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The Federal Credit Union Act of 1934 had required credit unions to serve only one group.
And beware of buying individual munis, which were expensive to trade and required credit analysis homework.
In fact, Wells Fargo recently lowered its minimum required credit score for an F.H.A. loan to 500 from 600.
The closest parallel is Chicago, which adopted a rule in 2001 that required credit card equipment in all taxicabs by 2002, but technological obstacles delayed the start-up.
The next year, it required credit card companies marketing to young people — and often paying schools or alumni associations for access — to ensure that applicants had the means to pay before issuing cards.
But, he added, if a homeowner can prove that he or she can afford the payments and meet the required credit criteria -- typically those of the investor in the loan -- then release of liability may work.
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You may need to enroll in courses to get the required credits.
Jobs providing access to money, from fast-food cashiers to chief financial officers, typically require credit checks.
In Euroclear's plan the hub would still have a monopoly over high-value wholesale transactions, which often require credit.
Yet for those who require credit to feed their families, pay heating bills or buy winter clothing, such credit is socioeconomically necessary as opposed to merely wanted.
While federal law requires credit bureaus to conduct a reasonable investigation of consumer complaints, the marketplace can penalize credit bureaus that investigate too aggressively.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com