43.4 Million People…
October 7, 2010
Consider that…
“25.5% of consumers, nearly 43.4 million people now have a credit score of 599 or below.”
Who knows where credit ratings will be when the economy settles down. We think it would be helpful for decision-makers to have a strategic discussion on the role credit scores will play in lending decisions:
- Will the whole scale ultimately end up shifting to a new norm?
- How will underwriting processes and criteria change?
- How will borrowers with strategic defaults be evaluated?
- What might be the impact to pricing?
These are just a few more things to think about in a world of “unusual uncertainty.”
Source: CNBC quoting figures provided by FICO, Inc., 7/12/10
