The Consumer Financial Protection Bureau released a new Market Snapshot that explores first-time homeownership. For households attempting to transition from renting to owning, shifts in the housing and mortgage markets can play a large role in whether they can afford to buy a home. This report investigates the prevalence and ease of first-time homeownership today by comparing current and historical market trends.
In July 2017, the nationwide consumer reporting agencies began removing civil judgments and tax liens from credit reports. Millions of consumers had records wiped from their report. Following these consumers over the next two years, this report looks at how the removal affected the relationship between credit scores and consumers’ credit performance.
This Data Point uses the Bureau’s Consumer Credit Panel to identify likely users of income-driven repayment and provides descriptive statistics of who these borrowers are and how delinquencies on student loans and other products change after borrowers enroll in these alternative repayment programs.
According to the latest data from the Program for International Student Assessment (PISA), a gap in financial literacy among groups of students appears as early as age 15.
The bankruptcy system provides a legal process for consumers who cannot repay their debts. This report describes how bankruptcy filings and the attributes of filers changed throughout the period 2001 - 2018, which includes the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and the Great Recession.
New report explores the relationship between Financial Well-Being and the contents of and engagement with credit reports
A joint study with Credit Karma explores the relationship between subjective Financial Well-Being (FWB) and objective credit characteristics and engagement with financial education tools. The report identifies credit report and engagement variables that are significantly related to a consumer’s FWB score, including credit score, credit limit, credit utilization, and the use of a credit simulator tool.
The analysis shows that about two thirds of actively used credit card accounts carry a revolving balance. Once consumers begin to revolve, they do so continuously for about 10 months on average, with approximately 15 percent revolving continuously for two years or more. The longer a balance is revolved, the higher the chances that the consumer will continue to revolve a balance.
The ability of consumers to access various types of credit can be affected by their credit scores, as many lenders require a minimum credit score before credit will be extended. This report finds that consumers with lower credit scores may strategically time their applications for credit around peaks and troughs in their scores.
New report from the Department of Defense highlights the financial well-being of servicemembers.
The Bureau is engaged in building the capacity of child savings programs by releasing four briefs geared toward institutions and communities interested in starting, or expanding child savings opportunities.