Banks love good press coverage, but they’re more than gun shy when it comes to bad press. I just have to wonder how Bank of America thinks their latest credit card program might be received.
From the Observer: The program largely caters to undocumented immigrants, most of whom are
Hispanics, the paper reported. The new card is open to customers
without a Social Security number or a credit history
Banks traditional rely upon customer’s credit history to make such lending decisions, but BofA is now using “judgmental lending” in which employees evaluate credit requests, instead of relying on standardized scores.
Interesting that we’ve spent the better part of 140 years to get away from “judgmental” practices and now it’s all the rage.
