No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Interesting article from Investor's Business Daily ..... evidently our government is going to target FICO scores as being biased against minorities. Looks like more easy credit will be coming their way, courtesy of continued government meddling. And I always thought a FICO was based on an analysis of how likely you were to pay your credit obligations, regardless of who you were and where you came from.:
This is horrifically bad news for everyone. This has nothing to do with minorities and means the economy isn't rebounding anytime ever!
I see poor credit for a given ethnic group as a symptom of a problem, not the problem itself. The causes are complex factors like education consumption, culture, and public service quality. Didn't anyone read Freakinomics?
Treating symptoms (in contrast with treating root causes) is a recipe for inefficiency at best.
Fairness is why a lot of people hate so much, LOL!
Common sense tells us this could never be true. Even if the formula did have an input for race, where did it come from? You CR doesn't even know your sex or religion, sexual orientation, etc.
Sadly many people will buy this as true, it's never their fault.
@greenman21 wrote:I'm an African american and find that offensive. Racial my ass, get off your ass, find a job and pay your bills, its that simple. Credit Bureaus don't measure your income or race (unless there is something I don't know), but how you manage credit and debt. This sounds more like an educational subject rather than credit issue. Looking at the facts here, but to say the average African American has lower credit scores doesn't tell the whole story, we also have the highest crime rate, by far the highest % of our race in jail, highest % of single families and the list goes on.
Absolutely. Again, the correlation is just that: a correlation. Statistics tells us that correlations are not a causal relationship; the scores are just a symptom of a deeper issue.
@marty56 wrote:Common sense tells us this could never be true. Even if the formula did have an input for race, where did it come from? You CR doesn't even know your sex or religion, sexual orientation, etc.
Sadly many people will buy this as true, it's never their fault.
Can you imagine the backlash if this was the case? "You're African American. Most FICO High Achievers are Asian, on average." That would be the end of FICO, at best.
This is a case where FICO is being scapegoated, LOL!
I just hope things turn around soon.
Great fact about Asians, having the highest credit scores, had no idea about that.
@ greenman,
Let's not totally dismiss the idea until they say how many points I'd get, LOL!
I keed! I keed!!
This being seriously discussed means a dire economic outlook, for the majority.