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Sunday, March 12th, 2023

The surprising reason credit scores are lower in the South

Author:     Alex Henderson
Source:     Raw Story / Alternet
Publication Date:     February 21, 2023
 Link: The surprising reason credit scores are lower in the South
Stephan:  

There are so many bad indeed in some cases evil things about America's Illness Profit System, but here is one I had never even thought about -- your credit score. It is a measure of the corruption of the American Congress that in spite of all these negative aspects the illness profit industries have such a strong stranglehold on the Congress, particularly its Republican members, that nothing ever seems to change, and we remain the only developed democratic nation in the world without universal birthright healthcare. That's why, I think, President Biden's budget proposal is so important. It does offer at least some change.

Citation: To read the peer-reviewed published research paper upon which this report was based see: Who Pays For Your Rewards? Redistribution in the Credit Card Market.

MAGAt Republican Governor of Arkansas Sarah Huckabee Sanders Credit: Chip Somodevilla / Getty

The United States’ credit scoring system is something that residents of some European countries have a hard time comprehending. Credit cards are king in the U.S., yet in parts of the European Union (EU), debit cards are more popular. And European banks and lenders don’t necessarily regard credit card use as a sign of one’s financial health.

Regardless, the credit scoring companies Equifax, Trans Union and Experian have enormous influence in the U.S., where one’s credit score can mean the difference between qualifying for a mortgage and not qualifying for a mortgage. According to reporting from the Washington Post’s Andrew Van Dam, the South is the U.S. region that tends to have the country’s lowest credit scores. And the reporter lays out some reasons for that in an article published on February 21.

Van Dam notes that according to an economic paper published by the Social Science Research Network (SSRN) in December 2022, low credit scores are a problem […]

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1 Comment

  1. Albus Eddie on Monday, March 13, 2023 at 5:31 am

    People are forced to use credit because they are not being paid a living wage. The empire has to be financed somehow, and this is one of the primary methods. the impoverishment of the middle and lower classes. Americans can have have excellent living standard or a worldwide empire, but we can’t have both.