Charlie Turner

speaker

4,985 appearances 165 recordings 1 series first heard Jul 2017 last heard Aug 2021

Charlie Turner’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Credit Without a Credit Score? Big Banks Target New Borrowers. · 14 May 2021 podcast

Coming up, our banking reporter Peter Rudiger will tell us about the program, what it could mean for millions of consumers, and the hurdles it might face. voice-verified

That's after the break. voice-verified

Several major banks are launching a new initiative to issue credit cards to consumers who don't have a credit score. voice-verified

The move, by JPMorgan Chase, Wells Fargo, and others, is part of a government-backed initiative called Project Reach. voice-verified

It's aimed at extending credit to people who've traditionally lacked opportunities to borrow. voice-verified

Here to help us understand how this program will work is our banking reporter, Peter Rudiger. voice-verified

Peter, thanks for joining us. voice-verified

So, Peter, a person's credit score is traditionally the first thing banks look at before deciding whether to approve a loan or issue a credit card to someone. voice-verified

And this new program is different. voice-verified

You've spoken with people familiar with the plan. voice-verified

Based on your reporting, how would it actually work and who would benefit? voice-verified

And the banks are working together on this? voice-verified

This is a pretty big shift for the banks, isn't it? voice-verified

Relying on those other kinds of financial measures. voice-verified

So why are banks trying to reach these groups? voice-verified

What's in it for them? voice-verified

Earlier, you mentioned some other efforts over the years to offer credit to these groups. voice-verified

What were those like, and how is this new initiative different? voice-verified

Now, it's a really basic question, but from the consumer's perspective, why is having access to credit important? voice-verified

What does it do for a person and their financial situation? voice-verified

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