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Category: Data, research, and reports |
Published

Office of Research blog: Update on student loan borrowers during payment suspension

Since our November 2022 analysis, delinquencies and scheduled payments on non-student-loans have continued to rise for the more than 32 million people with federal student loans. About one-in-five borrowers may experience elevated risk of payment difficulties when scheduled payments resume.

Category: Data, research, and reports |
Published

Office of Research blog: Who gets sued in civil courts? Civil judgments are not evenly distributed

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.

Category: At the CFPB | Category: Data, research, and reports |
Published

Our auto finance data pilot

We are piloting a new collection of auto data. As part of that effort, we issued orders to nine large auto lenders to provide information about their auto lending portfolio. Through this effort we will be better able to monitor the auto market and plan to share results with the public.

Category: Data, research, and reports | Category: Policy and compliance |
Published

Por qué las grandes compañías emisoras de tarjetas de crédito suprimen datos reales de pagos en su informe de crédito

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.

Category: Data, research, and reports |
Published

Mejorando la data del público usada en préstamos automotrices

Los préstamos automotrices representan la tercera porción más grande del mercado de créditos al consumidor. Aunque más de 100 millones de personas tienen préstamos para autos, este siempre cambiante mercado carece de data detallada. Estamos buscando información del público sobre data clave en el crédito automotriz.

Category: Data, research, and reports |
Published

Office of Research blog: Higher interest rates leading to higher debt burdens for mortgage borrowers

Mortgage interest rates have been rising sharply in recent months, impacting mortgage borrowers and applicants. Using quarterly HMDA data on closed-end home-purchase loans, we find that monthly payments and debt burdens (as measured by DTI) have increased, with a higher percentage of mortgage application denials reporting DTI as a reason for not qualifying.

Category: Data, research, and reports |
Published

Enhancing public data on auto lending

Auto loans represent the third largest credit market. While more than 100 million Americans have an auto loan, we lack granular data on this rapidly changing market. The CFPB is seeking input from the public on key auto lending data.

Category: Data, research, and reports |
Published

Office of Research blog: Update on student loan borrowers during payment suspension

Delinquencies on non-student-loan credit products continue to rise for student loan borrowers. This rise could signal payment difficulties when scheduled payments resume, but potential debt cancellation may reduce the number of borrowers at-risk.

Category: Data, research, and reports |
Published

Exploring the connection between financial assistance for medical care and medical collections

Consumers, including those with insurance, incur significant charges related to medical care. Nonprofit healthcare providers are required to establish financial assistance policies for consumers who cannot afford services. In this blog, we explore the connection between eligibility for these financial assistance programs and the prevalence of medical collections using our Making Ends Meet Survey.

Category: Data, research, and reports |
Published

New report explores the impact of credit card line decreases on consumers

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.

Category: Data, research, and reports |
Published

Making Ends Meet series: Consumer finances during the pandemic

New analysis in our Making Ends Meet survey series shows that consumers’ finances improved during the pandemic as pandemic policies kept consumers who lost their jobs from suffering financial hardship. But some pandemic-related flexibilities and forbearance programs failed to reach many consumers facing hardship.

Category: Data, research, and reports |
Published

Credit access declined during the pandemic for credit cards, but increased for mortgages and auto loans

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.

Category: Data, research, and reports |
Published

Credit card limits are rising for most groups after stagnating during 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.

Category: Data, research, and reports |
Published

Credit card use is still declining compared to pre-pandemic levels

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.

Category: Data, research, and reports |
Published

Trends in Reported Assistance on Consumers’ Credit Records

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.

Category: Data, research, and reports |
Published

The trends of commercial credit reporting on consumer credit

New research finds that over 2.8 million consumers have information on their business loans and other commercial credit products on their consumer credit reports. An examination of commercial and consumer credit also finds common inconsistencies in reporting practices and strategies, with the potential for significant implications for consumers.

Category: Data, research, and reports |
Published

Delinquencies on credit accounts continue to be low despite the pandemic

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.