March 2026 Consumer Unsecured Performance: Broad-Based Improvement Returns

dv01’s latest Consumer Unsecured Performance report shows March was the first month in 2026 where all major metrics exceeded seasonally adjusted comps, with cure and made payment rates rebounding meaningfully.

This month’s report also introduces a new Multi-Attribute Performance section that helps isolate the individual impact of Grade, FICO, and Income through more tightly controlled analysis.

What the Data Shows: Improvement Returns, and the New Section Adds Important Context

• Broad-based outperformance: All key metrics exceeded seasonally adjusted comps for the first time this year, even if the magnitude of improvement was more modest than in 2025 due to tougher comparisons.

• Cure and payment behavior rebounded sharply: Cure rates rose 100 bps MoM and Made Payment rates rose 200 bps MoM, supporting the view that January and February were more of a retracement after December’s surge than a change in trend.

• The new Multi-Attribute Performance section sharpens the takeaway: By controlling for overlapping variables like Grade, FICO, and income, the report shows that Grade remains the strongest performance indicator. Middle Grade performance gaps across FICO ranges have narrowed materially, with no differences in charge-offs across FICO buckets since 2025.

What We’re Watching: Performance Still Strong, but Key Questions Remain

• Whether aggregate outperformance begins to fade later in the year as the weaker 2024-Q4 through 2025-Q2 vintages become more visible in headline data

• How long Impairment Net Charge-offs can sustain their record-setting pace of improvement

• Whether income starts to matter more in 2026, despite showing only modest impact on a Grade-controlled basis so far