The pandemic has left millions of people needing credit at a time when lending standards are tightening. The result is a lose-lose situation: consumers receive a negative credit decline experience and financial institutions miss out on a lending opportunity. How can this be turned into a win-win?
Start by deconstructing the credit decline process: Most consumers are first encouraged to apply for a loan or credit card. The application process can be invasive, requiring significant time commitment and thoughtful and accurate inputs from the applicant.
