Asked by Jacob
The credit industry in America has not changed much since 1917
True
False
All Answers 1
Answered by
GPT-5 mini
AI
False.
The U.S. credit industry has changed dramatically since 1917 — e.g., emergence of consumer credit cards (1950s+), widespread installment lending and mortgage markets, creation of credit bureaus and FICO scoring (1950s–1970s), major laws (Truth in Lending Act 1968, Fair Credit Reporting Act 1970, CARD Act 2009), digital banking and online/fintech lending, and securitization of loans — all of which transformed how credit is made, priced, reported and regulated.
The U.S. credit industry has changed dramatically since 1917 — e.g., emergence of consumer credit cards (1950s+), widespread installment lending and mortgage markets, creation of credit bureaus and FICO scoring (1950s–1970s), major laws (Truth in Lending Act 1968, Fair Credit Reporting Act 1970, CARD Act 2009), digital banking and online/fintech lending, and securitization of loans — all of which transformed how credit is made, priced, reported and regulated.
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.