Experian’s National Score Index further finds 15 percent of consumers with
a PLUS Score(R) between 600 and 649 in January 2007 increased their score
by 50 to 100 points in June
IRVINE, Calif., Oct. 16 /PRNewswire/ — Three out of every 10 U.S.
consumers improved their credit score by up to 50 points in a six-month
period from January to June 2007, according to the latest National Score
Index(R) study by Experian Consumer Direct(SM), the leading provider of
online direct-to-consumer credit reports, scores and monitoring products.
"Consumers are faced with financial decisions on a regular basis that
can impact their credit score, and this study provides insight on how those
decisions can change their credit score over a short period of time," said
Ty Taylor, president of Experian Consumer Direct. "The current conditions
in the real estate market are an example of why it is important for
consumers to understand how practices such as maintaining low credit card
balances, paying bills on time and opening new credit accounts only as
needed can affect their credit score."
The Experian study also examined the movement of credit scores among
different score groups. The groups were based on 50-point increments from a
minimum of 400 to 449 to a maximum of 800 to 849. Twenty percent of
consumers with a credit score between 650 and 699 in January improved their
score to between 700 and 749 in June. Fourteen percent of consumers with a
credit score between 700 and 749 in January improved their score to between
750 and 799 in June.
Statewide, 33 percent of consumers in North Dakota, South Dakota, and
Vermont improved their credit score by up to 50 points from January to
June, leading the nation. The average credit score for consumers in North
Dakota is 716, in South Dakota it is 718, and in Vermont it is 713. For
additional survey results, visit Experian’s National Score Index Web site
The study also found that:
* 41 percent of the U.S. population showed no change in their credit
score from January to June 2007
* 2 percent of the U.S. population had their credit score improve by 51
to 100 points from January to June 2007, whereas 3 percent of U.S.
consumers saw their score drop 51 to 100 points during the same time
* Nationwide, 23 percent of consumers had their credit score drop up to
50 points from January to June 2007
Experian Consumer Direct empowers consumers by offering products and
information through Web sites such as http://www.FreeCreditReport.com to
help them proactively handle their personal finances conveniently and
securely online. Products include credit reports from all three national
credit reporting companies, credit scores with an explanation of positive
and negative factors that can affect a consumer’s credit score, and credit
monitoring products that provide daily monitoring of their Experian credit
report or all three national credit reports.