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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Appearances
typically during an economic downturn, when there is an increase in the unemployment rate, there will also be an increase in the delinquency rates.
That certainly played out during the last financial downturn, but that has not happened yet during this financial crisis.
And it is creating a host of issues for lenders who are trying to get clarity on whether loan applicants
are likely to pay back their debts or not.
So the average credit score in the US rose to a record high of 711 in July.
This is according to FICO.
This is the credit score that is used by most lenders as part of their underwriting decisions.
So that 711 was 708 in April.
just as the pandemic was really getting underway here.
And it was 706 in July of last year, July of 2019.
So the average score has gone up, which is the opposite of what one would expect during a downturn when millions of people have lost their jobs.
Several things have impacted credit scores.
Yes, consumers have been spending less.
They've been charging less on their credit cards than they were prior to the pandemic.
However, also playing a very large role is
in what has occurred to credit scores is the unprecedented financial assistance that the government has given to unemployed people.
They were at $600 a week up until the end of July, the stimulus checks that went out as well.
There has also been an unprecedented amount of assistance offered by lenders, particularly with regards to deferment programs that have allowed people to not make their payments
their monthly payments on their debts, and to not be penalized for that, to not encurlate fees and to not have
those delayed payments, those missed payments be reported to their credit reports, which would of course have negatively impacted their credit scores.
Showing 1401–1420 of 3,396 · page 71 of 170
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