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Working Paper
Consumer Bankruptcy, Mortgage Default and Labor Supply
Li, Wenli; Meghir, Costas; Oswald, Florian (2022-08-30)
We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks, education specific productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic institutional framework in the U.S. as implied by Chapter 7 and Chapter 13. The model is estimated using micro data on credit reports and mortgages combined with data from the American Community Survey. We use the model to understand the ...
Working Papers , Paper 22-26

Working Paper
The Economics of Debt Collection: Enforcement of Consumer Credit Contracts
Hunt, Robert M.; Fedaseyeu, Viktar (2018-01-29)
Creditors often outsource the task of obtaining repayment from defaulting borrowers to third-party debt collectors. We argue that by hiring third-party debt collectors, creditors can avoid competing in terms of their debt collection practices. This explanation fits several empirical facts about third-party debt collection and is consistent with the evidence that third-party debt collectors use harsher debt collection practices than original creditors. Our model shows that the impact of third-party debt collectors on consumer welfare depends on the riskiness of the pool of borrowers and ...
Working Papers , Paper 18-4

Discussion Paper
A tale of two vintages: credit limit management before and after the CARD act and Great Recession
Santucci, Lawrence (2015-02-18)
This paper uses tradeline-level credit card data to examine initial credit limits and early credit limit increases before and after the Great Recession and implementation of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (the CARD Act). I compare two vintages of credit card accounts, those opened in 2005 and 2011; I also follow each vintage for more than two years after the account opening. In general, I find that significantly less credit was extended to approved credit card applicants in 2011 than in 2005. Accounts in the 2011 vintage started out with lower ...
Consumer Finance Institute discussion papers , Paper 15-1

Working Paper
Defining Households That Are Underserved in Digital Payment Services
Greene, Claire; Hayashi, Fumiko; Lloro, Alicia; Shy, Oz; Stavins, Joanna; Toh, Ying Lei (2024-09-01)
US households that lack digital means of making and receiving payments cannot participate fully in an increasingly digitized economy. Assessing the scope of this problem and addressing it requires a definition of households that are underserved in digital payments. Traditional definitions of households underserved in the banking system—those that are unbanked and those that are underbanked—do not account for the ownership of nonbank transaction accounts that can be used to make and receive digital payments. In this paper, we define households underserved in digital payments by considering ...
Working Papers , Paper 24-10

Discussion Paper
Deconstructing Mechanic’s Liens
Lambie-Hanson, Lauren; Santucci, Larry; Rentezelas, Jeanne (2020-08-01)
In this paper, we examine a new data set composed of mechanic’s lien complaints filed in the First Judicial District of Pennsylvania (Philadelphia County). Over a 10-year period, 426 mechanic’s liens were filed against 398 single-family properties, which is less than 0.1 percent of single-family properties in Philadelphia. The lien properties in our data set tend to be more expensive, newer, and larger than non-lien properties. About 80 percent of mechanic’s liens are filed by general contractors, with the remainder pursued by a subcontractor. Notably, a 2014 change in Pennsylvania law ...
Consumer Finance Institute discussion papers , Paper DP 20-04

Working Paper
IDENTITY THEFT AS A TEACHABLE MOMENT
Blascak, Nathan; Vogan, Michael; Mikhed, Vyacheslav; Cheney, Julia S.; Ritter, Dubravka; Hunt, Robert M. (2016-10-24)
SUPERCEDES 14-28. This paper examines how a negative shock to the security of personal finances due to severe identity theft changes consumer credit behavior. Using a unique data set of linked consumer credit data and alerts indicating identity theft, we show that the immediate effects of fraud on consumers are typically negative, small, and transitory. After those immediate effects fade, identity theft victims experience persistent, positive changes in credit characteristics, including improved risk scores (indicating lower default risk). We argue that these changes are consistent with ...
Working Papers , Paper 16-27

Working Paper
Debt collection agencies and the supply of consumer credit
Fedaseyeu, Viktar (2015-06-19)
Supersedes Working Paper 13-38/R. The activities of third-party debt collectors affect millions of borrowers. However, relatively little is known about their impact on consumer credit. To study this issue, I investigate whether state debt collection laws affect the ability of third-party debt collectors to recover delinquent debts and if this, in turn, affects the amount of credit being provided. This paper constructs, from state statutes and session laws, a state-level index of debt collection restrictions and uses changes in this index over time to estimate the impact of debt collection ...
Working Papers , Paper 15-23

Working Paper
Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws
Collins, J. Michael; Larrimore, Jeff; Urban, Carly (2021-11-19)
Banking the unbanked is a common policy goal, but should this include access to bank accounts for minors? This study estimates how teenagers' access to bank accounts affects their financial development. Using variation in state laws, we show policies that permit access to independently-owned accounts increase account ownership at age 16 through age 19, although by age 24 those young adults are banked at similar rates to teens who grew up in states that do not allow minors to own accounts independently. Teens who had access to independently-owned accounts use fewer high-cost alternative ...
Finance and Economics Discussion Series , Paper 2021-075

Discussion Paper
How Does Buy Now, Pay Later Affect Customers’ Credit?
Doubinko, Valeria Zeballos; Akana, Tom (2023-09-29)
This paper explores the relationship between consumers’ use of buy now, pay later (BNPL) and their credit reports. We conduct this analysis to evaluate concerns that BNPL use could negatively affect consumers’ financial health.
Consumer Finance Institute discussion papers , Paper DP23-01

Working Paper
New Evidence on an Old Unanswered Question : Why Some Borrowers Purchase Credit Insurance and Other Debt Protection and Some Do Not
Elliehausen, Gregory E.; Durkin, Thomas A. (2017-12-18)
Credit related insurance and other debt protection are products sold in conjunction with credit that extinguish a consumer?s debt or suspends its periodic payments if events like death, disability, or involuntary unemployment occur. High penetration rates observed in the 1950s and 1960s raised concerns about coercion in the sale of credit insurance. This study presents evidence on credit insurance purchase and debt protection decisions from a new survey. The findings provide little evidence of widespread or systematic coercion in purchases. Instead, findings suggest that risk aversion and ...
Finance and Economics Discussion Series , Paper 2017-122

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