FICO is releasing new figures that show the average consumer credit score now sits at 711, that's five points higher than the average score a year ago.
It's an unexpected side effect on personal finance during the pandemic.
As covid?
"*19 continues to impact the u?
"*s economy... the average consumer credit score has actually gone up.
Kimt news three's anthony monzon is live in downtown rochester with more on what fico is reporting.
Anthony?
Katie... george... fico is releasing new figures that show the average consumer credit score now sits at 711.
That's five points higher than the average score just a year ago.
The data analytics company says scores have likely not shown any covid?
"*19 related strain yet because of significant steps taken by the government and private sector... including stimulus payments and accommodatio ns granted to lenders.
Experts also say debt levels have decreased... which could be a result of fewer opportunities for discretionary spending.
However fico says many u?
"*s consumers are feeling the impact of covid?
"*19... which s something we heard in our conversations with people in downtown <"in the business i'm in, it's made things a lot more challenging, just from top to bottom, from business to your own wallet.
Obviously you have to crunch a lot more, you just have to be much more cognizant of every single dollar.
"i haven't been affected financially by this, but that's because i'm older, i wasn't working anyway, i'm retired, and, you know, i'm fortunate.
But yeah, i'm surprised that there's not more in the paper about suffering because people have to be suffering."
> it's also important to note that fico itself says these numbers are not an indicator of where the economy is headed... and in fact... there is a lag between major macroeconomi c events and their effect on credit scores.
Live in rochester... anthony monzon... thanks anthony.
According to fico ?
"* during the great recession of 2008 to mid 2009... the average national fico score didn't hit its lowest point until late 2009... well
While the economy plunged during the coronavirus pandemic, credit scores reached record highs.
In July, the average credit score was 711, according to Business Insider.
This is compared to a reading of 708 in April,..