Banks, Lenders Moving Away from FICO for Loan Determinations
Banks, Lenders Moving Away from FICO for Loan Determinations Large banks and lenders are moving away from using FICO credit scores for consumer credit decisions like auto loans and mortgages. FICO has provided scores for nearly 200 million U.S. consumers, but...
“Buy Now, Pay Later” Firms Continue to Gain Popularity
“Buy Now, Pay Later” Firms Continue to Gain Popularity Recent data from Morning Consult showed that awareness and usage of “Buy Now, Pay Later” (BNPL) services have steadily increased since the start of the coronavirus pandemic. 17 percent of U.S....
Wells Fargo Ending Personal Lines of Credit
Wells Fargo Ending Personal Lines of Credit Earlier this month, Wells Fargo announced the discontinuation of its personal lines of credit product offerings. The revolving credit lines allowed customers to borrow anywhere from $3,000 to $100,000, and were typically... Consumer Borrowing Surged in May by Most on Record
Consumer Borrowing Surged in May by Most on Record American consumers have started borrowing more as the economy recovers from COVID-19, especially in auto loans and leases, general-purpose credit cards, and personal loans. Bloomberg economists predicted an $18...
