National Credit Default Rates Decreased in February 2013 According to the S&P/Experian Consumer Credit Default Indices

Three of the Five Cities Saw Default Rates Descend in February 2013

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Mar 19, 2013, 09:27 ET

NEW YORK, March 19, 2013 /PRNewswire/ -- Data through February 2013, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed a decrease in national default rates during the month. The national composite was 1.55% in February, down from 1.63% in January. The first mortgage default rate moved down to 1.48% in February, from 1.58% in January. The bank card rate was 3.37% in February vs. 3.41% in January. The second mortgage and auto loan default rates increased in February posting 0.71% and 1.11%; they were marginally up from their respective 0.69% and 1.10% January levels.

"Consumer credit quality remains healthy," says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices. "The first mortgage and bank card default rates moved down, the second mortgage and auto loans were marginally up in February. All loan types remain below their respective levels a year ago.

"These trends are consistent with other economic news – improvements in employment and overall economic activity and continuing gains in housing. Additionally, foreclosure activity continues to decline even though it remains at elevated levels compared to the period before the financial crisis.

"Three of the five cities we cover showed decreases in their default rates in February – New York was down by 12 basis points, Los Angeles by 18 and Miami by 24 basis points. Chicago was marginally up by one basis point and Dallas was up by seven basis points. Miami had the highest default rate at 3.21% and Dallas - the lowest at 1.26% among the five cities. All five cities remain below default rates they posted a year ago, in February 2012."

The table below summarizes the February 2013 results for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.



S&P/Experian Consumer Credit Default Indices
National Indices
Index	February 2013 Index Level	January 2013 Index Level	February 2012 Index Level
Index	February 2013 Index Level	January 2013 Index Level	February 2012 Index Level
Composite	1.55	1.63	2.09
First Mortgage	1.48	1.58	2.02
Second Mortgage	0.71	0.69	1.20
Bank Card	3.37	3.41	4.41
Auto Loans	1.11	1.10	1.22
Source: S&P/Experian Consumer Credit Default Indices
Data through February 2013

The table below provides the S&P/Experian Consumer Default Composite Indices for the five MSAs:



Metropolitan Statistical Area	February 2013 Index Level	January 2013 Index Level	February 2012 Index Level
Metropolitan Statistical Area	February 2013 Index Level	January 2013 Index Level	February 2012 Index Level
New York	1.41	1.53	2.04
Chicago	2.08	2.07	2.71
Dallas	1.26	1.19	1.61
Los Angeles	1.63	1.81	1.87
Miami	3.21	3.45	4.54
Source: S&P/Experian Consumer Credit Default Indices
Data through February 2013

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About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was $4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.

For more information, visit http://www.experianplc.com.

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For more information:

Dave Guarino
Communications
S&P Dow Jones Indices
[email protected]
(+1) 212-438-1471

David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
[email protected]
(+1) 212-438-3907

Susan Henson
Experian Public Relations
[email protected]
(+1) 714-830-5129

Jointly developed by S&P Dow Jones Indices LLC and Experian, the S&P/Experian Consumer Credit Default Indices are published on the third Tuesday of each month at 9:00 am ET. They are constructed to track the default experience of consumer balances in four key loan categories: auto, bankcard, first mortgage lien and second mortgage lien. The Indices are calculated based on data extracted from Experian's consumer credit database. This database is populated with individual consumer loan and payment data submitted by lenders to Experian every month. Experian's base of data contributors includes leading banks and mortgage companies, and covers approximately $11 trillion in outstanding loans sourced from 11,500 lenders.

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