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Using credit ratings for insurance is a way to identify higher risk clients.
Excuses can be made for anything !!!
Here is why I disagree :
I had a great credit rating then I retired about 9 years ago and paid off all my debit and haven't put any thing on credit since !!! Now I have no credit rating at all and still plenty of cash !!! I'm no more of a risk for being out of debit than I was when I was in debit !!!
The truth is the banks want people in debit and if they aren't they will be gouged for unearned profits !!! They are out to get the money one way or the other !!! Money they don't earn !!!
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It's a great idea in principle. The big three are allowed to protect their decision making algorithms from public view. What are they hiding? Loan-to-value ratios and income are legitimate attributes for model selection, but race is unacceptable. It's not okay to continue disenfranchisement of poor and marginalized communities of color.
All they have to do is start paying their loans on time and in full in order to not be “disenfranchised”. Lenders are in it to make money. They do not care about your skin color or economic status. All they care about is if you will pay your loan back. Pay your loans on time to the finish line and you will have a great credit score and get good loans. Period. It is that simple.
Blacks were shown to have much lower credit scores than whites and Asians.
Statistics show:
84% of black households carried credit card debt. This is compared to 54% of white households.
51% of blacks admit to not paying their bills on time. This is compared to 26% for the rest of America.
54.2% of Blacks in the state of Illinois have credit scores below 620. This is compared to 20.3% for the rest of the state.
The 130 million people in the United States with poor credit scores are disproportionately African-American.
Over 90% of black familiar earning $10,000-$24,999 had credit card debt.
Au contraire. You would pay subsidized rates on everything to pay for the irresponsible people.
Precisely. This is a way for leftists who, in the name of “equity,” want the financially responsible people to subsidize the higher interest rates that irresponsible people are charged to offset their greater risk.
Blacks were shown to have much lower credit scores than whites and Asians.
Statistics show:
84% of black households carried credit card debt. This is compared to 54% of white households.
51% of blacks admit to not paying their bills on time. This is compared to 26% for the rest of America.
54.2% of Blacks in the state of Illinois have credit scores below 620. This is compared to 20.3% for the rest of the state.
The 130 million people in the United States with poor credit scores are disproportionately African-American.
Over 90% of black familiar earning $10,000-$24,999 had credit card debt.
Makes sense to me.
If the trash public school systems would teach blacks at a young age that credit cards aren't some damn game, they might actually have a fighting chance.
So many of them get their hands on credit cards and go nuts with them. I don't feel sorry for them, honestly. Though I can't deny that public school system has failed them tremendously (among with all other students) in not making children aware of how critical it is to be aware of credit and responsibility.
Sure, it should be all their missing fathers teaching them that, but the school system is the closest thing many of them have to a father.
that's worthy of discussion, and I'd agree - derision.
Would you agree that clarity and perhaps more uniformity of credit scoring criteria would be a net positive to the consumer?
Quote:
Originally Posted by Grlzrl
I don't have any problems with credit. I make sure my bills are paid.
cool. I do too. Care to answer the actual question?
my credit score at "this moment" is:
807
790
795
on 3 different Bank apps. Now, I happen to know that 720 is the general cutoff for the "best rate". What if my scores were 700, 715, and 730? What should I qualify for?
They can't use race in the US (anymore), but they can identify variables that are highly correlated with race and use those instead - that is perfectly okay to do. Fwiw, race is still a permitted attribute in Europe. This is only being discussed because the CFPB nominee is a big advocate of enforcing rules on disparate impact. Banks don't like that because it forces them to spend more time studying variables that are uncorrelated with race.
can you think of 2 variables that are correlated with race?
Pay your loans on time to the finish line and you will have a great credit score and get good loans. Period. It is that simple.
It's not that simple, but I am not going to get into the fine points of correlation vs causation with anyone who believes black people are inherently more likely to be deadbeats and murderers.
Your credit rating may also increase your auto & home owners insurance rates.
Credit agencies are a bit of a scam but I wouldn't want them to be be replace by a another government function.
I don't think employers should be allowed to check a persons credit rating as a condition of employment. Most like the person needs employment to improve their credit rating so this practice seems a bit discriminatory. That's the only thing that I would change.
I wouldn't want to hire deadbeats so checking credit rating of job applicants is important to me. Not paying your bills tells a lot about people.
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