Another key component that influences LexisNexis Attract scores is delinquencies or past due accounts. Delinquencies (30 day past due) were down nearly 7% between March and August 2020. This is another indication that we’re not seeing any signs of financial distress that would indicate impact to insurance scores so far.
The protections afforded by the CARES Act, as well as the payment assistance and relief offered by the financial institutions since COVID-19 was declared a national emergency, seems to be helping the average consumer.
We’ll continue to track this as time goes on and see if we notice a shift. We’re hopeful for an extension and continuation of these protections, especially for consumers that are adversely impacted by the pandemic, to ensure that there is minimal impact on their credit profile.