The Consumer Financial Protection Bureau has issued a report examining the early effects of the COVID-19 pandemic on consumer credit.
The report found consumers didn’t have significant increases in delinquency or negative credit outcomes despite an increase in unemployment resulting from the pandemic, according to a press release.
The report focuses on mortgages, student and auto loans, and credit card accounts from March 2020 to June 2020. The Bureau noted the outcome may have reflected assistance provided to consumers through the CARES Act.
To gather the necessary data, the report used a representative sample of approximately five million credit records maintained by one of the three nationwide consumer reporting agencies. The report also showed increases in payment assistance from creditors and lenders to borrowers, most notably in student loan and first-lien mortgage accounts, followed by auto loans and credit cards accounts.