More Than 100 Million Loans in Forbearance in Last Three Months

Quoting data from Transunion the Wall Street Journal is reporting that 106 million loans have been enrolled in forbearance, deferment or some other relief since March 1; this data is current as of the end of May; leading the way is student loans with 79 million accounts seeking relief, this is up from just 18 million a month earlier; auto loans doubled to 7.3 million and personal loans also doubled to 1.3 million accounts; there isn’t one uniform way to report these accounts as the relief takes many different forms and lenders are having a difficult time determining if a loan applicant’s credit score reflects their true level of risk; Transunion recently began selling new data on which consumers are in deferment and how long they have been in that status. The Wall Street Journal

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