Bankers are tightening lending standards and looking for new data, like that provided by portfolio company Plaid, to help them figure out who’s risky and who’s not as traditional credit scores don't reflect missed payments covered by a provision in the government’s coronavirus stimulus package.
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‘Flying Blind Into a Credit Storm’: Widespread Deferrals Mean Banks Can’t Tell Who’s Creditworthy
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“Without accurate information, their only option is to pull back on credit,” said Michael Abbott, head of banking for North America at consulting firm Accenture PLC. “Banks don’t know who is going to pay and who isn’t. It’s like flying blind into a credit storm.”
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