... guilt tripping, the guilty?
* Source: CNBC News (2022)
Strike 1: One
in five Americans (@ 20%) are penalized with higher loan rates or out
right loan denials because they have no credit history. Young Americans,
such as recent high school and college graduates just starting out in
life, are the most harmed. These young people are considered by
risk-based lenders to be "guilty (and penalized) until proven innocent", not exactly in line with our American approach to justice - which is, last time I checked, "innocent until proven guilty". [Say our CEO's daughter for example?]
Strike 2:
A recent national, independent survey found that over one-third (34%)
of Americans' credit reports contained erroneous data. And, even more
outrageous, the burden (time and costs) of correcting the errors falls
on the American consumer - you and me. [Or punitive data created by natural disasters, med debt, predatory landlords, unexpected job loss, divorce, premature death].
Strike 3:
African Americans disproportionately (54%) have lower, poor, or no
credit score. Probably don't need to say anymore about that because we
all know America is "not there yet" on racial equality. RBL is a step
backward in time on social justice for SECU and its member-owners. [Lending should be "content of character", not color of skin - or gender.]
To err is human, ... to "Do the Right Thing" divine. To do nothing is... "industry standard"!
SECU is better than this... or used to be.
