New Federally-backed Credit Bureau

[Anonymous]

I think education is definitely critical. Honestly, such a complex problem will require a multi faceted solution. I'm not sure what will work...but i know we need to do something. Individuals who  experience extreme and  generational poverty making ends meet becomes the priority. Never had credit and never could teach it. My dear grandmother, lived on $600 a month. She worked in a factory making bullets for the military during WW2 and experienced a lot of racism. She was excluded based on race from some jobs. Anyway, a funny story from her was that one day she thought she was "gossiping" to me about one of her neighbors as she told the 16 year old me that the lady was "in escrow"...I asked "what's that?" and my granny, bless her soul, leaned in towards me and said "i don't know, but it sure doesn't sound good!"...lol!

I'd like to point out that her parents were sharecroppers and that I'm in my 40's and am the 1st generation in my family born after the civil rights act of 1965 and the brown v board of education in 1954.

[Anonymous]

The final statement in the article kinda sums up how credit scoring/credit agencies aren't the root issue here: 

""The common mantra is credit scores are objective," Wu says. "Yeah, they're an objective measurement. But when you go ahead and use them, you're perpetuating the racial biases that they measure.""

So a new, govt run credit bureau isn't going to solve this problem,, unless you somehow remove objectivity.  Start adding/subtracting points based on race?  I certanly hope we don't start going down that dark path.  Seems education and other foundational remedies are needed so scores then increase organically.

[Anonymous]

 It's probably a good time to close this thread out before it turns offensive. Also, accept my apologies if my previous posts offended any community members. 

[Anonymous]

If the US Gov wants to use a different scoring model for federally backed loans why not work with existing credit bureaus to create a new model like any other bank would?