COSTA MESA, Calif. – Overall consumer credit scores continue to decline, according to data released by the latest Experian-Oliver Wyman Market Intelligence Report.

The data show consumers continue to migrate to lower credit bands, with the number of consumers in the superprime grade, as measured by VantageScore, declining by 10% since Q3 2008. The report notes that due to the trend, subprime and deep subprime outstanding balances have grown by more than 33% in the past three years.

"Our analysis further indicated that while loan originations increased by 38% from Q4 2008 to Q1 2009, driven primarily by a mortgage refinancing wave, the increase was limited to the most creditworthy consumers," said Charles Chung, Experian's SVP-general manager of Decision Sciences. "In fact, originations actually declined for subprime and deep subprime consumers, a reflection of lenders' continued reduced appetite for credit risk."

The study, by Experian and New York-based Oliver Wyman, an international management consulting firm, further found lenders are continuing to manage their risk exposure by aggressively reducing credit lines on revolving loans such as bank cards. Over the last 12 months, bankcard credit lines have declined from $3.8 trillion to $3.1 trillion, a 17% decline.

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