Open banking - Globalists to get access over all your bank accounts & finances
12-30-2017, 10:33 AM
Another example. Say a bank wants to send out preapproval notices to customers.
They will tell the bureau's, send me everyone who meets certain criteria, which will include things like
1) credit card debt below 10k
2) no 30 day deliq in past 6 months
3) No more than 2 new accounts opened in past 2 months
4) Credit utilization below 15%
Etc etc etc
But all these attributes are determined based on their internal models of who is a good credit risk, who will actually apply, and who is profitable. If banks just spammed out to everyone with a 650 or greater FICO, you would just be throwing money away.
They will tell the bureau's, send me everyone who meets certain criteria, which will include things like
1) credit card debt below 10k
2) no 30 day deliq in past 6 months
3) No more than 2 new accounts opened in past 2 months
4) Credit utilization below 15%
Etc etc etc
But all these attributes are determined based on their internal models of who is a good credit risk, who will actually apply, and who is profitable. If banks just spammed out to everyone with a 650 or greater FICO, you would just be throwing money away.