Credit Score Averages In The U.S.

On 12.31.09, In Business Related, by WCF

I just returned from Philadelphia in the great state of pennsylvania and it got me thinking about the credit crunch situation and everything. Are you wondering how your credit report rating compares that of other Americans? Here are some interesting facts taken from CreditCards.com’s statistics.
From the third quarter in 2008 to the first quarter of 2009, the average TransUnion credit score decreased 6 points to 651. According to the April 2009 issue of USA Today, Scores decreased further in some of the economically hardest hit states, such as Arizona, which fell 11%, and California, which fell 10 points.
The U.S. average according to VantageScore® is 769. According to Experian marketing insight snapshot, March 2009, the average score rises to 837 when looking only at the 60-plus crowed.
According to Fair Isaac: “Those agencies [Fannie Mae and Freddie Mac], which buy mortgages from banks and resell them to investors, have indicated to lenders that any consumer with a FICO score above 620 is good while consumers with a credit score below 620 should result in further inquiry from the lender, Watts said. This is why it is important to obtain your credit report to see your rating so that you can act upon it….. Once you get into the upper echelon of FICO scores — in the high 700s — lenders don’t care how high your score is or isn’t, Watts said,” from Knight Ridder And if you need a philadelphia credit report then I can suggest this firm. They specialize in both consumer credit counseling as well as providing your said credit report.
By the way, Freddie Mac says that 770 equals an A+.
SmartMoney.com’s site says that, “The very best rates go to people with scores above 770, but a score of 700 is considered good (the average score is somewhere around 725), says Craig Watts, Fair Isaac’s spokesperson.”
Nearly 75% of American adults — or 144 million people — have not ordered a copy of their credit report or score and report in the past year. The number is almost three-quarters of Hispanic Americans, according to the National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009.