FICO Scores Hit Record High

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Posted To: MND NewsWire

Lesson learned? Whether they saw their credit decimated by the housing crisis and the Great Recession or merely watched loan standards tightened beyond their ability to qualify, Americans seem to have taken to heart the importance of their credit scores. The result, FICO says, is that consumer credit scores have reached a new high, an average of 704 points. Kenneth Harney, in an article for the Washington Post’s Writers’ Group, quotes FICO Vice President of Scores and Analytics Ethan Dornhelm that Americans are “making more judicious use of credit.” This means higher scores on the FICO model that weights them not only in terms of on-time payments but on the length of the credit history, the amount and type of credit a consumer has available, and how much of that available credit is being used…(read more)

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