Consumer lending trends heading down. Source: Shutterstock

America has faced two very different, severe financial crises since the start of the new millennium. At face value, the widespread unemployment and financial loss of today feels like an echo of 2008. However, there is one new factor that could accelerate economic recovery this time. As we think about the road to recovery from the pandemic, the most significant difference between the 2008 financial crisis and where we are today is the accuracy, availability and immediacy of data.

By leveraging today’s accurate data and providing open access to credit, credit unions can help mitigate the impact of the economic crisis, form a precise picture of an individual’s creditworthiness and improve financial access for millions who have been unfairly excluded from the credit ecosystem. In today’s lending environment, credit unions can use data for good to help members gain access to fair and affordable credit.

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