The Latest Equifax Reports – Q1 2023 Highlights

The Equifax Consumer Credit Demand Index: Q1 2023

Rise in arrears clearly visible from consecutive rate hikes, most significantly for auto loans. Arrear rates for all portfolios rose against same quarter last year except for credit cards.

Consumers have turned back to credit cards whilst BNPL market consolidations continue.


·         Consumer Macro Credit Demand. Secured consumer credit demand reduced -11.1% (YoY 2022) Unsecured consumer credit demand up 7.5% (YoY 2022)

·         Credit card applications grew (+20.9% vs Q1 2022)

·         Personal loan applications up (+4.2% vs Q1 2022)

·         Buy now pay later applications declined (-2.4 % vs Q1 2022)

·         Auto loan applications reduced (-10.6% vs Q1 2022)

·         Mortgage applications declined (-11.1% vs Q1 2022)


The Equifax Quarterly Commercial Insights: Q1 2023

Business credit demand decreased year-on-year in 2023 Q1, with commercial enquiry volumes falling across all product types.


·         Overall Commercial Credit Demand reduced by -3.8% (vs Q1 2022).

·         Commercial enquiry volumes for all product types were reduced in Q1 2023, with Trade Credit decreasing the least -1.6% vs Q1 2022.

·         NSW Commercial demand declined for all product types over Q1 2023. All other states reported flat or positive demand volumes vs. Q1 2022.

·         Construction Industry had increased demand across all 3 product types, whilst other sectors reported mostly reduced demand in Q1 2023.

·         Insolvency rates at the total market level in Q1 2023 increased by 74% vs. same time last year.

·         Insolvencies in the construction sector for Q1 2023 increased by 94% vs. Q1 2022.


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