May credit delinquencies improving at the surface, but subprime credit deterioration persists

研报英文原文证据摘录

May credit delinquencies improving at the surface, but subprime credit deterioration persists

Equity Research

25 June 2026 | 9:22PM PDT

AMERICAS BUSINESS & INFORMATION SERVICES

May credit delinquencies improving at the surface, but subprime credit

deterioration persists

US consumer credit trends remained largely stable in May with modest improvement George K. Tong, CFA

+1(415)249-7421 | george.tong@gs.com

in headline delinquencies across non‑mortgage categories, though underlying Goldman Sachs & Co. LLC

subprime performance is continuing to deteriorate. 60+ day bankcard delinquencies Sami Nasir, CFA

declined slightly y/y to 2.80% from 2.81%, personal loan delinquencies improved to +1(415)834-7967Goldman Sachs & Co.| sami.nasir@gs.comLLC

3.23% from 3.32% and auto loan delinquencies decreased to 1.37% from 1.41%, Anna Wu

while remaining above long‑term averages in cards and autos. Beneath these +1(415)249-7235Goldman Sachs & Co.| anna.wu@gs.comLLC

aggregates, subprime and near-prime credit delinquencies drifted higher in cards Alex Lakritz

and personal loans, while auto delinquencies improved across both subprime and +1(415)249-7072 | alex.lakritz@gs.com Goldman Sachs & Co. LLC

near-prime borrowers. Meanwhile, credit supply remains constructive with card

originations up 4.6% y/y and personal loan originations up 14.6% y/y, driven

disproportionately by subprime growth, while auto originations declined y/y. Against

this backdrop, we continue to favor Buy‑rated Fair Isaac given its pricing power in

Scores and idiosyncratic mortgage catalysts, while remaining Neutral on Equifax and

TransUnion given macro sensitivity in volumes, subprime exposure and margin

headwinds tied to evolving mortgage score economics.

Exhibit 1: US Consumer Credit Dashboard

Credit Personal