Millions of U.S. consumers see their scores fall into the "poor risk" category.
Also: Borrowers may have been guilty of taking loans that were impossible to pay back but why are they being so heavily penalized compared to those who created this funny-money scheme? The banks have received an easy ride in this story and it's not likely to change. The administration has to understand that these differences have not gone unnoticed by the public. How is it that the banks are emerging so strong, so quickly yet everyone else is suffering with little chance of bouncing back soon?
The credit scores of millions more Americans are sinking to new lows.
Figures provided by FICO Inc. show that 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It's unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use.
Because consumers relied so heavily on debt to fuel their spending in recent years, their restricted access to credit is one reason for the slow economic recovery.
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