Barrett Burns, President & CEO VantageScore

Recent posts by Barrett Burns, President & CEO VantageScore

Written by Barrett Burns, President & CEO VantageScore on May 27, 2015 - 1:45pm

It’s a vicious cycle: because some people in the low- and moderate-income community either lack traditional credit histories or rely on financing from non-mainstream credit providers that aggressively market to those lower-income communities, these consumers often have no other choice but to turn to payday and other predatory lenders where interest rates are extremely high, leading them to fall behind on their payments.  This, in turn, negatively impacts their credit scores…and the cycle continues.