Consumer credit default rates dropped in Chicago in January on a monthly and year-over-year basis, according to data released Tuesday by Standard & Poor’s and Experian.

The two firms track default rates across lines of consumer credit such as first and second mortgages, bank cards and auto loans. Chicago is one of five major cities that the S&P/Experian index breaks out separately. In Chicago, the January default rate was 2.74 percent, a decline of 42 percent from January 2010 and down 12 percent from December 2010. Get the full story »