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FinCap Friday: No Credit Score, No Problem Flashcards | StudBud

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FinCap Friday: No Credit Score, No Problem

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Questions 5

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1
Those who oppose the pilot program are criticizing it because they believe that it is:
just another tactic for banks to make more profits
a desperate attempt to keep up with fintech companies
a publicity stunt to get attention on big banks
another initiative banks will announce, but not implement
2
It's hard to get a credit card with no credit score. This has prevented ____ from accessing fair rates when borrowing.
people in historically disadvantaged communities
those working in the gig economy
Americans over the age of 55
small business owners
3
According to the WSJ, banks plan to share checking & savings account information with each other to:
determine if an applicant is creditworthy or not
compare average customers’ financial data
find existing customers who might want a credit card
combine accounts for people with multiple of them
4
Government officials asked _______ to come up with new ideas to increase access to credit for disadvantaged communities.
bankers, fintech companies, & nonprofit leaders
community organizers
legislators & politicians
economics & policy professors
5
Supporters of this pilot program are saying:
it will prevent people from relying on payday loans
it prevents bank fraud related to debit cards
it helps more people achieve the American dream
it will decrease the amount of debt people have