Credit Scores by Geographic Regions
 
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Credit Scores by Geographic Regions
Is your Zip Code doing something to you or for you
when it comes to your credit worthiness?

San Diego, CA. Could it be that someday lender's will set their interest rates based on the average credit scores of the people living within a certain Zip Code or major metropolitan areas? The answer is yes, it is very possible because Experian, one of the three major credit reporting agencies in the country has scored the nation's top 20 metropolitan areas, based on the average credit scores of the people who live there.

Credit scoring has changed the credit industry dramatically. And now, the new FACTA requires that they be revealed to the consumer on request, however, an as yet unknown fee will be charged.

Experian's rankings of the 20 major U.S. metropolitan areas by credit score, revealed more than half are below the national credit score average of 678. Credit scores can range from 330 to 830 with a higher score indicating a lower credit risk.

Average consumer credit scores for 20 major U.S. metropolitan areas, according to Experian's National Score Index, which is based upon a nationwide sampling of three million consumer profiles. The Index is formulated using Experian's consumer credit score model, called the PLUS Score. The metro areas are:

Minneapolis 707
Boston 705
Washington, D.C. 693
Seattle 691
Cleveland 690
Philadelphia 688
New York 688
San Francisco 686
Chicago 680
Sacramento 676
Denver 675
Tampa 675
Detroit 675
Miami 672
Orlando 671
Atlanta 670
Los Angeles 667
Phoenix 660
Houston 655
Dallas 653

"The average credit score for the U.S. is 678, so residents in the Minneapolis and Boston areas are doing a far better job of managing their credit compared to the rest of the nation," said Charles Chung, vice president of consulting and analytics for Experian. "These residents typically have high credit debt, but use that credit wisely. They also have fewer late payments and don't max out their credit cards,' Chung added."

Experian says its National Score Index gives consumers a gauge to help them understand how creditworthy
they are relative to other American consumers. Further, consumers can learn how their geographic region measures up against other regions of the country, and how their credit score affects their ability to obtain the
best interest rates and most beneficial loan terms.

The ICFE wants consumers to understand if you have accessed more that 50 percent of your available credit limits on credit cards, your credit score will suffer. The greater the amount of the credit line that is used, the lower the credit score will go.

For more information about credit scores: www.myfico.com.

 

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

About the ICFE:

The Institute of Consumer Financial Education (ICFE), founded in 1982 by the late Loren Dunton (creator of the 'certified financial planner' (CFP) designation) and it is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. The ICFE trains and certifies Personal Finance Instructors for its own curriculum. It also trains and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.

The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, now in its 16th printing and has distributed over one million 'Credit/Debit Card Warning Labels' and 'Credit/Debit Card Sleeves' world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.

The ICFE is also a partner in the national Jump$tart Coalition for Financial Literacy and the California Jump$tart chapter. The ICFE staff is also active with San Diego Saves, an offshoot of America Saves, and the California Student Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).

The ICFE's on-line help for consumers who spend too much was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from 'The Money Instruction Book,' a course in personal finance, positioned to become among the premier programs in the new bankruptcy and debtor education initiatives.

The ICFE Web site at: www.financial-education-icfe.org helps consumers with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and videos and how to teach children about money. Other ICFE services include a free eNews, and an online resource center of financial education learning tools, including videos, books, software and personal finance courses.

 
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