Credit Closes In on Pre-Crisis Benchmark, with Midwest Most Improved

Americans’ credit profiles have recovered extensively since the recession, with the average credit score now closing in on a pre-crisis benchmark.

According to Experian’s recently released State of Credit report, the average credit score in the U.S. is 673, six points shy of 679, the average in 2007. The tapering gap represents healthier conditions for housing, which is experiencing pent-up demand as creditworthiness continues to come up short of lender standards.

“We are seeing the positive effects of economic recovery, with the rise in income and low unemployment reflected in how Americans are managing their credit,” said Michele Raneri, vice president of Analytics and New Business Development at Experian in a statement on the report. “All credit indicators suggest consumers are not as ‘credit stressed.’ Credit card balances and average debt are up, while utilization rates remained consistent at 30 percent.”