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About Keith Molyneaux

Posts by Keith Molyneaux…

Average Credit Score Hits A New High, Despite the Pandemic

Despite the coronavirus pandemic, the average FICO credit score hit a new high of 711 in the U.S. last year. It may seem counterintuitive that credit scores would climb during a period when millions were out of work and struggling to keep up with their bills. The head of research and analytics for FICO told […]

User Error Leads to ‘One of the Biggest Blunders in Banking History’

A subcontractor’s failure to check the correct boxes has cost Citigroup more than $500 million. Now, a federal judge, calling the mistake “one of the blunders in banking history,” says they will not get the money back. The costly mistake was made last summer. Citigroup intended to make a payment to creditors who held debt […]

Services Companies Rebound in the U.S. but Slump in Other Nations

Service companies in the U.S. saw a strong increase in activity in February, while their European and Japanese counterparts saw growing declines. The purchasing managers index (PMI) for the U.S. service sector posted its biggest increase in nearly six years, jumping to 58.9 in February from January’s 58.3. A reading above 50 indicates an increase […]

Material Costs May Be Hindering the Housing Market

Demand for single-family homes is has reached a fever pitch, and builders are finding it harder to keep up. One of the major hurdles for homebuilders is the skyrocketing cost of materials. The costs for lumber reached an all-time high recently, inching above $1,000 per 1000 board feet. The record high of $1,004.90 is double […]