The number of borrowers with loans under their names and on their credit scores has dropped significantly over the past several years, according to a CBS News analysis of Federal Reserve data.
The number is down to 6.7 million borrowers nationwide, down from 9.7 percent in 2014, the report said.
The report is based on data from the Federal Reserve’s Survey of Consumer Finances and Consumer Financial Protection Bureau, which tracks personal loan debt.
For borrowers who had loans under the names of their parents or siblings, the numbers dropped by more than 40 percent.
The drop in loans has come at a time when student debt is on the rise.
About 12 million Americans now owe more than $1 trillion on student loans.
In addition, some borrowers are in arrears on their loans.
Last year, more than 70 percent of borrowers who defaulted on their student loans were in arres.
The report said the number of borrower names with defaulted loans was down from 7.2 million in 2014 to 5.8 million.
But the number had fallen by more more than 60 percent from the peak in 2012.
The average number of defaulted borrower names dropped by nearly 40 percent over that period.
The number of loan names on the credit scores of borrowers nationwide was down significantly in 2014 from 9 percent in 2012, the CBS News report said, citing data from Experian, which compiles and distributes data for personal loan companies.
For example, in 2014 and 2015, borrowers with loan names such as “Pablo” and “Tina” had credit scores averaging 0.8, according the CBS report.
But this year, borrowers were on average 0.7 for “Papa,” 0.9 for “Tin,” and 0.6 for “Mohela.”