According to Sarah Ludwig, America sucks, and part of the reason it sucks is because banks allegedly refuse to give credit to people to can’t afford to pay the money back.
“Credit reports and scores are not race neutral. Rather, they embed existing racial inequities in our credit system and economy – to the point that a person’s credit information serves as a proxy for race,” she wrote.
Say what? She wasn’t finished:
People and communities of color have been disproportionately targeted for high-cost, predatory loans, intrinsically risky financial products that predictably lead to higher delinquency and default rates than non-predatory loans. As a consequence, black people and Latinos are more likely than their white counterparts to have damaged credit.
So apparently, it’s all part of a grand conspiracy to make sure minorities have poor credit.
Many of the commenters agreed with the false premise of the article. One person, however, got it:
Credit scores measure your likeliness to repay a loan.
You don’t get a credit score if you don’t take out a loan and NO ONE forces you to take out a loan – that’s a choice, not “the 1% controlling the 99%”.
It’s also not the fault of the lender if you agree to terms and then fail to meet them.
I know all of this personal responsibility, personal liberty and personal choice stuff is super uncool among the college educated elitist crowd…. but try.
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Good point, just don’t hold your breath…
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