The infrequent occurrence of overfitting in deep neural networks is perplexing: contrary to theoretical expectations, increasing model size often enhances performance in practice. But what if overfitting does occur, though restricted to specific sub-regions of the data space? In this work, we propose a novel score that captures the forgetting rate of deep models on validation data. We posit that this score quantifies local overfitting: a decline in performance confined to certain regions of the data space. We then show empirically that local overfitting occurs regardless of the presence of traditional overfitting. Using the framework of deep over-parametrized linear models, we offer a certain theoretical characterization of forgotten knowledge, and show that it correlates with knowledge forgotten by real deep models. Finally, we devise a new ensemble method that aims to recover forgotten knowledge, relying solely on the training history of a single network. When combined with self-distillation, this method enhances the performance of any trained model without adding inference costs. Extensive empirical evaluations demonstrate the efficacy of our method across multiple datasets, contemporary neural network architectures, and training protocols.