Quarterly Consumer Credit Trends: Recent trends in debt settlement and credit counseling
Author: Charles Romeo, Christa Gibbs, Grant Guillory, Vanessa Megaw
Topic: Credit & Debt
Publisher: CFPB - Consumer Financial Protection Bureau
Location: United States
Format: Report
Content Type: Research
Publication Date: July 10, 2020

This report used a longitudinal, nationally-representative sample of approximately five million de-identified credit records maintained by one of the three nationwide consumer reporting agencies. Trends in debt settlement and credit counseling during the Great Recession and in recent years are presented. This report shows that nearly one in thirteen consumers with a credit record had at least one account settled through a creditor or had account payments managed by a credit counseling agency from 2007 through 2019. Since 2016, the number of debt settlements has increased steadily, while credit counseling numbers are relatively unchanged.

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