Artificial intelligence-guided lender Upstart (NASDAQ: UPST) had a tough year, with its stock price down about 86%, as high interest rates dried up demand for loans originated through the company's platform. But Upstart is certainly not the only stock that got creamed this year. When a stock is struggling, the question to ask is whether the company's business model and thesis are still intact.

Upstart's investment thesis is that it can underwrite credit better than traditional underwriting methods such as Fair Isaac's (NYSE: FICO) FICO scoring system. Upstart largely originates unsecured personal loans, although the company does have plans to get into other lending verticals.

Following its third-quarter earnings results, let's take a look at how credit quality for loans originated through Upstart's platform is holding up.

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Source Fool.com