Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Don't Have a Credit Report? Now You Can Make Your Own. · 26 Jan 2022 podcast

Access to more affordable financing, the ability to escape from payday loans and other very high-cost loans that people with no credit reports are often limited to. voice-verified

Beyond loans, though, and credit cards, voice-verified

Credit reports can have a much bigger impact on people. voice-verified

So really, in the end, what this is largely about, at least from the consumer standpoint, is that when somebody goes from having no credit report to having a credit report with a major credit reporting firm like Experian and a credit score, it can be life-changing. voice-verified

You're talking about not being able to get approved for affordable financing or really from any type of debt from banks or other mainstream lenders when you don't have a credit report and you don't have a credit score to essentially being able to get approved and possibly being able to get approved at good terms. voice-verified

Well, it certainly gives them a shot at that. voice-verified

I mean, there's been for decades a very big divide between the type of credit, the terms, the interest rates, et cetera, and the availability overall of credit between people with thick credit reports, high credit scores versus those who aren't on the voice-verified

who don't have credit reports, I mean, literally, in many cases, it basically works as follows. voice-verified

If somebody without a credit report applies for a personal loan, auto loan, or credit card, and a lender goes to pull their credit report from one or more of the major credit reporting firms and doesn't get anything, there literally is no record on that person, the chances of getting rejected are very high. voice-verified

There's been tons of competition between, in particular, the major three credit reporting firms, Experian, Equifax, and TransUnion in the U.S., to get more and more data on consumers, whether that data goes into credit reports or voice-verified

or is elsewhere within their databases. voice-verified

And the big reason for that is the more data that they have on consumers, the more sales they can make, in particular to lenders. voice-verified

So when you're talking about 28 million consumers who don't have credit reports at the major credit reporting firms, for a company to be able to try to bring in at least a portion of those people into its databases, voice-verified

And if those people don't exist in the databases of its direct competitors, that could potentially give them leverage, give them sort of an added benefit when they are pitching their services and trying to get more sales from lenders. voice-verified

So before the pandemic began, really starting from around 2017, 18 or so, there was a real pickup in demand from banks and other mainstream lenders asking for ways to approve more people in ways that did not entail approving more subprime people. voice-verified

And the conversations back then between major lenders and the credit reporting firms was really around the lenders basically saying, look, are there people that are shut out of the system or people who are not just seeing at all because of our credit score cutoffs, et cetera, that deserve to be given credit? voice-verified

Because if other data is factored in, then what we will see is that they are more responsible, financially responsible than their credit reports and credit scores suggest. voice-verified

So Experian began piloting this effort pertaining to the people with no credit reports in October. voice-verified

And it involved roughly 15,000 people. voice-verified

And on average, what Experian's analysis found was that people who add non-debt accounts to their newly created credit reports go from having no FICO credit score to a 665. voice-verified

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