Authors: Carole Roan Gresenz, Jean M. Mitchell, Belicia Rodriguez, R. Scott Turner, and Wilbert van der Klaauw
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Staff Reports
The Financial Consequences of Undiagnosed Memory Disorders
Number 1106
May 2024
May 2024
JEL classification: I1, G41, G51
We examine the effect of undiagnosed memory disorders on credit outcomes using nationally representative credit reporting data merged with Medicare data. Years prior to eventual diagnosis, average credit scores begin to weaken and payment delinquency begins to increase, overall and for mortgage and credit card accounts specifically. Credit outcomes consistently deteriorate over the quarters leading up to diagnosis. The harmful financial effects of undiagnosed memory disorders exacerbate the already substantial financial pressure households face upon diagnosis of a memory disorder. Our findings substantiate the possible utility of credit reporting data for facilitating early identification of those at risk for memory disorders.
Author Disclosure Statement(s)
Carole Roan Gresenz
I, Carole Roan Gresenz, declare that I have no relevant or material financial interests that relate to the research described in the paper, "The Financial Consequences of Undiagnosed Memory Disorders." Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Jean M. Mitchell
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Belicia Rodriguez
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
R. Scott Turner
No financial interests to disclose.
Wilbert van der Klaauw
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
I, Carole Roan Gresenz, declare that I have no relevant or material financial interests that relate to the research described in the paper, "The Financial Consequences of Undiagnosed Memory Disorders." Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Jean M. Mitchell
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Belicia Rodriguez
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
R. Scott Turner
No financial interests to disclose.
Wilbert van der Klaauw
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Suggested Citation:
Gresenz, Carole Roan, Jean M. Mitchell, Belicia Rodriguez, R. Scott Turner, and Wilbert van der Klaauw. 2024. “The Financial Consequences of Undiagnosed Memory Disorders.” Federal Reserve Bank of New York Staff Reports, no. 1106, May. https://doi.org/10.59576/sr.1106
Gresenz, Carole Roan, Jean M. Mitchell, Belicia Rodriguez, R. Scott Turner, and Wilbert van der Klaauw. 2024. “The Financial Consequences of Undiagnosed Memory Disorders.” Federal Reserve Bank of New York Staff Reports, no. 1106, May. https://doi.org/10.59576/sr.1106
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