Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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We reported earlier this year that some of the biggest banks in the country, including JP Morgan, US Bank, Wells Fargo, had agreed that they would begin exchanging bank account information on people applying for credit cards with them who don't have credit scores in an attempt to essentially approve those people based on information from their bank accounts.
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Other lenders are exploring and have been tinkering with ways to use bank accounts to underwrite people for a variety of consumer loans.
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In most cases, this effort is intended to help boost people's chances of getting approved rather than using it as a reason to reject them.
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So in Fannie Mae's case, for example,
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the rent payments will be used only as a way to help people get approved who otherwise might not for their mortgage.
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Great to be speaking with you.
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WSJ Your Money Briefing · Lenders Rely Less on FICO Score to Determine Creditworthiness · 2 Aug 2021
podcast
Overall, the common denominator between banks is the fact they continue to compile and gather more and more data, data that isn't reflected in credit scores.
In addition to that, they're using the data to further sharpen and better inform their own proprietary credit scores.
Big lenders have been moving away from FICO scores, and the move away has varied depending on the bank.
Capital One and Synchrony Financial, these are some of the larger credit card issuers in the country, don't use FICO scores for most of their consumer lending decisions.
The FICO scores are also becoming a smaller factor in some underwriting decisions being made
by big banks, including JP Morgan and Bank of America.
Overall, basically, the common denominator between banks that have taken different steps to rely less
on FICO scores when they're making consumer loan decisions is the fact that they are basically, they continue to compile and gather more and more data, data that isn't reflected in credit scores.
In addition to that, they're using the data to further sharpen and better inform their own proprietary credit scores.
For a very long time, banks have had, especially the big banks,
have had their own internal proprietary scores that they've looked at alongside FICO scores for applicants to make consumer lending decisions.
But increasingly, the FICO score is becoming a smaller component of the decisions that big lenders are making.
One of the bank's main regulators, the Office of the Comptroller of the Currency, last year convened banks, fintechs, civil rights advocates, and others to basically talk about and try to find solutions to the fact that there are tens of millions of consumers in the United States who do not have access to affordable credit.
in large part because they have no credit scores due to their limited borrowing history.
Showing 1041–1060 of 3,396 · page 53 of 170
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