October 22: Commentary - Bankers Get a Big Surprise, People Without Money Can’t Pay Back their Debts
Location: New York
Author:
Date: Thursday, October 22, 2009
Consumer lenders that outsource their credit decisions to consumer credit rating agencies aren’t learning from past mistakes. By now lenders should have noticed that blind reliance on credit scores doesn’t work. Even so, most lenders continue to disregard good underwriting fundamentals and then can’t figure out why they continue to have bad credit performance. It’s almost tragic to watch bankers repeat the same mistakes year after year.
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