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I personally know people (Not friends) that have gone through bankruptcy 2 times, doing the same stupid shit the 2nd time as the first and it does not look like
by xyzzyz 10y ago
I personally know people (Not friends) that have gone through bankruptcy 2 times, doing the same stupid shit the 2nd time as the first and it does not look like anything has changed with the last.
The companies that lent them money for the second time should have gotten a clue, shouldn't they? Isn't this precisely what credit reports are for? It is definitely stupid to live over one's means and then go bankrupt, but it is just as stupid to lend money to people that have proven themselves irresponsible in the past, and so whoever lends to them should also suffer the consequences.
- massysett 10y agoOh they had a clue all right. They were charging the appropriate risk premium. People with bankruptcies are getting credit--expensive credit.
- cmdrfred 10y agoAfter seven years that data is removed from your credit report due to consumer protection laws. Its possible they had no idea, and even if they did its illegal for them to deny credit because of it if it was 7 years or more ago.