Serious delinquency rate hits lowest level since Great Recession

Ten years after the housing market collapsed, TransUnion released a report examining some of the changes to consumer credit since the Great Recession. TransUnion’s Q2 2018 Industry Insights Report shows serious delinquency rates have recovered since the crisis. From a credit perspective, the financial crisis of 2008 was, and hopefully will remain, one of the most trying times in Americans’ lives, said Matt Komos, vice president of research and consulting for TransUnion’s financial services business unit. Unemployment rates jumped, housing values sunk to levels that caused hundreds of thousands of homeowners to go underwater on their mortgages, and the ability to gain access to credit became difficult or the cost of credit became too expensive for millions of consumers.