What is the US Average Credit Score?

Whether you are a homebuyer, a business owner, or you simply want to know more about your financial health, knowing the average credit score in the US is a great way to start. The FICO(r) Score is the primary source of data, but other factors such as income, unemployment, and geographic location can also affect your credit score.

What is the US Average Credit Score?

The FICO(r) score measures a consumer’s overall creditworthiness. It consists of three main components: a credit history, a payment history, and an average credit utilization rate mortgage broker in knoxville tn. The first three factors are primarily based on a consumer’s credit history, while the fourth is based on a consumer’s current credit usage.

The average credit score in the US has improved over the past few years. While average credit scores are not always a reliable indicator of economic health, they are useful tools in assessing business opportunities and determining whether or not to move to a particular state.

Using the FICO(r) Score, the average credit score in the United States reached 706 in April 2019. However, in April 2010, the average FICO(r) score was at a low of 689. However, the score has continued to improve, with a slight dip seen around the Great Recession.

The average credit score in the US is higher in some parts of the country than in others. The Northeast and West North are home to the highest averages. The average credit score in the South dwindles slightly.

However, a consumer’s credit score can vary greatly depending on their age, location, and economic circumstances. Sometimes, a small payment history can affect an average credit score.