Credit Score Statistics

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Statistic Verification
Source: FINRA Investor Education Foundation, Sallie Mae, TransUnion, Experion, U.S. Department of Housing
Research Date: 7.8.2014
A credit score is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
Credit Score StatisticsData
National average credit score (FICO 300 – 850)691
National average credit score (VantageScore 501 – 990)749
Percent of people who have obtained a copy of their credit report39 %
Percent who have checked their credit within the past 12 months35 %
Percent of American adults who admit they do not know their credit score37 %
Percent of undergraduate college students who have no credit history2 %
Average number of credit obligations each consumer has on record at a credit bureau13
Average length of a consumers oldest credit obligation14 years
Percent of consumers who have a credit history shorter than 5 years5 %
Credit Score FactorsPercent Factor
Payment history, late payments35 %
Credit utilization, ratio of current revolving debt30 %
Length of credit history15 %
Types of credit used, installment, revolving, consumer finance, mortgage10 %
Recent credit inquiries10 %
Average Credit Score By Age (FICO)Data
18 – 24643
25 – 34651
35 – 44644
45 – 54660
55 +693
States with the highest average credit score (FICO)Avg Score
Wisconsin681
Hawaii681
Massachusetts677
New Jersey676
Minnesota674
Washington671
Connecticut671
New York669
Vermont668
Colorado664
New Hampshire663
States with the lowest average credit score (FICO)Avg Score
Mississippi618
Louisiana625
Arkansas628
Alabama629
South Carolina629
Kentucky632
West Virginia633
Nevada638
South Carolina639
Texas639
Indiana642
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Statistic Sources & References
Source: Statistic Brain Research Institute (Online / Direct Response Mail)
Content Author: Statistic Brain

Date research was conducted: September 3, 2016

Credit Score Statistics

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