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it may sound a different question all together but i must say that due to recession their are so many people are suffering and unable to pay the installments of their bills.
Its the situation all over USA and some European countries but it has affected the whole economy.
Whether the norms related to credit will be going to change due to this recession? Whether there will be any substantial change in the credit rating system due to recession?
We have already seen the "norms" of credit changed more than once during the recession we are going through.
The first waive seemed to start back in Sept when all lenders really tightened up on their underwriting guidelines. For a few months it seemed nearly impossible to get a new loan unless you had almost flawless credit but just recently we are seeing a lot of lenders start accepting applications again for people with just good or even fair credit.
I think the best example of this is with auto loans. The american auto makers are in such a need for potential customers right now that they had to start accepting applications with lower credit scores just to try to boost sales and get cars moving off of the lots again.
You are right because due to recession, people who have already lost their jobs are unable to pay their credit card bills. As a result of which WAMU and Lehman Brothers have already filed bankruptcy because they are unable to get back the money from the borrowers due to recession making them unable to pay back the money of the depositors.