However, the number of consumers with scores between 700 and 799 hasn't improved in the same manner. The report states 15.5% of U.S. residents have scores in this range, which is the lowest the figure has been since FICO Labs began recording the statistic in 2005.
Additionally, the report found that nearly one-third of the country's consumers have FICO scores between 550 and 699-the most amount of people with a score in this range since 2006.
According to FICO, this data likely denotes there are still a considerable number of Americans in poor or average financial standing.
"Many consumers have moved into the top tier of the FICO Score range by redoubling their efforts to maintain an excellent credit profile," said Bell. "Other people have fallen into lower tiers, most likely due to the financial stress that many households have been feeling. Despite this shift, we continue to observe more than half of FICO Scores in the U.S. are between 700 – 850, which means Americans have managed their credit well despite the economic downturn."
One facet of the report that stands out, according to Bell, is the percentage of consumers with FICO scores in the 300-549 range-nearly 15%. This is the lowest the figure has been since 2006. The reason for the reduced figure, Bell notes, is due to many lenders writing off a substantial amount of bad debt.
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