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CFPB report on consumer credit during pandemic

The CFPB has posted "Trends in Reported Assistance on Consumers' Credit Records," the second article in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic.

The article focuses on reported assistance on consumers’ credit records. For purposes of this analysis, authors Corinne Candilis and Ryan Sandler define consumer assistance as an account being reported with zero scheduled payment due despite a positive balance. In the June 16, 2021, article, Candilis and Sandler found that most credit products saw a sharp uptick in assistance in March 2020 and an uptick in transitions out of assistance between April and June. 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.

With the exception of student loans, the total share of loans with payment assistance began declining in the summer of 2020, as the initial increase in loans transitioning into assistance abated and accounts began transitioning out of assistance in larger numbers. There continued to be high rates of assistance in student loans largely due to the CARES Act, which put most student loans in automatic payment suspension. By March of 2021, the total share of auto loans and credit card accounts with assistance was only slightly above pre-pandemic levels, while the share of mortgages and student loans on assistance remains significantly higher than pre-pandemic baselines.

Candilis and Sandler also observed that consumers who exited assistance tend to live in communities hit harder by the pandemic.

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