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Rising Credit Scores Across America

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Earlier this week FICO reported that the national credit score average has reached a new high, meaning delinquent payments have overall decreased. For the first time in a decade the national average FICO credit score is 695!

Fair Isaac Corporation states that approximately 20 percent of consumers have a credit score above 800.

FICO scored are calculated from credit reports, and generally range from 300 to 850. The New York Times believe the "rise in the average score is partly because of a drop in seriously delinquent accounts, since payment history is a major component of credit scores." Credit scored are important because banks and other lenders use credit scores to determine and approve loans for borrowers.

Analysts say the improvement in credit scored correlate with the flourishing real estate market.

John Ulzheimer, a credit expert said the wider availability of accessing credit scores in general could be another contributor to the higher scores. Consumers have the ability to be more informed and aware of their current finances and credit score.

Credit scores are a fundamental determining factors for many financial transactions, therefor tracking its changes is critical when looking to finance or apply for a loan.

Whatever the reason the report provides optimistic futures for consumers.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: New York Times | Your Money

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