Credit Scores of Americans Fall for the First Time in 10 Years: FICO

Published on March 8, 2024

The average credit score of Americans declined for the first time in a decade, with the number of missed borrower payments and consumer debt levels rising, according to credit scoring firm FICO. A FICO score is used by many U.S. lenders to assess a prospective borrower’s credit risk. As of October 2023, the national average FICO score was at 717, which is one point lower than October 2022 and “reflects the first time the metric has decreased in a decade,” FICO said in a blog post on March 6. “Given that the FICO score is a lagging, not leading, economic indicator, this suggests that the effects of high interest rates and persistent inflation may be starting to weigh on consumers, especially those already struggling to manage their finances.”...

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