Gina Heeb
speaker
171 appearances
4 recordings
1 series
first heard Feb 2023
last heard Jan 2025
Gina Heeb’s voice in public audio — every appearance, attributed to the second.
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One of the big critiques or questions I got from consumers is that it's very hard to tell exactly what drives those moves.
And that goes along with something that's being scrutinized in media.
The broader credit industry right now, when it comes to traditional scores, there's a number of different factors that are going into every credit score move.
So it's almost impossible for a consumer to look at a certain score movement and know exactly where it's coming from.
A lot of people say that with traditional credit scores, a lot of people get locked out of the system or they can't access it cheaply.
They have to pay high interest rates.
One of the funny things about traditional credit scores is that you often need a good credit score to get a credit card, but you need a credit card to get a good credit score.
So expanding access and
improving scores for people who just moved to this country or have just turned 18.
That is the promise that they're trying to sell.
One of the big risks is that this might pump up credit scores in a way that doesn't accurately reflect consumer behavior.
And the risk of that for the consumer is that they could get in over their head, get access to credit lines that maybe they shouldn't have, that they could fall behind on payments.
For the banks, the main reason they use predictive models like this is because they want to get paid back.
So if scores are inflated in a sense, then they could run into trouble.
As with any new financial product, someone should do a lot of research into the fine print of these cards.
Some of them do charge monthly fees or make fees through interchange.
Not all of them are completely free.
And some of them, while they do make it a lot harder to have negative credit activity reported, it's still possible.
It's not completely without risk.
WSJ Your Money Briefing · Americans in Their 30s Are Racking Up Debt at Historic Rates · 17 Apr 2023
podcast
It's really important for people of prime working age to feel like they're on good financial footing because it empowers them to take risks that can power the broader economy.
Showing 61–80 of 171 · page 4 of 9
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