The firm’s State of Credit report found that average consumer credit scores rose one point to 750, which the bureau rates as the equivalent of a “C” letter grade, Melodika.net reports.
Another similar study by FICO found that fewer American consumers are scoring in the lowest credit range, while the number of individuals with scores in the highest range now exceeds pre-recession levels.
Though credit scores have gone up for many Americans, a majority of them may not be aware of it. Data from the National Foundation for Credit Counseling shows that 63 percent of consumers don’t even know what their credit score is.
“Consumers with lower credit scores will be less likely to get approval for zero interests rate promotions or take advantage of opportunities to transfer balances to credit lines with lower interest rates,” Mechel Glass, the vice president of community outreach at CredAbility, said, according to Melodika.net. “Knowing your credit score and how to earn and maintain the best possible score should be part of an overall strategy to maintain your fiscal health.”