NEW YORK -

The noticeable upturn in defaults finance companies might be used to seeing from July into August unfolded again this year, according to the S&P/Experian Consumer Credit Default Indices.

Data through August from S&P Dow Jones Indices and Experian showed the auto loan default rate climbed 9 basis points to 0.98%, mimicking a track that analysts have seen several times during this segment of the year.

After remaining steady last year, S&P and Experian reported the July to August upward movement in 2017 was 10 basis points after coming in at 8 basis points in 2016. The rise during this stretch in 2015 was just 4 basis points. But in 2014, it was also was 8 basis points.

The latest increase in auto defaults helped to push the composite rate to a repeat of the highest point of 2019.

That composite rate, which represents a comprehensive measure of changes in consumer credit defaults, jumped 7 basis points to 0.92%. Analysts pegged the reading at that figure in February and March, as well. However, S&P and Experian data indicated that the composite figure has stayed below 1% each month since March 2015.

Elsewhere in the August data, analysts said the bank card default rate fell 4 basis points to 3.73%, while the first mortgage default rate increased 7 basis points to 0.69%.

Meanwhile, S&P and Experian noticed four of the major metropolitan areas they track for this report showed higher default rates in August compared to July.

Chicago and Dallas posted the largest increase, each rising 10 basis points, to 1.05% and 0.93% respectively.

The default rate for New York climbed 5 basis points to 0.94%, while the rate for Los Angeles edged up 3 basis points to 0.77%.

Miami was the only metro area of the top five with a decrease in default rates as analysts spotted a 6-basis point drop to 1.28%.

Jointly developed by S&P Indices and Experian, analysts noted the S&P/Experian Consumer Credit Default Indices are published monthly with the intent to accurately 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.