Resilience in the face of uncertainty

Resilience in the face of uncertainty

Date: June 22, 2020

Dear Colleague,

These days it seems like every day is unlike any day I’ve lived before. There used to be a cadence to what we do in business and in life but the COVID-19 pandemic has created such uncertainty and earthshattering daily news that our VantageScore family wakes up to brand new challenges every day even before the last ones have been addressed.

When the rhythm of a cadence breaks down, a major worry of mine (in a business sense) is that we begin to walk in circles. This is a mistake that none of us can afford.

And frankly, we are the lucky ones.

As I write this from my quarantine-inspired, makeshift office in my house, the news seems grim. In addition to the hundreds of thousands who are either critically ill or have devestatingly lost their lives, the latest estimates about the volume of Americans filing for unemployment benefits is 22 million – a jaw-dropping amount.

When the pandemic subsides, it is unclear how many of these hard-working Americans will be able to get their former jobs back. To state the obvious, this financial dislocation will have wide-ranging and profound impacts on the consumer lending eco-systems.

I thought I’d use my column this month to share my top priorities during this crisis:

  • Making sure our VantageScore team members and their families are safe and healthy,
  • Staying more connected with our team than ever before in our 14-year history;
  • Educating lenders and consumers about how to mitigate the impact on credit scores resulting from the financial hardships caused by the pandemic;
  • Looking ahead proactively to prevent longer term damage to the ability for lenders to extend credit to consumers;
  • Developing tools and information to help those impacted improve their financial and credit situations;
  • Have empathy.
  • Listening to everyone.

These are all important priorities, but listening to everyone is crucially important for all our leaders. These are unprecedented times and Americans are facing unprecedented hardships. We must listen to everyone and continue moving forward. Don’t let yourself get entrapped by walking in circles. Don’t lose your rhythm in both work and in life.

I often find comfort in the wise words of others, so I’ll leave you with a quote that seems relevant today:

“The only limit to our realization of tomorrow will be our doubts of today.” Franklin D. Roosevelt

Here’s our new cadence: Staying healthy. Staying safe. Staying focused on the mission. And staying resilient.

Barrett Burns

CEO and President

VantageScore Solutions, LLC