The Effects of Credit Score Migration on Subprime Auto Loan and Credit Card Delinquencies
Abstract: In the early stages of the pandemic, income support and forbearance programs led consumer loan delinquency rates to fall to near-record lows for borrowers across the credit score distribution. Since the second half of 2021, however, delinquency rates have risen, and by 2023:Q3, overall rates for auto and credit card loans had risen above their pre-pandemic levels.
Part of Series: FEDS Notes
Publication Date: 2024-01-12