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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 Statistics Data
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 report 39 %
Percent who have checked their credit within the past 12 months 35 %
Percent of American adults who admit they do not know their credit score 37 %
Percent of undergraduate college students who have no credit history 2 %
Average number of credit obligations each consumer has on record at a credit bureau 13
Average length of a consumers oldest credit obligation 14 years
Percent of consumers who have a credit history shorter than 5 years 5 %
Credit Score Factors Percent Factor
Payment history, late payments 35 %
Credit utilization, ratio of current revolving debt 30 %
Length of credit history 15 %
Types of credit used, installment, revolving, consumer finance, mortgage 10 %
Recent credit inquiries 10 %
Average Credit Score By Age (FICO) Data
18 – 24 643
25 – 34 651
35 – 44 644
45 – 54 660
55 + 693
States with the highest average credit score (FICO) Avg Score
Wisconsin 681
Hawaii 681
Massachusetts 677
New Jersey 676
Minnesota 674
Washington 671
Connecticut 671
New York 669
Vermont 668
Colorado 664
New Hampshire 663
States with the lowest average credit score (FICO) Avg Score
Mississippi 618
Louisiana 625
Arkansas 628
Alabama 629
South Carolina 629
Kentucky 632
West Virginia 633
Nevada 638
South Carolina 639
Texas 639
Indiana 642
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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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