Credit Union Borrowers Use and Seek Credit More Than National Bank Borrowers
Credit union lenders need to be mindful of balancing opportunity and risk with their credit decisions
Tommy Lee
Tommy Lee is a Senior Director and has been with FICO since 2003. In his current role in the Analytics and Scores Development team, Mr. Lee is an analytic reviewer for FICO® Score model developments in the U.S. and internationally. Tommy’s recent accomplishments include playing an integral part in the research, design, and development of FICO® Score 10 & FICO Resilience Index. Mr. Lee holds a B.S. in Business Administration and a B.A. in Statistics from the University of California, Berkeley.
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Student Loan Delinquencies Lower the Average FICO Score to 715
New reporting of student loan delinquencies among key drivers of the downward shift of credit scores
Credit Union Borrowers’ Average FICO Score Slightly Decreased over the Last 2 Years
Debt and missed payments continue to rise, contributing to a change in the average
FICO Fact: You Can Have No Debt and a High Credit Score!
People with no current debt can – and often do - have a credit score higher than the national average
Consumers prioritize auto over mortgage payments
What are the drivers behind this consumer shift in the loan payment hierarchy to pre-pandemic norms and is it likely to last?
Increased debt load poses risk to student loan borrowers
Student loan borrowers’ increasing debt trajectory through the pandemic has been outpacing that of non-student loan borrowers
Student loan borrowers at risk of delinquency when payments resume
Student loan borrowers already exhibiting higher delinquency rates than they did pre-pandemic on some credit products
Consumers Prioritize Mortgage Payments Over Auto
What are the drivers behind this mortgage and auto loan payment hierarchy behavioral shift and is it likely to be a lasting trend?
Medical Collection Removals Have Little Impact on FICO Scores
Based on FICO’s analysis, only 3% of FICO scorable consumers would be impacted by medical collection removals
Reduced Revolving Debt: A Key Driver of Improved FICO Scores During Pandemic
Paying down credit card balances, driven by reduced spending, increased savings and awareness, among other factors, helped many consumers show improvement in FICO® Scores.
How Credit Actions Impact FICO Scores
How much does missing a payment impact a FICO® Score?
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