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TIL the average credit score in the US is now 715, which blew my mind
I was reading a report from Experian the other day and saw that number. It's way higher than I remember it being when I first got my card back in 2010. Makes me wonder if people are just getting better at managing credit or if the scoring models have changed. What do you think is driving that increase?
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jennifer83315d ago
Read an article that said credit card companies are just reporting more on-time payments now, even for small amounts. WadeW51 is right about the new rules helping, but I also heard they changed how they count medical debt. That stuff used to tank your score for years and now it falls off way faster. It feels like the whole system is shifting to be less punishing for normal mistakes.
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jennifer83315d ago
The FICO 10 model in 2020 started weighing personal loan debt differently, which helped a lot of scores. Lenders also got way more forgiving with payment reporting after the pandemic.
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