Creditors can obtain civil judgments to seize assets and garnish wages for unpaid debts. New research show that civil judgments are 20 times more common in some states than others and are more common in areas with a higher percentage of Black residents. Civil judgments are twice as common as bankruptcies.
We requested information from the largest credit card companies about why actual payment information has largely gone missing from the nationwide consumer reporting system. Here’s what we learned.
Las compañías emisoras de tarjetas de crédito no están reportando sus datos reales de pagos a las empresas nacionales de informes de crédito. Preguntamos el por qué, y le mostramos lo que descubrimos.
The distribution of credit score tiers shifted upward during the pandemic. Individuals in all credit score tiers were more likely to move up at least one tier or remain in their own tier during the pandemic, but upward mobility was especially improved for consumers with subprime credit scores.
Far too many minority households and businesses continue to lack fair and equitable access to credit. Federal agencies encourage lenders to explore use of special purpose credit programs to better serve historically disadvantaged individuals and communities.
Access to credit plays a critical role in financial resiliency, especially during an economic downturn. Credit card companies used credit card line decreases to reduce their credit exposure during the Great Recession and the COVID-19 pandemic. New research explores the impact of credit line decrease decisions on consumers.
The CFPB is working to identify and address the financial needs of immigrant consumers.
A CFPB report revealed that the NCRAs have largely relied on vague, unhelpful form letters in response to consumer complaints filed with the Bureau. This practice, which surged in 2020, left families and communities vulnerable at the height of an unprecedented global pandemic and economic crisis.
This post is the fifth in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Access to new credit cards has decreased, but access to mortgages and auto loans has increased since the start of the pandemic.
This post is the fourth in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Credit card limits stagnated or declined for most credit score groups early in the pandemic, but have been rising in recent months. Despite a spike in accounts closed by creditors at the start of the pandemic, accounts are not being closed at unusual rates.
This post is the third in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. The economic disruption of the pandemic does not appear to have caused consumers to run up large credit card balances. The opposite seems to be the case, since April 2020, credit card balances and utilization rates have continued to decline, and the share of credit card borrowers that carry a balance rather than pay in full have also declined.
This post is the second in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Since July 2020, consumers have transitioned out of assistance to varying degrees across all credit products, but a significant share of mortgage borrowers continue to receive assistance.
New Bureau research examines consumer credit trends through April 2021, finding little increase in delinquencies on credit cards, auto loans, mortgages, and student loans during COVID-19. Delinquency rates also remain lower than pre-pandemic levels, likely as a result of public and private interventions.
In this blog, we explain the data source and analytical approach, as well as key findings from the report ‘A Brief Note on General Lending Patterns of Small to Medium Size Closed-end HMDA Reporters’
A new analysis in our Making Ends Meet survey series looks at how consumers use payday, auto title, and pawn loans. Use of these loans is persistent from year to year. Some consumers of these loans have lower cost credit available, while others lack access to other credit.
A new analysis in our Making Ends Meet survey series looks at the early impact of COVID-19 on the financial status of consumers, finding that their ability to stay on top of their finances was greater in June 2020 than June 2019, likely as a result of government policies and private programs to reduce financial distress.
This report describes our fair lending activities in supervision, enforcement, guidance and rulemaking, interagency coordination, and outreach and education for calendar year 2020.
El CFPB planea desarrollar directrices para la atención a consumidores LEP o con Limitado Manejo del Inglés y para ello, está recibiendo comentarios públicos formales a través de su Solicitud de Información del año 2020 sobre la Ley de Oportunidad Equitativa al Crédito y Regulación B.
The Bureau plans to develop guidance on serving consumers with limited English proficiency (LEP) and welcomes formal public comments through the Bureau’s 2020 Request for Information on the Equal Credit Opportunity Act and Regulation B.
This report explores the prevalence of actual payment information in consumer credit reporting. Quarterly Consumer credit trends reports focus on a specific consumer financial product or issue using a longitudinal, nationally representative sample of de-identified credit records maintained by a nationwide consumer reporting agency.
Consumers who are of limited English proficiency face unique challenges in learning about and accessing financial services. Watch our webinar to learn how CFPB is working to make our resources accessible to everyone.
The Bureau reminds creditors of the availability of the Special Purpose Credit Program (SPCP) provisions of Equal Credit Opportunity Act (ECOA) and Regulation B to help meet the credit needs of underserved communities.
The CFPB is taking steps to help create real and sustainable changes in our financial system so that African Americans and other minorities have equal opportunities to build wealth and close the economic divide.
Ang Bureau ay may pananagutan sa pagtugon sa diskriminasyon sa pagpapahiram, kasama na ang pagpapahiram sa mga kababaihan- at mga negosyo na pagmamay-ari ng minorya, na nag-aplay para sa utang sa panahon ng pandemya ng COVID-19 sa ilalim ng CARES Act.
The Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for both individuals and communities. This report describes our fair lending activities in innovation, outreach, prioritization, guidance and rulemaking, supervision, and enforcement for calendar year 2019.
