States with the highest and lowest credit scores

Despite the fact that Americans face many hurdles due to the coronavirus pandemic, consumers are said to be managing their credit properly, which is surprising.

According to Experian’s 12th Annual Credit Report, the average credit score in the United States rose seven points from 2020, to 695, the highest level in more than 13 years.

Many people were managing their credit quite effectively before the pandemic, according to the survey. Consumers appeared to be in a decent financial position even after the passage of the CARES (Coronavirus Aid, Relief, and Economic Security) law.

“We believe that credit education plays an important role in fostering financial inclusion and helping consumers reach their full potential,” said Alex Lintner, president of Experian Consumer Information Services.

The fact that many Americans were forced to stay at home at the start of the epidemic is also remarkable, resulting in record savings, reduction in unsecured and total debt, lower credit utilization rates. and fewer missed payments.

The first HOPE Financial Wellbeing Index was launched this year by Experian and Operation Hope, the nation’s largest nonprofit dedicated to improving financial literacy. The objective of the index is to draw attention to the average credit score in each state and locality.

States with the highest average credit scores

Minnesota – 726

Vermont – 719

New Hampshire – 718

Washington – 717

Massachusetts – 716

Here are the states with the lowest scores

Mississippi – 666

Louisiana – 669

Alabama – 672

Oklahoma – 672

Texas – 673

Comments are closed.