Climate Doom Could Affect Your Credit Report Or Something
Is this a new one? I’m not sure I’ve heard this one before
Need a home mortgage? Here’s how climate change could hit your credit score
Anyone shopping for a mortgage knows how far into your finances lenders like to dive in order to determine your credit-worthiness. But here’s a new factor: climate change.
Given how quickly climate disasters are increasing, both in frequency and in resulting costs, lenders are paying far more attention now to how those costs could hit them. Insurers are also struggling to keep up and more often pulling out of the most risk-prone areas, making the losses even steeper. Add to that, FEMA is in a state of flux under the Trump administration, with both cuts to staff and potential disaster funding.
Climate has therefore become an increasingly important consideration in assessing credit score risk, right along with a consumer’s debt, income and collateral in the home, according to a new report from First Street, a climate risk assessment firm. The risks includes flood, wildfire and wind.
If lenders start factoring climate into their underwriting, then a consumer’s credit score could fall or even rise depending on the risk to their property. The former would result in higher borrowing costs. The study notes that lender losses today are primarily in just three states: California, Florida and Louisiana.
Sigh. Just, these people. It’s so exhausting and tedious. Oh, and they worked some TDS into the article. Kudos!
The post Climate Doom Could Affect Your Credit Report Or Something appeared first on Pirate’s Cove.
Source: https://www.thepiratescove.us/2025/05/20/climate-doom-could-affect-your-credit-report-or-something/
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