Experian’s State of Credit Study Provides U.S. Credit Report Card: Sixth annual analysis shows national credit score is up, lending is increasing and late payments are down
Experian® released key findings from its sixth annual State of Credit study which provides national insights, ranks top and bottom cities, and introduces a new element, of political preference of ranked cities. The report shows that the national credit score increased by three points over the last year (and by five points since 2013) and the 10 cities with the highest credit scores in the nation increased their scores by an average of 1.8 points. Additionally, bankcards, retail cards and mortgage lending showed significant growth, making this year’s study an indicator of the nation’s confidence in the credit market.
Detailed study highlights include the following changes over the last year:
- The national VantageScore® credit score1 is up by three points, from 666 to 669.
- Bankcard lending continues to increase, with new bankcards up 7.7 percent.
- The average number of bankcards per consumer is up 2.8 percent to 2.24 cards.
- Retail card lending also is on the rise, with a 10.8 percent increase in new originations.
- The average number of retail cards per consumer is up 0.3 percent to 1.55 cards from last year and up by 7 percent since 2013.
- Instances of late payments (includes bankcard and retail) decreased by 4.4 percent over the last year and by 17.3 percent since the height of the recession in 2010.
- Average debt2 is up 2.1 percent to $29,093 per consumer.
- Mortgage originations increased by 42.5 percent.
This study also provides an in-depth look at more than 100 metropolitan statistical areas (MSAs) across the country and compares average credit scores to see how these cities are faring. As in previous years, Minnesota continues to top the charts with three of its cities — Mankato. A number of cities in the South are at the bottom of the chart. To read the full report click on the link below.
Source: Experian Press Release
