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Experian shows Utah’s subprime credit average falls lower than national average

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3/19/2019 – New data from consumer credit reporting company Experian shows fewer Americans have credit scores that fall into the subprime range (580-669) and Utah is below the national average. 

The study shows Utah, Colorado, Idaho, Michigan, and Oregon all tied with 4% year-over-year decrease in subprime users. All U.S. states saw the percentage of subprime consumers decline except Arkansas and Delaware, which stayed at the same percentage. 

Overall, 29 states had a lower percentage of subprime consumers than the national average. The most recent data from Experian shows 34.8 percent of consumers with a credit score fell into the subprime FICO Score range in the fourth quarter of 2018.  

Having a credit score between 580 and 669 means you have a fair credit score but present some risk to a lender. The higher your credit score the less likely you will default on a loan or pay a bill late.    

Understanding your credit scores help you learn more about your borrowing power and level of risk you present to a lender when it comes to paying back a loan or bill. According to Experian, the most important factors that go into your FICO Score is important: 

  • Most influential: Payment history on loans and credit cards
  • Highly influential: Total debt and amounts owed
  • Moderately influential: Length of credit history 
  • Less influential: New credit and credit mix (the different types of credit accounts you have)

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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