Consumption, Credit, and the Missing Young

There are more young adults today with either no credit history or insufficient to be scored by one of the major bureaus than there were before Great Recession—a reality that is likely an outcome Credit Card Accountability Responsibility and Disclosure (CARD) Act 2009–10. In regressions include a rich set controls, we show measures missing score in bureau data act as drag on state-level consumption growth. We demonstrate this effect driven people's loss access since legislation went into effect.