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Credit Reporting Industry: A Fair System or Modern-Day Redlining?

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Thomas_Thumb
Senior Contributor

Re: Credit Reporting Industry: A Fair System or Modern-Day Redlining?


@JoeRockhead wrote:

@Bilbo_T_Baggins wrote:

"avoiding references to certain topics that might be offensive or hurtful"

 

I'm pretty sure this is actaully aimed at trolls who would actually support actions like Redlining or whatever is replacing it currently. Trolls who may use common racial slurs, etc. This post is certainly not a troll and is only seeking input regarding an actual academic topic.

 

 Are you a person who is supportive of redlining?


 

The simple truth is that it's not much of a topic here. People coming here to complain, or seek advice because they feel they've been discriminated against, or wronged in some unfair way are very rare. In the majority of cases, it's ultimately found they didn't get approved because of their own actions, or lack thereof.  Trying to continue to initiate a conversation about something that isn't all that prevelant (in this forum at least) appears as more of an attempt to stir debate, nothing more. 

 


^ Agreed. It appears the OP is trying to foist a topic on the forum in a troll like manner.

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Message 11 of 16
Bilbo_T_Baggins
New Member

Re: Credit Reporting Industry: A Fair System or Modern-Day Redlining?

People coming here to complain, or seek advice because they feel they've been discriminated against, or wronged in some unfair way are very rare.

 

... something that isn't all that prevelant (in this forum at least) ...

 

That's a good start to the conversation I suppose.

 

Why do you think it is that those who may have been discriminated against don't post here?

Message 12 of 16
JoeRockhead
Senior Contributor

Re: Credit Reporting Industry: A Fair System or Modern-Day Redlining?


@Bilbo_T_Baggins wrote:

People coming here to complain, or seek advice because they feel they've been discriminated against, or wronged in some unfair way are very rare.

 

... something that isn't all that prevelant (in this forum at least) ...

 

That's a good start to the conversation I suppose.

 

Why do you think it is that those who may have been discriminated against don't post here?


As I said in my original reply, the simple truth is that it's not much of a topic here (why? that's a matter of perception, real or not, and likely more opinion). People coming here to complain, or seek advice because they feel they've been discriminated against are very rare.

 

To start, or continue the conversation based on the query as to why people who have allegedly been discriminated against don't post here.... Would again, be purely speculative, and serve no purpose other than to stir debate, which helps no one, and not why we're here.

Message 13 of 16
DXness
New Contributor

Re: Credit Reporting Industry: A Fair System or Modern-Day Redlining?

>> Why do you think it is that those who may have been discriminated against don't post here?

I'm a minority, although I bet no one knew that and no one could tell, because we're just ordinary people like anyone else.  If someone discriminated against me in credit, in a provable way, the places to go would be the press, legislators, regulators, and then a law firm.  What would be the point of coming here for that?  MyFICO can't do anything about that, it would achieve nothing except perhaps getting in trouble with moderation.

The other obvious reason no one really does this is that proving such a thing happened in credit decisions is practically impossible, but proving a profile is deficient in some way is simple, especially when it comes to the greater scrutiny of a mortgage.  Race doesn't even enter the thought process if one has all these other things that are iffy with their profile.  And someone with a "perfect" profile cannot be perfect for every lender with all their different standards.

The original question is also flawed in that a lender who wants to discriminate will do so, regardless of what the prevailing method is.  Credit scores are inert digits, they can be structrually flawed, they can be improved, but at the end of the day it's the meatsuit alrogithm using them doing the discriminating.  Meaningful change needs to happen earlier in the thought chain...like "Why are you being racist?" not "Why are you being racist in lending?"  Alternative systems are like re-arranging deck chairs on the Titanic - you haven't changed the root problem, so the ship continues sinking.

The most objectionable thing here to me isn't that the thread brings up race (5 things we don't talk about!), but that it treats minorities like some kind of monolithic bloc of pity.  I'm not intending to marginalize anyone else's lived experiences (redlining was and is still very real along with all racism), but it's such a tired level of patronization.  "Minority communities?"  What is that insinuating?  Please.  We're regular people, individuals with personalities and substantial differences from others of the same skin color, with the ability to live outside of a ghetto, with the ability to rise and fall based on things we do.

Ooops, I took the bait hook, line, and sinker.  Sorry mods!


__

Rebuilding, FICO 8s as of February 2024:


Message 14 of 16
Thomas_Thumb
Senior Contributor

Re: Credit Reporting Industry: A Fair System or Modern-Day Redlining?

... And the beat goes on ...

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 15 of 16
KH-Underbat
Moderator

Re: Credit Reporting Industry: A Fair System or Modern-Day Redlining?

Hello everyone,

 

This thread has  moved on from it's original purpose and gone off topic.

We have locked this thread from further comment to prevent it becoming disruptive

Thanks everyone

Message 16 of 16
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