Bureau of Consumer Financial Protection

Credit Scores

Not sure if this is the correct place for this so please forgive me. How about we either restructure the credit scoring system or do away with it completely? If people are able to qualify for loans based off their current financial situation (debt to income) more money would be injected into the economy. I think the housing market will recover a little more and that would help stabilize our economy. The current scoring system is favorable to the financial institutions and unfair to the average consumer. I understand that it wouldn't be fair to those of us who have been financially responsible however I am looking at the long term bigger picture.

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Idea No. 11019