New York Consumer Law Blog

Thursday, July 2, 2020

Banks Have No Idea Who’s Creditworthy Anymore - The Wall Street Journal

Prepandemic, deferrals weren’t much of a problem for banks. They were used rarely for most types of consumer debt and were usually confined to areas hit by natural disaster. Now, a staggering number of consumers around the U.S. are in deferral or other repayment programs, leading banks to question whether the credit scores and reports they have relied on for decades are reflecting applicants’ true level of risk.
 

https://www.wsj.com/articles/flying-blind-into-a-credit-storm-widespread-deferrals-mean-banks-cant-tell-whos-creditworthy-11593423001



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