Average Credit Score Decline in 2021: A Detailed Analysis
Friday, 8 March 2024, 01:08
Key Points:
The average FICO credit score has declined for the first time since 2013. This drop is attributed to high interest rates and persistent inflation.
Implications:
Analysts are concerned about the financial well-being of consumers and the overall economy's recovery post-pandemic.
- Consumers are advised to monitor their credit scores regularly.
- Taking proactive steps to enhance financial stability is crucial amidst turbulent economic conditions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.