Despite Pandemic, Nearly 1 in 5 Americans Paid Off More Debt in 2020

PR Newswire

DALLAS, Jan. 28, 2021 /PRNewswire/ -- Although tens of millions of Americans lost their jobs or were furloughed last year due to COVID-19, nearly 20% were able to increase their credit scores by paying down more debt in 2020, according to a survey conducted by YouGov plc on behalf of ScoreSense^®.

"Regardless of their employment status or financial circumstances during this challenging period, many Americans have taken steps get their financial house in order—and that is truly impressive," said Carlos Medina, Senior Vice President of Operations and Business Development for One Technologies, LLC. "Using this time to decrease their debt can go a long way toward increasing their chances of being approved for low-interest loans, purchasing or upgrading homes, or finding more desirable jobs when the pandemic is finally under control and the economic fallout subsides."

The survey, conducted in late October 2020, asked respondents about the impact of the pandemic on their financial and employment situations. Its findings include:

Among those 45 to 64 years old who indicated a credit score increase, 73% attributed it to paying off more debt during the pandemic.
Among those Americans aged 18 to 29 who saw their credit improve, 21% report the stimulus check as a factor in improving their credit score.
33% of men have seen their credit scores increase over the last six months, compared to 29% of women.
Among those Americans who experienced pay cuts during the pandemic 62% say they are considered essential workers.
70% of Americans aged 45 to 64 have experienced no financial impact from COVID-19, compared to 41% of those between 18 and 29 years old.
Americans between 18 and 29 years old were significantly more likely than those in other age groups to have lost their jobs or receive pay cuts due to the pandemic.
Among those Americans who have lost jobs due to COVID-19, 58% support another lockdown, compared to 48% of Americans who have experienced no financial impact during the pandemic.

"Spending more time at home and less money on entertainment and travel has been a catalyst for Americans from all walks of life to take a serious inventory of their financial affairs, and proactively pay down their debt—confirming our belief that anyone can strengthen their overall financial wellbeing if they have access to the insights and tools necessary for fully understanding credit," said Mr. Medina. "Our ScoreSense product provides the comprehensive digital tools, personalized credit insights, and vital one-on-one help from credit specialists to equip our customers with the knowledge to make better-informed financial decisions, no matter where they are in their credit journey."

To learn more about the YouGov survey's findings, the full report can be downloaded at: https://www.scoresense.com/study-americans-paid-off-more-debt-during-covid/

ScoreSense (https://www.scoresense.com), developed by One Technologies, LLC, serves as a one-stop digital resource where consumers can access credit scores and reports from all three main credit bureaus—TransUnion^®, Equifax^®, and Experian^®—and understand what is most affecting their credit. As part of its mission to deliver information and insights which enable consumers to keep their finances and identity secure, ScoreSense provides customers with daily monitoring to help safeguard their credit and valuable information. Most notably, ScoreSense customers are automatically protected with up to $1 Million Identity Theft Insurance (at no additional charge) to help offset the high cost of repair should identity thieves strike.

About YouGov

All figures, unless otherwise stated, are from YouGov plc. Total sample size was 1,000 adults. Fieldwork was undertaken between October 22 and October 23, 2020. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).

About One Technologies

One Technologies, LLC harnesses the power of technology, analytics and its people to create solutions that empower consumers to make more informed decisions about their financial lives. The firm's consumer credit products include ScoreSense^®, which enables members to seamlessly access, interact with, and understand their credit profiles from all three main bureaus using a single application. The ScoreSense platform is continually updated to give members deeper insights, personalized tools and one-on-one Customer Care support that can help them make the most sense of their credit.

One Technologies is headquartered in Dallas and was established in October 2000. For more information, please visit https://onetechnologies.net/.

Media Contact
JConnelly for One Technologies
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