NEW YORK -

While the composite reading might be in the midst of rising for three consecutive months, the auto portion of the S&P/Experian Consumer Credit Default Indices posted a decrease to begin 2020.

On Tuesday, S&P Dow Jones Indices and Experian released data through January, and analysts found the auto-finance default rate dropped 3 basis points on a sequential comparison to settle at 0.99%. The decline left the auto default rate below 1% for the first time since August when it was 0.98%

And how did 2019 start for the auto space? The auto-default rate last January was exactly the same at 0.99%. The readings to begin 2018, 2017 and 2016 all came in above 1% as analysts pegged them at 1.07%, 1.06% and 1.04%, respectively.

As for that previously mentioned composite rate — a comprehensive measure of changes in consumer credit defaults — S&P Dow Jones Indices and Experian watched it rise 6 basis points to 1.02%. Analysts acknowledge the composite rate now stands at its highest level since March 2015.

S&P Dow Jones Indices and Experian went on to mention the bank card default rate jumped 33 basis points to 3.28%, while the first mortgage default rate moved 4 basis points higher to 0.84%.

Next, analysts turned to the five largest major metropolitan areas they track for their monthly updates. S&P Dow Jones Indices and Experian noticed four of those five cities posted default rises in January on a sequential basis.

Dallas posted the largest increase, climbing 9 basis points to 1.07%. Chicago came in right behind with an increase of 8 basis points to 1.17%. Miami wasn’t far off the pace, either, with an uptick of seven basis points higher at 1.77%, as Los Angeles rose 6 basis points to 0.86%.

Analysts pointed out New York was the only cities of these five that saw defaults decrease as the Big Apple’s rate dipped 2 basis points to 1.07%.

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.