Peter Rudegeair
speaker
756 appearances
12 recordings
1 series
first heard Nov 2017
last heard May 2021
Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.
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Appearances
repair your car right now, like having a credit card in your back pocket is really helpful for that.
Otherwise, you might have to go to a payday lender or a title lender and they charge much higher interest rates.
And then further down the line, like you're probably not going to get a mortgage in this country unless you have a history of borrowing on a credit card, you're not going to be able to access many of the things that we consider to be part of the American dream, unless you have hundreds of $1,000 of cash sitting around and aren't able to buy a home.
So the pilot is due to start as early as this fall.
That's when we've heard that JP Morgan might be first approving these new applicants for credit cards.
I think things that consumers should be on the lookout for is just data privacy and transparency, right?
Like, are consumers and applicants aware that this data that has historically not kind of left their banking institution is now going to travel across
you know lines and be a factor in determining them for loans um also how front and center will the banks make it clear that they are using this data right we reported that you know there's a trade-off probably between friction and getting people approved i think the banks want to just get one blanket consent to pull your credit report to pull your deposit account data
versus other pilots in the past, which have asked people to log into their bank account kind of mid-application.
That might make it clear that they're using that data, but on the other hand, people might say, this isn't worth the effort.
I'm going to stop applying right now.
So I think data privacy and transparency are the big ones.
And the other one is just, are the models any good?
Are they going to overestimate creditworthiness?
Are banks going to have more loan losses than they anticipated on their hands?
And could that mean that they don't want to continue going down this route if they misjudge what some of this data is telling them?
You don't have to monitor it every day.
They will make sure you're on track.
They will make sure that your investing strategy is aligned with the goals you have.
My pleasure.
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