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Quarterly U.S. Consumer
Credit Trends
DATA AS OF
December 2018 Published February 21 , 2018
© 2019 Equifax Inc. All Rights Reserved
Quarterly U.S. Consumer Credit Trends
Data as of December 2018
Visit us at
www.equifax.com/business/credit-trends
This report and accompanying data files can be found at
https://investor.equifax.com/news-and-events/events-and-presentations
© 2019 Equifax Inc. All Rights Reserved 3
Quarterly US Consumer Credit Trends Report
First Mortgage 4
Home Equity 11
Auto 21
Credit Card: Bankcard 27
Credit Card: Private Label 33
Consumer Finance 39
Student Loans 45
Notes 51
Contact information back cover
Table of Contents
© 2018 Equifax Inc. All Rights Reserved
US CONSUMER CREDIT TRENDS: FIRST MORTGAGE
4
© 2019 Equifax Inc. All Rights Reserved 5
Outstanding Loans by Quarter Number of Accounts in Millions; NSA
Source: Equifax Inc. Data are as of December 2018.
First Mortgage
45.00
47.00
49.00
51.00
53.00
55.00
57.00
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
© 2019 Equifax Inc. All Rights Reserved
Loan Delinquency Rates Percent of Dollar Balances; NSA
6
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Early Delinquency
Serious Delinquency
First Mortgage
Source: Equifax Inc. Data are as of December 2018.
*Early delinquency is defined as all loans 30-days past due.
Serious delinquency includes all loans 90-or-more-days past due, in bankruptcy, or in foreclosure, excluding write-offs and REOs.
© 2019 Equifax Inc. All Rights Reserved 7
Loan Originations by Quarter Number of Accounts in Millions; NSA
Sources: Equifax Inc. Data are as of December 2018; Federal Housing Finance Agency (Home Affordable Refinance Program (HARP) data reported through
August 2018), refinance/purchase shares for 2017 and earlier from Bureau of Consumer Financial Protection (Home Mortgage Disclosure Act data); 2018
refinance/purchase shares estimated by Equifax.
First Mortgage
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
First Mortgage Purchase First Mortgage NonHARP Refinance
First Mortgage HARP Refinance
© 2019 Equifax Inc. All Rights Reserved 8
Loan Originations by Quarter Origination Balances in Billions; NSA
Sources: Equifax Inc. Data are as of December 2018; refinance/purchase shares for 2016 and earlier from Federal Financial Institution Examinations Council
(Home Mortgage Disclosure Act data); 2017-2018 refinance/purchase shares estimated by Equifax.
First Mortgage
0
100
200
300
400
500
600
700
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
First Mortgage Purchase First Mortgage Refinance
© 2019 Equifax Inc. All Rights Reserved
First Mortgage Origination Risk Year-to-date VantageScore® 3.0 Distribution for First Mortgage Originations by Year (% Of Accounts)
9
First Mortgage
Source: Equifax Inc. Data are as of December 2018.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No Score 780-High 740-779 700-739 660-699 620-659 580-619 540-579 1-539
© 2019 Equifax Inc. All Rights Reserved
Credit Risk at Origination by Select Deciles
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
440
480
520
560
600
640
680
720
760
800
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Median VantageScore 3.0 (L) 10th Percentile VantageScore 3.0 (L)
Average Origination Balance for Highest-Risk Decile Accounts (R)
10
Average Origination Balance
For Highest-risk Decile; NSA
Source: Equifax Inc. Data are as of December 2018.
*Median VantageScore 3.0 Credit Score(VS3): half of newly originated accounts have an associated borrower VS3 that is higher than the median score and
half have scores that are equal to or lower than this score.
10th Percentile VS3: 90 percent of newly originated accounts have an associated borrower VS3 that is higher than the 10th percentile score and 10 percent
have scores equal to or less than this score.
Average Origination Balance for Highest-Risk Decile Accounts: the average balance for all newly opened accounts for which the account’s representative
borrower’s origination VS3 is at or below the 10th percentile VS3.
Origination VantageScore® 3.0
Credit Score; NSA
First Mortgage
© 2018 Equifax Inc. All Rights Reserved
US CONSUMER CREDIT TRENDS: HOME EQUITY
11
© 2019 Equifax Inc. All Rights Reserved 12
Outstanding Loans by Quarter Number of Accounts in Millions; NSA
Home Equity
0
3
6
9
12
15
18
21
24
27
30
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
HE Loan
HELOC
Source: Equifax Inc. Data are as of December 2018.
*HELOCs are defined as home equity revolving lines of credit.
HE Loans are defined as home equity installment loans
© 2019 Equifax Inc. All Rights Reserved
Delinquency Rates Percent Of Dollar Balances; NSA
13
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Early Delinquency
Serious Delinquency
Home Equity: HELOC
Source: Equifax Inc. Data are as of December 2018.
*HELOCs are defined as home equity revolving lines of credit.
Early delinquency is defined as all loans 30-days past due.
Serious delinquency includes all loans 90-or-more-days past due, in bankruptcy, or in foreclosure, excluding write-offs and REOs.
© 2019 Equifax Inc. All Rights Reserved
Loan Delinquency Rates Percent of Dollar Balances; NSA
14
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Early Delinquency
Serious Delinquency
Home Equity: HE Loan
Source: Equifax Inc. Data are as of December 2018.
*HE Loans are defined as home equity installment loans.
Early delinquency is defined as all loans 30-days past due.
Serious delinquency includes all loans 90-or-more-days past due, in bankruptcy, or in foreclosure, excluding write-offs and REOs.
© 2019 Equifax Inc. All Rights Reserved 15
Originations by Quarter Number Of Accounts In Thousands; NSA
Home Equity
0
100
200
300
400
500
600
700
800
900
1,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
HE Loan HELOC
Source: Equifax Inc. Data are as of December 2018.
*HELOCs are defined as home equity revolving lines of credit.
HE Loans are defined as home equity installment loans
© 2019 Equifax Inc. All Rights Reserved 16
Originations by Quarter Origination Credit Limits for HELOCs & Balances for HE Installment Loans in $Billions; NSA
Home Equity
0
10
20
30
40
50
60
70
80
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
HE Loan HELOC
Source: Equifax Inc. Data are as of December 2018.
*HELOCs are defined as home equity revolving lines of credit.
HE Loans are defined as home equity installment loans
© 2019 Equifax Inc. All Rights Reserved
HELOC Origination Risk Year-to-date VantageScore® 3.0 Distribution for HELOC Originations by Year (% of Accounts)
17
Source: Equifax Inc. Data are as of December 2018 .
Home Equity: HELOC
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No Score 780-High 740-779 700-739 660-699 620-659 580-619 540-579 1-539
© 2019 Equifax Inc. All Rights Reserved
Home Equity Installment Loan Origination Risk Year-to-date VantageScore® 3.0 Distribution for Home Equity Loan Originations by Year (% of Accounts)
18
Source: Equifax Inc. Data are as of December 2018.
Home Equity: HE Loan
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No Score 780-High 740-779 700-739 660-699 620-659 580-619 540-579 1-539
© 2019 Equifax Inc. All Rights Reserved
Credit Risk at Origination by Select Deciles
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
480
520
560
600
640
680
720
760
800
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Median VantageScore 3.0 (L) 10th Percentile VantageScore 3.0 (L)
Average Origination Balance for Highest-Risk Decile Accounts (R)
19
Average Origination Credit Limit
For Highest-risk Decile; NSA
Source: Equifax Inc. Data are as December 2018.
*Median VantageScore 3.0 Credit Score(VS3): half of newly originated accounts have an associated borrower VS3 that is higher than the median score and
half have scores that are equal to or lower than this score.
10th Percentile VS3: 90 percent of newly originated accounts have an associated borrower VS3 that is higher than the 10th percentile score and 10 percent
have scores equal to or less than this score.
Average Origination Credit Limit for Highest-Risk Decile Accounts: the average credit limit for all newly opened accounts for which the account’s
representative borrower’s origination VS3 is at or below the 10th percentile VS3.
Origination VantageScore® 3.0
Credit Score; NSA
Home Equity: HELOC
© 2019 Equifax Inc. All Rights Reserved
Credit Risk at Origination by Select Deciles
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
440
480
520
560
600
640
680
720
760
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Median VantageScore 3.0 (L) 10th Percentile VantageScore 3.0 (L)
Average Origination Balance for Highest-Risk Decile Accounts (R)
20
Average Origination Balance
For Highest-risk Decile; NSA
Source: Equifax Inc. Data are as of December 2018.
*Median VantageScore 3.0 Credit Score(VS3): half of newly originated accounts have an associated borrower VS3 that is higher than the median score and
half have scores that are equal to or lower than this score.
10th Percentile VS3: 90 percent of newly originated accounts have an associated borrower VS3 that is higher than the 10th percentile score and 10 percent
have scores equal to or less than this score.
Average Origination Balance for Highest-Risk Decile Accounts: the average balance for all newly opened accounts for which the account’s representative
borrower’s origination VS3 is at or below the 10th percentile VS3.
Origination VantageScore® 3.0
Credit Score; NSA
Home Equity: HE Loan
© 2018 Equifax Inc. All Rights Reserved
US CONSUMER CREDIT TRENDS: AUTO LOANS AND LEASES
21
© 2019 Equifax Inc. All Rights Reserved 22
Outstanding Loans by Quarter Number of Accounts in Millions; NSA
Source: Equifax Inc. Data are as of December 2018.
50
55
60
65
70
75
80
85
90
95
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Auto Loans & Leases
© 2019 Equifax Inc. All Rights Reserved
Delinquency Rates Percent of Dollar Balances; NSA
23
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Early Delinquency
Serious Delinquency
Auto Loans & Leases
Source: Equifax Inc. Data are as of December 2018.
*Early delinquency is defined as all loans 30-days past due.
Serious delinquency includes all loans 60-or-more-days past due, excluding write-offs.
© 2019 Equifax Inc. All Rights Reserved 24
Originations by Quarter Number of Accounts in Millions; NSA
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Auto Loans & Leases
Source: Equifax Inc. Data are as of December 2018.
© 2019 Equifax Inc. All Rights Reserved
Auto Loans and Leases Origination Risk Year-to-date VantageScore® 3.0 Distribution for Auto Originations by Year (% of Accounts)
25
Source: Equifax Inc. Data are as of December 2018.
Auto Loans & Leases
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No Score 780-High 740-779 700-739 660-699 620-659 580-619 540-579 1-539
© 2019 Equifax Inc. All Rights Reserved
Credit Risk at Origination by Select Deciles
$0
$7,500
$15,000
$22,500
$30,000
$37,500
$45,000
$52,500
460
500
540
580
620
660
700
740
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Median VantageScore 3.0 (L) 10th Percentile VantageScore 3.0 (L)
Average Origination Balance for Highest-Risk Decile Accounts (R)
26
Average Origination Balance
For Highest-risk Decile; NSA
Source: Equifax Inc. Data are as of December 2018.
*Median VantageScore 3.0 Credit Score(VS3): half of newly originated accounts have an associated borrower VS3 that is higher than the median score and
half have scores that are equal to or lower than this score.
10th Percentile VS3: 90 percent of newly originated accounts have an associated borrower VS3 that is higher than the 10th percentile score and 10 percent
have scores equal to or less than this score.
Average Origination Loan Balance for Highest-Risk Decile Accounts: the average loan balance for all newly opened accounts for which the account’s
representative borrower’s origination VS3 is at or below the 10th percentile VS3.
Auto Loans & Leases
Origination VantageScore® 3.0
Credit Score; NSA
© 2018 Equifax Inc. All Rights Reserved
US CONSUMER CREDIT TRENDS: BANKCARDS
27
© 2019 Equifax Inc. All Rights Reserved 28
Outstanding Loans by Quarter Number of Accounts in Millions; NSA
275
300
325
350
375
400
425
450
475
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Credit Cards: Bankcard
Source: Equifax Inc. Data are as of December 2018.
*Bankcards are defined as general purpose credit cards.
© 2019 Equifax Inc. All Rights Reserved
Delinquency Rates Percent of Dollar Balances; NSA
29
0%
1%
2%
3%
4%
5%
6%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Early Delinquency
Serious Delinquency
Credit Cards: Bankcard
Source: Equifax Inc. Data are as of December 2018.
*Bankcards are defined as general purpose credit cards.
Early delinquency is defined as all loans 30-days past due.
Serious delinquency includes all loans 90-or-more-days past due, excluding write-offs.
© 2019 Equifax Inc. All Rights Reserved 30
Originations by Quarter Number of Accounts in Millions; NSA
5
7
9
11
13
15
17
19
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Credit Cards: Bankcard
Source: Equifax Inc. Data are as of December 2018.
*Bankcards are defined as general purpose credit cards.
© 2019 Equifax Inc. All Rights Reserved
Bankcard Origination Risk Year-to-date VantageScore® 3.0 Distribution for Bankcard Originations by Year (% of Accounts)
31
Source: Equifax Inc. Data are as of December 2018.
Credit Cards: Bankcard
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No Score 780-High 740-779 700-739 660-699 620-659 580-619 540-579 1-539
© 2019 Equifax Inc. All Rights Reserved
Credit Risk at Origination by Select Deciles
$0
$300
$600
$900
$1,200
$1,500
$1,800
$2,100
$2,400
440
480
520
560
600
640
680
720
760
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Median VantageScore 3.0 (L) 10th Percentile VantageScore 3.0 (L)
Average Origination Balance for Highest-Risk Decile Accounts (R)
32
Average Origination Credit Limit
For Highest-risk Decile; NSA
Source: Equifax Inc. Data are as of December 2018.
*Median VantageScore 3.0 Credit Score(VS3): half of newly originated accounts have an associated borrower VS3 that is higher than the median score and
half have scores that are equal to or lower than this score.
10th Percentile VS3: 90 percent of newly originated accounts have an associated borrower VS3 that is higher than the 10th percentile score and 10 percent
have scores equal to or less than this score.
Average Origination Credit Limit for Highest-Risk Decile Accounts: the average credit limit for all newly opened accounts for which the account’s
representative borrower’s origination VS3 is at or below the 10th percentile VS3.
Origination VantageScore® 3.0
Credit Score; NSA
Credit Cards: Bankcard
© 2018 Equifax Inc. All Rights Reserved
US CONSUMER CREDIT TRENDS: PRIVATE LABEL CREDIT CARDS
33
© 2019 Equifax Inc. All Rights Reserved 34
Outstanding Loans by Quarter Number of Accounts in Millions; NSA
200
220
240
260
280
300
320
340
360
380
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Credit Cards: Private Label
Source: Equifax Inc. Data are as of December 2018.
*Private label credit cards are issued for use at specific retailers. Drop in 2Q18 due to inactive account closures by lenders.
© 2019 Equifax Inc. All Rights Reserved
Delinquency Rates Percent of Dollar Balances; NSA
35
0%
1%
2%
3%
4%
5%
6%
7%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Early Delinquency
Serious Delinquency
Credit Cards: Private Label
Source: Equifax Inc. Data are as of December 2018.
*Private label credit cards are issued for use at specific retailers.
Early delinquency is defined as all loans 30-days past due.
Serious delinquency includes all loans 90-or-more-days past due, excluding write-offs.
© 2019 Equifax Inc. All Rights Reserved 36
Originations by Quarter Number of Accounts in Millions; NSA
4
6
8
10
12
14
16
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Credit Cards: Private Label
Source: Equifax Inc. Data are as of December 2018.
*Private label credit cards are issued for use at specific retailers.
© 2019 Equifax Inc. All Rights Reserved
Private Label Credit Card Origination Risk Year-to-date VantageScore® 3.0 Distribution for Private Label Card Originations by Year (% of Accounts)
37
Source: Equifax Inc. Data are as of December 2018.
Credit Cards: Private Label
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No Score 780-High 740-779 700-739 660-699 620-659 580-619 540-579 1-539
© 2019 Equifax Inc. All Rights Reserved
Credit Risk at Origination by Select Deciles
$0
$300
$600
$900
$1,200
$1,500
$1,800
$2,100
$2,400
440
480
520
560
600
640
680
720
760
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Median VantageScore 3.0 (L) 10th Percentile VantageScore 3.0 (L)
Average Origination Balance for Highest-Risk Decile Accounts (R)
38
Average Origination Credit Limit
For Highest-risk Decile; NSA
Source: Equifax Inc. Data are as of December 2018.
*Median VantageScore 3.0 Credit Score(VS3): half of newly originated accounts have an associated borrower VS3 that is higher than the median score and
half have scores that are equal to or lower than this score.
10th Percentile VS3: 90 percent of newly originated accounts have an associated borrower VS3 that is higher than the 10th percentile score and 10 percent
have scores equal to or less than this score.
Average Origination Credit Limit for Highest-Risk Decile Accounts: the average credit limit for all newly opened accounts for which the account’s
representative borrower’s origination VS3 is at or below the 10th percentile VS3.
Origination VantageScore® 3.0
Credit Score; NSA
Credit Cards: Private Label
© 2018 Equifax Inc. All Rights Reserved
US CONSUMER CREDIT TRENDS: CONSUMER FINANCE
39
© 2019 Equifax Inc. All Rights Reserved 40
Outstanding Loans by Quarter Number of Accounts in Millions; NSA
0
10
20
30
40
50
60
70
80
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Equifax Inc. Data are as of December 2018.
*Consumer Finance: installment or revolving loans opened with a sales financing company , bank, or a personal finance company.
Consumer Finance
© 2019 Equifax Inc. All Rights Reserved
Delinquency Rates Percent of Dollar Balances; NSA
41
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Early Delinquency
Serious Delinquency
Source: Equifax Inc. Data are as of December 2018.
*Consumer Finance: installment or revolving loans opened with a sales financing company , bank, or a personal finance company. .
Early delinquency is defined as all loans 30-days past due.
Serious delinquency includes all loans 90-or-more-days past due, excluding write-offs.
Consumer Finance
© 2019 Equifax Inc. All Rights Reserved 42
Originations by Quarter Number of Accounts in Millions; NSA
0
1
2
3
4
5
6
7
8
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Equifax Inc. Data are as of December 2018.
*Consumer Finance: installment or revolving loans opened with a sales financing company , bank, or a personal finance company.
Consumer Finance
© 2019 Equifax Inc. All Rights Reserved
Consumer Finance Loan Origination Risk Year-to-date VantageScore® 3.0 Distribution for Consumer Finance Originations by Year (% of Accounts)
43
Consumer Finance
Source: Equifax Inc. Data are as of December 2018.
*Consumer Finance: installment or revolving loans opened with a sales financing company, bank, or a personal finance company.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No Score 780-High 740-779 700-739 660-699 620-659 580-619 540-579 1-539
© 2019 Equifax Inc. All Rights Reserved
Credit Risk at Origination by Select Deciles
$0
$400
$800
$1,200
$1,600
$2,000
$2,400
$2,800
$3,200
$3,600
360
400
440
480
520
560
600
640
680
720
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Median VantageScore 3.0 (L) 10th Percentile VantageScore 3.0 (L)
Average Origination Balance for Highest-Risk Decile Accounts (R)
44
Average Origination Balance
For Highest-risk Decile; NSA
Source: Equifax Inc. Data are as of December 2018.
*Median VantageScore 3.0 Credit Score(VS3): half of newly originated accounts have an associated borrower VS3 that is higher than the median score and
half have scores that are equal to or lower than this score.
10th Percentile VS3: 90 percent of newly originated accounts have an associated borrower VS3 that is higher than the 10th percentile score and 10 percent
have scores equal to or less than this score.
Average Origination Balance for Highest-Risk Decile Accounts: the average balance for all newly opened accounts for which the account’s representative
borrower’s origination VS3 is at or below the 10th percentile VS3.
Origination VantageScore® 3.0
Credit Score; NSA
Consumer Finance
© 2018 Equifax Inc. All Rights Reserved
US CONSUMER CREDIT TRENDS: STUDENT LOANS
45
© 2019 Equifax Inc. All Rights Reserved 46
Outstanding Loans by Quarter Number of Accounts in Millions; NSA
0
20
40
60
80
100
120
140
160
180
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Equifax Inc. Data are as of December 2018.
*Student Loan: loan funded for the purpose of financing post-secondary educational study
Student Loans
© 2019 Equifax Inc. All Rights Reserved
Delinquency Rates Percent of Dollar Balances; NSA
47
0%
2%
4%
6%
8%
10%
12%
14%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Serious Delinquency
Source: Equifax Inc. Data are as of December 2018.
*Student Loan: loan funded for the purpose of financing post-secondary educational study
Serious delinquency includes all loans 90-or-more-days past due or in bankruptcy, excluding write-offs. Due to U.S. Department of Education servicing
guidelines student loan delinquency is rarely reported prior to 90 days past due.
Student Loans
© 2019 Equifax Inc. All Rights Reserved 48
Originations by Quarter Number of Accounts in Millions; NSA
0
2
4
6
8
10
12
14
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Equifax Inc. Data are as of December 2018
*Private label credit cards are issued for use at specific retailers.
Student Loans
© 2019 Equifax Inc. All Rights Reserved
Student Loan Origination Risk Year-to-date VantageScore® 3.0 Distribution for Student Loan Originations by Year (% of Accounts)
49
Source: Equifax Inc. Data are as of December 2018.
Student Loans
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No Score 780-High 740-779 700-739 660-699 620-659 580-619 540-579 1-539
© 2019 Equifax Inc. All Rights Reserved
Credit Risk at Origination by Select Deciles
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
360
400
440
480
520
560
600
640
680
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Median VantageScore 3.0 (L) 10th Percentile VantageScore 3.0 (L)
Average Origination Balance for Highest-Risk Decile Accounts (R)
50
Source: Equifax Inc. Data are as of December 2017.
*Median VantageScore 3.0 Credit Score(VS3): half of newly originated accounts have an associated borrower VS3 that is higher than the median score and
half have scores that are equal to or lower than this score.
10th Percentile VS3: 90 percent of newly originated accounts have an associated borrower VS3 that is higher than the 10th percentile score and 10 percent
have scores equal to or less than this score.
Average Origination Balance for Highest-Risk Decile Accounts: the average balance for all newly opened accounts for which the account’s representative
borrower’s origination VS3 is at or below the 10th percentile VS3.
Student Loans
Average Origination Balance
For Highest-risk Decile; NSA
Origination VantageScore® 3.0
Credit Score; NSA
© 2018 Equifax Inc. All Rights Reserved
US CONSUMER CREDIT TRENDS: NOTES
51
© 2019 Equifax Inc. All Rights Reserved
U.S. Consumer Credit Trends Data reported covers the period 1st Quarter 2008 through 4th Quarter 2018 and are not
seasonally adjusted.
Due to changes in data reported to Equifax, previously reported data may change.
Data are sourced from Equifax’s U.S. Consumer Credit database of over 220 million
consumers.
Equifax Credit Trends is the primary source for the data in this report; for more information on this database please
visit www.equifax.com/business/credit-trends
These data are population level – not a sample.
Jointly held accounts are represented by a randomly selected borrower on the account. Tradelines are only counted
once.
Exclusions for data quality are applied, such as timely reporting of the establishment of the trade (≤12 months);
completeness of the tradeline record including type, credit limit, balance outstanding and status; and other similar
filters (e.g., exclude if borrower’s death reported).
Data on new tradeline originations are subject to revision for up to 12 months due to
delays in lenders and servicers reporting to Equifax.
First Mortgage tradelines may be most affected by delays as servicing rights as well as the loans themselves are
frequently sold after origination.
With the exception of first mortgage and home equity installment loans, at least 99% of expected new tradelines will
have been recorded for the quarter preceding the most recent in this report (e.g., 4Q data in the 1Q report).
Data on the credit-score characteristics of newly originated tradelines are reported as-is and may be subject to
significant revision as additional loans originated in the quarter are reported to Equifax.
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Notes
© 2019 Equifax Inc. All Rights Reserved 53
U.S. Consumer Credit Trends
Notes
Definitions: Account Type
Auto – Total: all accounts from banks and finance companies for loans or leases on light vehicles.
Credit Cards – Bankcard: general purpose credit cards
Credit Cards – Private Label: credit cards issued for use at particular retailers. Sometimes called retail cards or
store cards.
First Mortgage: loans with first lien position on a residential property.
Home Equity Installment Loan: loans in second lien position on a residential property. These loans are amortizing
for the full term of the loan and do not have a draw feature.
Home Equity Revolving Lines of Credit (HELOCs): loans usually in second lien position on a residential property.
These loans commonly require only interest payments during the draw period and then are recast into amortizing
payments at the end of the draw. During the draw period the borrower may take advances from the line of credit.
Consumer Finance: installment or revolving loans opened with a sales financing company or a personal finance
company. These are typically unsecured finance trades.
Student Loan: loan funded for the purpose of financing post-secondary educational study
Deferred Student Loan: a student loan on which no payments are required as long as the loan is in deferral status.
These loans are not used to calculate delinquency rates.
Non-deferred Student Loan: a student loan in active repayment status on which the borrower is expected to make
timely interest and principal payments. These loans are used for calculating delinquency rates.
© 2019 Equifax Inc. All Rights Reserved
U.S. Consumer Trends Definitions: Other
Closed Accounts: accounts that have a reported status of closed positive, in bankruptcy or severe derogatory.
Accounts with these status categories are included in the month in which the status is first reported and are
excluded from the database thereafter.
Credit Limit: the maximum amount the borrower can access on the account. On installment accounts this is the
original loan amount. On revolving accounts this is also known as the credit line or high credit.
Severe Delinquency: for auto loans or leases, credit cards and consumer finance, accounts that are 60 days or
more past due or in collections. For first mortgage, home equity loans and lines of credit, and student loans,
accounts that are 90 days or more past due, in bankruptcy, or in foreclosure (excl. student loans).
Severe Delinquency Rate: calculated as the sum of balances on accounts that are severely delinquent divided by
the sum of balances outstanding in the period. Balances outstanding are the sum of balances on loans that are
current, in any stage of delinquency or collections, in foreclosure or that were closed within the referenced month.
Subprime: a loan characterized by a combination of factors that make it not-prime-credit quality, meaning that these
loans will typically have higher default rates and higher loss rates on average than prime-quality loans from the
same vintage. Within this report these are defined as loans extended to borrowers who at the time the loan was
originated had a VantageScore® 3.0 credit score (VS3) below 620.
Median VantageScore: half of newly originated accounts in that quarter have an associated borrower VS3 that is
higher than the median score and half have scores that are equal to or lower than this score.
10th Percentile VantageScore: 90 percent of newly originated accounts in that quarter have an associated borrower
VS3 that is higher than the 10th percentile score and 10 percent have scores equal to or less than this score.
Average Origination Loan Balance or Credit Limit for Highest-Risk Decile Accounts: the average balance/limit for all
newly opened accounts for which the account’s representative borrower’s origination VS3 is at or below the 10th
percentile VantageScore 3.0 credit score.
Total Mortgage Originations: originations from first mortgage, home equity installment and home equity lines of
credit should be summed to obtain total mortgage originations.
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Notes
© 2019 Equifax Inc. All Rights Reserved
U.S. Consumer Trends Trademarks & Other Information
VantageScore
VantageScore is a trademark of VantageScore Solutions, LLC
More information can be found at www.vantagescore.com
Equifax
Equifax and the Equifax logo are registered trademarks of Equifax Inc., Atlanta, GA
More information on Credit Trends data can be found at www.equifax.com/business/credit-trends
The Excel file containing all the data for the charts in this report can be found along with this report PDF at
https://investor.equifax.com/news-and-events/events-and-presentations
The information presented herein is for general informational use only. Neither Equifax nor any of its affiliates make any express or
implied representation or warranty as to the accuracy or completeness of the information contained herein. Equifax and its affiliates
expressly disclaim any and all liability which may be based in whole or in part on such information, errors therein or omissions
therefrom. This information is qualified in its entirety by the footnotes, assumptions and other qualifying statements contained herein.
This information should not be relied upon in making any financial decision or otherwise. Such information is presented as of the date
hereof only and is subject to change without notice. Equifax undertakes no responsibility to update or supplement the information
contained herein.
55
Notes
© 2019 Equifax Inc. All Rights Reserved
Quarterly U.S. Consumer Credit Trends
Visit us online today at www.equifax.com/business/credit-trends
This report is available at
https://investor.equifax.com/news-and-events/events-and-presentations
CONTACTS
Trevor Burns SVP, Investor Relations
404.885.8453
Trevor.Burns@equifax.com
Peter Oburu VP, USIS Data Leader
470.373.1012
Peter.Oburu@equifax.com
Lily Ling Presale Analytics Lead
678-209-3538
ling.ling@equifax.com
Chris Walker Product Manager, Credit Trends
770.740.4772
Christopher.Walker@equifax.com
Wyatt Jefferies Sr. Director, Public Relations
404.617.8197
Wyatt.Jefferies@equifax.com
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