Experian Report Finds Americans End Decade With Average Credit Score of 682

Last week, Experian released key findings from its annual State of Credit Report, which highlighted trends in credit and spending behaviors in advance of the new year. Included in these findings is that the average credit score for consumers reached an eight-year high of 682. This represents a two point increase year-over year.

“We’re seeing a promising trend in terms of how Americans are managing their credit as we head into a new decade with average credit scores increasing two points since 2018 to 682—the highest we’ve seen since 2011,” said Shannon Lois, Experian’s head of analytics, consulting, and operations in a press release. “Average credit card balances and debt are up year over year, yet utilization rates remain consistent at 30 percent, indicating consumers are using credit as a financial tool and managing their debts responsibly.”

Other findings in the report include that the average number of credit cards was only slightly higher than in 2018, ticking up to 3.07 from 3.04. The average amount of credit card balances was also only slightly higher, coming in at $6,629 in 2019 over $6,506 in 2018. The average revolving utilization was unchanged from both 2017 and 2018, coming in at 30 percent.

Average delinquency rates were also virtually unchanged, with 3.9 percent of consumers having delinquencies 30 days past due in both 2018 and 2019, 1.9 percent having delinquencies 60 days past due in both years, and 6.8 percent having delinquencies 90-180 days past due in 2019, slightly up from 6.7 percent in 2018.

“Understanding the factors that influence their overall credit profile can help consumers improve and maintain their financial health,” said Rod Griffin, Experian’s director of consumer education and awareness. “Credit can be used as a financial tool. Through this report, we hope to provide insights that will help consumers make more informed decisions about credit use as we prepare to head into a new decade.”

The full report is available at https://www.experian.com/blogs/insights/2019/12/state-of-credit-2019/.