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Banks are cutting back on lending to the riskiest borrowers (TRU)

Banks are scaling back on lending to Americans with the lowest credit scores, according to a study from TransUnion. Lenders processed fewer new personal loans, auto loans, and credit cards for subprime borrowers year-on-year in Q2 for the first time since 2012. Lenders tightened their standards after the housing crisis a decade ago following several years of reckless lending to subprime borrowers.
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