New analysis from global analytics software leader, FICO (NYSE: FICO), shows that the national average U.S. FICO® Score currently sits at 717. This is one point lower than a year ago and the same as when FICO last reported on it earlier this year.
FICO® Scores are used by 90% of the top U.S. lenders and serve as the trusted, independent benchmark for assessing consumer credit risk. FICO Scores are dynamic and evolve as shifts in borrower behavior are reflected in the data maintained by the three primary U.S. consumer reporting agencies. FICO consistently releases the average U.S. FICO Score, which serves as an indicator of credit health for consumers nationwide.
Key factors impacting the average U.S. FICO® Score in 2024:
- Missed payments continue to rise: As of April 2024, just over 18% of the population had a past-due payment on one or more credit accounts in the last year. This is up by 5% in relative terms compared to April 2023.
- Consumer debt continues to trend higher than pre-pandemic levels: As of April 2024, the average credit card utilization grew to 35%. This is up by 3% in relative terms compared to April 2023, and by 6% in relative terms compared to April 2020.
- New credit activity continues to slow down: As of April 2024, 44% of the population had opened at least one new credit account in the prior 12 months. This is down from 45.5% as of April 2023.
“Understanding the average FICO Score is essential for gaining a comprehensive view of consumer credit health,” said Can Arkali, senior director of Scores and Predictive Analytics at FICO. “We remain focused on tracking developing credit risk patterns to understand how consumers are adjusting to the current economic landscape. Our latest analysis shows that factors such as high interest rates and consumer prices are adding pressure to household finances as evidenced by continued increases in missed borrower payments and consumer debt levels.”
Full analysis on the average U.S. FICO® Score is available here: Average U.S. FICO® Score stays at 717 even as consumers are faced with economic uncertainty.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241009477979/en/
The national average U.S. FICO® Score currently sits at 717. This is one point lower than a year ago and the same as when FICO last reported on it earlier this year.
Contacts
Julie Huang
press@fico.com
