The Early Effects of the COVID-19 Pandemic on Credit Applications
Author: Christa Gibbs, Éva Nagypál, Scott Fulford
Topic: Credit & Debt
Publisher: CFPB - Consumer Financial Protection Bureau
Location: United States
Format: Report
Content Type: Research
Publication Date: May 1, 2020

This report documents the early effects of the COVID-19 pandemic on credit applications, which are among the very first credit market measures to change in credit report data in response to changes in economic activity. Using the Bureau’s Consumer Credit Panel, how applications for auto loans, mortgages, credit cards, and other loans changed week-by-week during the month of March, compared to the same time in previous years was studied.

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