FICO study forecasts increasing credit gap in US

According to the latest quarterly FICO survey from the Professional Risk Managers’ International Association (PRMIA) a credit gap for US consumers is obvious.

The gap is evident as lenders anticipate credit availability to fall short of consumer demand through the end of 2010.

The study thus found 73% of bankers expect credit applications to increase or remain steady over the next six months. At the same time, 38% expect the approval rate for credit applications to decline, while only a quarter of those surveyed expect a higher approval rate.