The credit rating of the average American is improving.
The average credit rating for U.S. consumers hit 718 in April, according to FICO, a data analytics company focused on credit scoring services. That's up from 716 in October.
Matt Schulz, Chief Credit Analyst for Lending Tree in Austin, Texas tells the Noon Business Hour that it's a remarkable improvement.
"Honestly, it's been pretty amazing to watch the credit scores continue to rise through what's been a chaotic time economically over the last couple of years."
He said many Americans used their COVID stimulus money to set up savings accounts and to pay off debt.
"Awful lot of them also used it to pay down credit card debt and other high interest debt," Schulz added.
Follow KNX News 97.1 FM
Twitter | Facebook | Instagram | TikTok