FRBNY Consumer Credit Panel / Equifax

The large increases in consumer debt and defaults, that of mortgage debt in particular, which culminated in the recent financial crisis has served to highlight the importance of understanding the liabilities side of households’ balance sheets. To that end, the New York Fed has designed and established the Consumer Credit Panel, a dataset on household liabilities based on consumer credit data. The Consumer Credit Panel provides detailed quarterly data on a panel of US consumers from 1999 through the present. The unique sampling design provides a random, nationally representative 5% sample of US consumers as well as the members of their households with a credit report. The dataset can be used to calculate national and regional aggregate measures of individual- and household-level credit balances and delinquencies by product type. In addition to housing-related debts (mortgages, home equity lines of credit) this includes credit card, auto and student loans. The panel also provides new insights into the extent and nature of heterogeneity of debt and delinquencies across individuals and households. The longitudinal nature of the data enables research on loan origination and repayment behavior at the individual consumer level over time, across refinances and loan modifications and across different loan types. The panel tracks consumer obligations from 1999 through the present, and analysis of a wide array of previously obscured debt behaviors is ongoing.

Associated Staff

Meta Brown, Andrew Haughwout, Donghoon Lee, Joelle Scally, Wilbert van der Klaauw, David Yun, Basit Zafar.

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The Center for
Microeconomic Data

The Center for Microeconomic Data serves to centralize the collection, acquisition, and analysis of microeconomic data at the New York Fed and act as a catalyst for microeconomic research by promoting engagement with the wide academic community. The wide-ranging data, research, and analysis produced in the Center provide insight into individual-level financial and nonfinancial economic conditions, expectations, and behavior in the U.S.
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