Credit Scoring

Economy
1

There needs to be a complete overhaul of credit scoring. There should NOT be three different and arbitrary methods of credit scoring, nor should there be ‘equity’ in utilizing credit scores for purchasing power by lowering interest rates for ‘underprivileged’ groups over those who work hard and pay on time. ‘Equity’ results in HIGHER interest rates for people who worked hard to clean up their credit, especially in the Auto loan industry. It results in higher loan default rates costing the consumer more over time.