Banks, Us:Efx, Us:Tru, Us:Expgy

Banks, Us:Efx

One reason Americans’ FICO scores keep getting higher (that has nothing to do with jobs or the economy)

The average FICO score has reached 706 -- a new high.

12.9.2019

The average FICO score has reached 706 -- a new high.

The score provided by FICO, named for the Fair Isaac Corporation, is widely used as a measure of a person’s creditworthiness.

There appear to be two key economic drivers contributing to these steadily rising scores, Ethan Dornhelm, vice president of FICO scores and predictive analytics, told MarketWatch in an email. One is a “stable and growing economy driving low unemployment, higher wages, and greater financial health,” he said.

Dornhelm cited the National Consumer Assistance Plan, an effort led by Equifax EFX, +0.81% , TransUnion TRU, -0.98% and Experian EXPGY, +0.56% to make credit scores more accurate, in part by removing data such as medical debts.

“Not only are account-level delinquencies down by double-digit percentages relative to 2009, but other key factors such as credit-seeking activity and the ratio of balances to credit limits on card accounts are substantially improved as well,” Dornhelm added.

Millennials, who are now between the ages of 23 and 38, have had less time to build up a solid credit history, so they tend to have lower credit scores on average than their older counterparts. Millennials’ average FICO score in the fourth quarter of 2018 was 665, according to Experian, compared to baby boomers’ 732 and the silent generation’s 756.

Read more: MarketWatch

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