Average FICO Scores Steady at 716

By Staff Writer September 08, 2022 150

New analysis from FICO, an analytics software firm, shows that the national average FICO Score currently sits at 716, the same as it was a year ago.

FICO Scores are dynamic and evolve as changes in consumer behavior are reflected in the underlying credit bureau data housed and managed by the three primary U.S. consumer reporting agencies. Each year, FICO provides insight into the national average FICO Score to help ensure that consumers and lenders have a benchmark measure of the current credit health standing. Now, 2022 marks the first time the average FICO Score did not increase in recent years, likely driven in part by the significant uptick in average FICO Score that was observed over theย first 12 months of the pandemic.

The leveling off of the average FICO Score this year has been accompanied by modest degradation in key metrics considered by the Score: a small uptick in missed payments, slightly elevated consumer debt levels, and an increased rate in consumers obtaining new credit.

Rate this item
(0 votes)
Last modified on Thursday, 08 September 2022 02:20