without knowing if the person is credit worthy.

Realtor's will not take you out showing houses without a credit check....regardless of race.
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Old 01-27-2013, 06:07 AM
 
Location: Maryland
18,614 posts, read 16,381,997 times
Reputation: 6343
The credit agencies need to be investigated for rampant racism.
Quote:
If your organization has a policy or practice that doesn't benefit minorities equally, watch out: The Obama administration could sue you for racial discrimination under a dubious legal theory that many argue is unconstitutional.
President Obama intends to close "persistent gaps" between whites and minorities in everything from credit scores and homeownership to test scores and graduation rates.

Read More At IBD: Obama Plans To Unleash Racial-Preferences Juggernaut In Second Term - Investors.com
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Old 01-27-2013, 06:19 AM
 
Location: Maine
2,389 posts, read 1,692,125 times
Reputation: 4250
The Government should make a law giving "minority's" a 200 point bonus on there credit score. just to make things even.
The nerve of the banks to not give loans to people who probably won't pay them back.



bill
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Old 01-27-2013, 06:25 AM
 
1,291 posts, read 2,574,230 times
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Quote:
Originally Posted by roadrat View Post
The Government should make a law giving "minority's" a 200 point bonus on there credit score. just to make things even.
The nerve of the banks to not give loans to people who probably won't pay them back.



bill
So you're saying the sub-prime mortgage fiasco we just lived thru wasn't wise?

Yet here they are asking for more.

Want good credit, get a job! pay your bills! Of course the white areas show better credit
ratings.

The OP is trolling.
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Old 01-27-2013, 07:28 AM
 
33,046 posts, read 21,948,544 times
Reputation: 8962
Quote:
Originally Posted by Inoxkeeper View Post
So you're saying the sub-prime mortgage fiasco we just lived thru wasn't wise?

Yet here they are asking for more.

Want good credit, get a job! pay your bills! Of course the white areas show better credit
ratings.

The OP is trolling.

It's a little more complicated than that. Many of these people HAVE jobs, but the jobs they have are less stable (e.g. might have schedules which are changed weekly, might have variable hours without a guaranteed number of hours, employers might be less stable and vulnerable to going out of business or maybe are deliberately scheduling their employees part-time due to Obamacare). The jobs they have are usually lower-paying as well. This means the types of credit available to them - credit mix - are typically the types of credit least beneficial to your credit score (e.g. low income means they're not qualifying for score-boosting mortgages). They are also more likely to be uninsured, making them vulnerable to high medical bills which can ruin their credit. Higher unemployment rates and higher disability rates mean they are more likely to experience interruptions in income which also hurt their credit scores.

A big part of this is that blacks and Hispanics are considerably younger on average than (non-Hispanic) whites - higher birth rates and higher death rates creates a younger population. Other things being equal, a younger population means lower credit scores, simply because length of credit history (which is obviously somewhat dependent on age) is one component of your credit score.

So paying their bills on time is not sufficient to get them the same credit score as others.

p.s. Vantage scores are calculated by a different proprietary algorithm from FICO scores, and are considerably higher than FICO, although I have no idea specifically what's involved in their scoring.
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Old 01-27-2013, 07:33 AM
 
1,443 posts, read 2,219,627 times
Reputation: 914
What irks me about credit scores is when they are used by businesses where credit is not really an issue.

For example, did you know insurer's use your credit score to determine whether or not they will issue you a policy and at what price? Insurance is not bought on credit- if you don't pay, the policy is cancelled.
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Old 01-27-2013, 07:38 AM
 
2,836 posts, read 3,087,237 times
Reputation: 1399
Credit scores are discriminatory, they are designed specifically for that purpose. Whether they are racist is beside the point.
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Old 01-27-2013, 07:43 AM
 
20,978 posts, read 16,216,679 times
Reputation: 10270
Quote:
Originally Posted by Wendell Phillips View Post
Credit scores are discriminatory, they are designed specifically for that purpose. Whether they are racist is beside the point.
How else do you judge whether a person is credit worthy?
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