To understand the near- and long-term financial toll the COVID-19 pandemic has taken on consumers, and to gain greater insight into potential solutions to the ensuing credit conditions, we conducted a survey of more than 2,000 U.S. consumers of various ages and income levels in June and again in November 2020 to explore the personal financial impact they’ve felt in recent months and how they believe they will participate in the eventual financial recovery.
Some key findings from this report:
- 48% of respondents have lost their jobs or had their income impacted because of COVID-19
- 64% say they’ve struggled to keep up with bills and payments during the pandemic
- 65% are concerned their credit score will go down in the next six months because of the pandemic
- 90% say they should have more insight or control over the personal financial information lenders use when they take out credit or a loan
- 70% think the need for a better credit review process is more urgent because of the economic downturn
Certain open banking solutions are provided by Finicity, a Mastercard company.