Anna Maria Andriotis

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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 · Credit Scores Rose to Record Levels During Pandemic · 19 Oct 2020 podcast

So specifically when we talk about loans that don't generally require income documentation, things like credit cards, personal loans, auto loans, again, a 720 credit score higher in normal times would give the green light for those people to be approved.

But now it's a

the dollar amounts of those deposits have changed, or if the deposits have gone away entirely, or if there's been a lag between the deposits arriving, all of which might suggest a decline in income, loss of a job, a shift from having a job to getting unemployment benefits.

Generally, large banks looked at bank account data.

They would be able to reference that data for the bank accounts that loan applicants have with them.

But there is an increased interest at this point of trying to get a more fuller picture of people's financial standing by seeing what that bank account data looks like for that applicant at other banks as well.

So there's a number of third parties, third party companies that collect this data.

This isn't only a challenging time for lenders.

It certainly is for borrowers, consumers who are trying to get back on their feet from losing their jobs.

people who are seeking credit and are having difficulties getting it and are wondering, why is that the case?

I'm employed.

I have a high credit score.

This shouldn't be that difficult.

Why is all this additional data on me needed?

Or why did I get rejected?

Or why did I get a lower spending limit on the credit card that I applied for than what I typically get?

So sorting through this isn't only challenging for the lenders, but it certainly is for the consumers.

And the bigger concern at this stage for what the next few months could hold if there isn't more assistance provided by the federal government to unemployed people is whether the sort of rosy numbers that we're looking at right now in the midst of a downturn, again, the

low delinquency rates and the improvement in credit scores could quickly change.

And then that pain that people have been feeling, their inability to pay their debts and therefore they're being in deferment, turns into, I now have late payment, missed payments on my credit reports, and now my score is falling.

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