CFPB Releases New Consumer Credit Tracking Tool

The Consumer Financial Protection Bureau today released a new web-based tool to help consumers monitor developments in consumer lending markets, including mortgage, credit cards, auto loans and student loans. The Consumer Credit Trends tool, which pulls its data samples from the credit records of one of the top three nationwide credit bureaus, will be updated regularly with new information and analyses on notable findings, the CFPB said. Director Richard Cordray added that the bureau will use this information to track consumer financial markets and identify trends that could warn of another crisis.

The first set of data — which examined consumer lending activity between August and October — showed a year-over-year uptick in mortgage originations and in credit card lending, particularly among lower-income consumers. Higher-risk auto loans decreased overall, and student lending was also down 1.3 percent over the same period last year.