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The science of consumer credit decisioning is complex. First, there is the process of access and analyzing the data, and second, there is the applying of strategies and, ultimately, decisions, using that information. With the right tools in place to make sense of data and analytics, credit unions and building societies can test strategies quickly, deploy decisions confidently and deliver on members’ expectations.

Yet the COVID-19 pandemic has changed consumers’ needs and behaviors while upending how lenders assess credit risk and build their decision strategies. Income fluctuations and job losses have impacted how people spend and save, while payment assistance programs, a necessary bridge for many in a challenging year, have distorted the traditional metrics lenders use for credit decisioning.

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