Experian ranks U.S. metro areas by credit score.
The credit scores were compiled from the Experian National Score Index, which is based on a nationwide sampling of 3 million consumer profiles. The index is formulated using Experian's consumer credit score model, called the PLUS Score. PLUS Score is a numeric representation of financial behavior based on information found in a credit report. It ranges from 330 to 830, with a higher score indicating a lower credit risk.
According to the index, Minneapolis is ranked the No. 1 metropolitan area for low credit risk with a score of 707, followed by Boston (705), Washington, D.C. (693), Seattle (691) and Cleveland (690). Philadelphia and New York tied for sixth place with scores of 688; followed by San Francisco (686); Chicago (680); Sacramento (676); Denver, Tampa and Detroit (675); Miami (672); Orlando (671); Atlanta (670); Los Angeles (667); Phoenix (660); Houston (655); and Dallas (653).
"The average credit score for the United States 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, Experian's vice president of consulting and analytics. "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."
According to Experian, the New England region has the best average credit score (699), followed by the West North Central region (695), Middle Atlantic region (690), East North Central region (684), East South Central region (677), South Atlantic region (675), Pacific region (674), Mountain region (670) and West South Central region (656).
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|Title Annotation:||Business Alert|
|Article Type:||Brief Article|
|Date:||May 1, 2004|
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