View our latest tip sheet to learn how you can develop a more focused debt collection and recovery strategy to help reduce costs, save time and maximize resources.

Read our new report delivering in-depth analysis on COVID-19 economic scenarios as of October 2020 and what they mean for potential trajectories of the economy – with all-new data for Q4.

The report, featuring key insights from Mohammed Chaudhri, Experian Chief Economist, provides a deep dive on:

• Key economic outcomes of a V-, U-, and W-shaped recovery
• Key sectors at risk during the global pandemic
• Government and fiscal policy measures

The fourth quarter of 2021 enhanced the pressure felt by small businesses as the largest wave of COVID-19 hit the US. In addition to the effects of pandemic outbreak of labor and consumer engagement, an inflationary surge, largest increase since 1982, coupled with pandemic-related supply-and-demand imbalances, weighed heavily on US small businesses along with a notable impact to consumer sentiment.

Although workers were getting raises in the currently tight job market, rapid price increases are eroding consumers’ earning power. Average wage earnings went up by 4.0% in Q4 ’21 vs. the previous year, yet a 7.5% increase in inflation results in a net decline in real earnings. Workers’ money is not going as far as it used to. Rising wages, however, put pressure on businesses’ payrolls who may be forced to pass those costs to consumers.

While many financial institutions may be fearful of the risks associated with lending to thin-file consumers, there are numerous ways to expand lending beyond a generic 700 credit score threshold.

Watch this on-demand webinar where Experian experts, Shawn Rife, Product Management Director, and Alvin Yuan, Senior Product Manager, explore how diversified data can help financial institutions grow and protect their portfolios while expanding financial access to underserved communities.