Americas Business and Information Services April Credit Trends

US consumer credit remains stable, though subprime delinquency trends continue to deteriorate. Goldman Sachs favors FICO over peers due to its dominant competitive position and pricing power.

Key Takeaways

• 1.US consumer credit trends remained broadly steady in April despite macro uncertainty, though subprime credit deterioration persists.
• 2.Fair Isaac (FICO) is the preferred credit bureau stock due to its competitive moat, pricing power, and upcoming DLP/10T score catalysts.
• 3.Credit bureaus Equifax and TransUnion face challenges including macro/geopolitical risks and margin pressure from FICO's new pricing.

Table of Contents

• Overview of US Consumer Credit Trends
• US Mortgage and Housing Trends
• US Credit Card Trends
• US Personal Loan Trends
• US Auto Loan Trends
• Investment Conclusions
• Valuation and Risks