AnnaMaria Andriotis
speaker
201 appearances
3 recordings
1 series
first heard Dec 2018
last heard Oct 2019
AnnaMaria Andriotis’s voice in public audio — every appearance, attributed to the second.
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Appearances
This is a booming market.
Outstanding balances industry-wide.
are at record levels.
In recent years, there have been a number of banks that have jumped into the space to compete against fintechs that have been in the personal loan market starting shortly after the last financial downturn.
And so there's a whole bunch of competition for borrowers and to keep originating loan volume.
And what's happening, quite frankly, is that a lot of fraudsters are getting in the mix here in terms of
People who are applying for loans with made-up fake identities.
This is something that Discover's CEO spoke with me about as I was working on this article, that one of the things that they're trying to get a handle on is these so-called synthetic or made-up identities.
So that's where things like putting in a full legal name of a company could raise a red flag because like, well, wait a minute, would a real person actually do that?
So personal loan losses at Discover and industry-wide happen on the rise.
And as you said, Discover's personal loan losses are the worst loan performer at the company, period.
They're performing worse than credit cards, worse than private student loans.
Discover offers.
And just to give you an idea of what that means, loan losses and Discover's personal loans in the fourth quarter of 2018 rose by more than 80 basis points.
That's a lot on a year over year basis.
So clearly what's happening here is the company's trying to take additional steps.
to get that under control.
And it remains to be seen how helpful the strategy will be.
WSJ Your Money Briefing · Paying Your Cellphone Bill Can Boost Your Credit Score · 19 Dec 2018
podcast
That's correct.
What?
Showing 121–140 of 201 · page 7 of 11
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