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Bureau Unveils Consumer Credit Trends Tool
On Thursday, December 15, 2016, at the 2016 CFPB Research Conference, Director Richard Cordray announced a web-based tool to help the public monitor developments in consumer lending and track trends over time. The “Consumer Credit Trends” tool, which currently is in the beta stage, covers mortgage, credit card, auto loan, and student loan markets, and uses data from one of the top three nationwide credit repositories. Within each credit market, the CFPB provides data trends based on origination activity, risk profiles, income, and age. The agency plans to continually update this information and offer analyses on notable findings.
“Our Consumer Credit Trends tool can chart the state of consumer markets,” said Director Cordray. “This critical information will help us identify and act on trends that warn of another crisis or that show credit is too constricted.”