Word: creditably
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...comprehend a trillion-dollar deficit, you might calculate how much money that represents per person in the U.S. One trillion dollars divided by 300 million Americans comes out to $3,333. Then you search for a useful comparison. A convenient - though perhaps unsettling - comparison is to the amount of credit-card debt carried by the average person in this country. That figure is $3,245. "So a good way of thinking about government debt financing is that it's similar to what the average person is doing," says Camerer...
...years ago, Fair Isaac produced a chart predicting the odds that a borrower with a certain credit score would default on a mortgage. For example, it predicted that a loan to a borrower with a 680 score had a 1 in 144, or 0.7%, chance of becoming delinquent over the life of the loan; a person with a 700 FICO score would have a 1 in 288 chance, or just...
...loan problems. He says his company has signed on a number of new clients in the past year and that his clients are not using his company's data just to make new loans but also to better assess the risks of the loans they already have made. "Traditional credit scores do a reasonable job of separating the very bad from the very good," says Mondelli, "but when it comes to the average person, credit scores are not very effective at figuring out who will pay back a loan and who will struggle...
...Unfortunately, those predictions proved too optimistic. According to mortgage-data tracker First American LoanPerformance, banks have already foreclosed on or are in the process of foreclosing on 1.5% of the mortgages originated in the last three months of 2007 to individuals with credit scores between 660 and 720. And those mortgages have been around for only a year. Over 30 years, the delinquency rate on those home loans is likely to be much higher...
...Consumer advocates have long complained that credit scores inaccurately measure borrowers' ability to pay back a loan and therefore make it more expensive or even impossible for people who have a low score, or none at all, to borrow. But the complaints about credit scores have fallen mostly on deaf ears in the lending industry. That seems to be changing...