Economics
Credit Scores ‘May Lose Some Power’ After Covid, Fed Warns
- Relief programs skew data on credit quality, New York Fed says
- Scores aren’t accurately reflecting housing-market stress
The Marriner S. Eccles Federal Reserve building in Washington, D.C.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
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The Federal Reserve Bank of New York warned that credit scores -- the all-powerful number that can determine if a consumer is able to qualify for a loan, rent a home or even buy car insurance -- might have gotten less reliable during the coronavirus pandemic.