Yuka Hayashi

speaker

247 appearances 9 recordings 1 series first heard Jul 2019 last heard Aug 2020

Yuka Hayashi’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Where You Went to College Could Determine Credit Approval · 9 Aug 2019 podcast

But if you look at census data, the percentage of people who have a bachelor's degree is so much higher among whites and Asians, much lower among African-Americans and Hispanics. matched

So consumer advocates say that, you know, if you use this type of data, you would only exacerbate the inequality in access to credit, not make it better. matched

Yes, that's right. matched

So the focus on alternative data is in part coming as a response to the criticism of the current credit reporting system. matched

the information provided by companies like Equifax and Experian. matched

And in their methodology, the primary source of data is people's past history of loan payment. matched

So you have to have history to get scores. matched

And that is a problem for young people who are in college, who are just starting out, and they simply don't have credit history. matched

So this system puts young people at disadvantage. matched

And also there are people who just don't like to borrow money. matched

They don't have credit history. matched

And these people are called people with thin files. matched

And these people also have a problem accessing credit sometimes. matched

The main law that governs this area to ensure equal access to credit is called the Equal Credit Opportunity Act of 1974. matched

and this law prohibits use of data such as people's race, people's gender, national origin, and age. matched

The law allows the use of data such as income and assets, but whether information like people's educational background, occupation, or history are appropriate under this law is still debatable. matched

Thanks for having me. matched

WSJ Your Money Briefing · Your 401(k) Plan Is Getting More Income Options · 12 Jul 2019 podcast

This is based on a broad understanding that workers simply don't have enough savings to maintain their lifestyle after they retire because social security is simply not enough for so many people.

And a lot of people just don't have enough savings.

Yes, these numbers are pretty remarkable.

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