In the wake of the 2008 financial disaster, US banks were unwilling and unable to lend money to the majority or consumers. Instead, banks were extremely risk averse and decided only to lend to those they considered to be extremely credit worthy. This was good for the banks insofar as it ensured they couldn’t lose much. It was bad for the banks however, because it meant they couldn’t win a whole lot.
In the years since, changes to FICO scoring have propped up the credit scores of many consumers, and banks are ready for a change. In todays podcast we’ll look at the changes being made, and how they might affect you and your wallet.