The average inquiry volume is down nearly 13% since March. In a typical year, inquiry volume holds steady, as shown in the 2019 data. Of course, 2020 is different. For the first three months, it was tracking similar to 2019, but in April, we saw a sharp drop by nearly 30% compared to last year.
Inquiry volume has recovered some since then, stabilizing at a new lower level (13% lower). Bank card and retail store card inquiries haven’t recovered yet — both experienced a 40% drop compared to 2019. We’ll continue to track these metrics to see if they climb back up to a normal level during the holiday season.