When the Great Recession kicked off a decade ago, for a brief but memorable time, it seemed as though credit in the United States was never going to recover. And not just in one branch of underwriting — for a short while there, it seemed...
In the early days of online lending, the big appeal was access to funds for potential borrowers with few, if any, options for securing capital. Now, the tech-driven underwriting models that promised to assess risk more accurately, and extend credit more efficiently, may be confirmation...
In the early 1950s, an engineer named William Fair encountered a mathematician Earl Isaac who together decided to work out an automated credit scoring system for banks. In 1956, they came-up with the first version of the Fair Isaac credit score — or the FICO....
Which?, a U.K.-based consumer group, and a cross-party group of 84 MPs are taking on bank overdraft fees, demanding the Financial Conduct Authority (FCA) require banks to charge the same rages for unarranged overdrafts that they do for arranged overdrafts. According to Which?, the rates...
There is much to like in the current economic snapshot of the U.S. The overall unemployment rate has slipped below 4 percent — the lowest it’s been in nearly 20 years. After a brief dip in consumer spending early in the year, consumer enthusiasm for...
With competition increasing from the likes of hedge funds and private equity firms that are making business loans, banks are being forced to rethink how they approach that part of the business, reported the Wall Street Journal. According to the Wall Street Journal, based on...
Ant Financial, the Chinese payment affiliate of Alibaba, has more than 600 million users, the first time the company has said how large its business is. The Financial Times, citing a document making the rounds for potential investors that could take part in its latest...
It’s been a full year for SoFi, as the personal finance company attempts to get back on track after a 2017 that was, at best, tumultuous. In his first letter to investors, SoFi’s new CEO, Anthony Noto, did not directly reference the founding CEO, Mike Cagney,...
SoFi’s new chief executive officer Anthony Noto penned his first quarterly missive to shareholders highlighting the company’s mission and its company values but declining to address sexual harassment allegations against co-founder Mike Cagney, who was ousted as a result. According to a report in CNBC,...
