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Americans’ credit scores are falling. That hasn’t happened in a decade

Americans’ credit scores are falling. That hasn’t happened in a decade

CNN
Thursday, March 7, 2024 7:32 PM GMT

Even as unemployment remains historically low and recession fears fade, consumer credit scores are starting to buckle.

Even as unemployment remains historically low and recession fears fade, consumer credit scores are starting to buckle. The national average FICO score dipped to 717 as of October, down from 718 in July, according to data released Wednesday by FICO, an analytics company that evaluates the strength of borrowers. Although FICO scores remain near record highs — and well above pre-pandemic levels — this marks the first drop in a decade. It’s another sign that at least some Americans are feeling financial stress. The cost of living remains high and the Federal Reserve’s inflation-fighting medicine — high interest rates — is adding to the pressure. “The effects of high interest rates and persistent inflation may be starting to weigh on consumers, especially those already struggling to manage their finances,” Can Arkali, FICO’s senior director of scores and predictive analytics, wrote in the report. FICO said the one-point drop in credit scores in late 2023 was driven by an increase in Americans missing payments and also by rising debt levels.

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