Community Development Research
Consumer Credit Conditions
The Consumer Credit Conditions update for the Eleventh Federal Reserve District presents maps and charts of consumer loan balances and delinquencies in the district by county, state, loan type and risk score. The data are based on the Federal Reserve Bank of New York Consumer Credit Panel (CCP).
- About the Data
Maps of Consumer Credit Conditions in the Eleventh Federal Reserve District
- Delinquency status
- Current—Paid as agreed
- 30 days late—Between 30 and 59 days late; not more than 2 payments past due
- 60 days late—Between 60 and 89 days late; not more than 3 payments past due
- 90 days late—Between 90 and 119 days late; not more than 4 payments past due
- 120 days late—At least 120 days past due; 5 or more payments past due or collections
- Severely derogatory—Any of the previous states, combined with reports of repossession, charge off to bad debt or foreclosure
Not all creditors provide updated information on payment status, especially after accounts have been derogatory for a longer period of time. Thus, the payment performance profiles obtained from our data may to some extent reflect the reporting practices of creditors.
- Seriously delinquent loans
Loans that are 90 days late, 120 days late or severely derogatory.
- Equifax Risk Score
Equifax Risk Score 3.0 was developed by credit scoring agency Equifax and predicts the likelihood of a consumer becoming seriously delinquent (90+ days past due). The score ranges from 300 to 850 (the lower the score, the greater the delinquency risk). In the charts, Equifax Risk Scores fall into the following categories: Prime, greater than 680; near prime, 620–679; subprime, less than 619.
- Loan types
The types of accounts in our analysis include mortgage loans, home equity installment loans (HEL), home equity line of credit accounts (HELOC), auto loans, bankcard accounts, student loans (currently not included in the Eleventh District update), consumer finance loans (sales financing, personal) and retail loans (clothing, grocery, department store, home furnishings, gas, etc.)
- Data dictionary
About the Data
The Federal Reserve Bank of New York Consumer Credit Panel (CCP) consists of detailed Equifax credit-report data in quarterly increments from 1999 to the present for a unique longitudinal panel of individuals and households. The panel is a nationally representative 5 percent random sample of all individuals with a Social Security number and a credit report; the CCP is also matched to individuals living at the same address of as the primary sample members. The resulting database includes approximately 40 million individuals in each quarter. More technical background about the data is available at www.newyorkfed.org/creditconditions/technical_notes.pdf.
For conditions nationally, visit the New York Fed's Household Credit webpage. The Bank's Quarterly Report on Household Debt and Credit provides information on consumer debt for the U.S. and select states, including bankruptcies, per capita debt levels, total debt levels and composition of debt, new originations of installment loans, total balance by delinquency status, foreclosures and new delinquencies by loan type. The report aims to help community groups, small businesses, state and local government agencies and the public better understand, monitor and respond to trends in borrowing and indebtedness at the household level.
The "number of consumers" presented in the Consumer Credit Conditions update for the Eleventh Federal Reserve District includes consumers who jointly have a loan. Charged-off and foreclosed loans are still accounted for in the total number in the Equifax data until they are no longer reported by the lender.