Perhaps due to a recent report indicating consumers' credit ratings are improving, U.S. credit risk management professionals are bullish about the financial health of borrowers.
Findings from a new poll conducted by FICO indicates that nearly 70 percent of bank risk professionals believe credit card delinquency rates will either stay the same or decline over the next six months.
When the survey looked at specific types of loans, such as car loans, the respondents' outlook was even more optimistic, as nearly 80 percent said the number of people unable to make payments would fall or remain flat.
"These results make a lot of sense," the report concluded. "Although some consumers are struggling with debt, credit usage is under control at an aggregate level."
A history of bad credit may lead to a dramatic drop in one's FICO score, but these ratings may be due to improper or errant recordings by the credit company. A credit attorney may be able to help customers get rid of these errors so that they have a clean credit record.