Credit Karma (www.creditkarma.com), a pro-consumer credit score tracking and management service, today released its U.S. Credit Score Climate Report with trend data for March 2009. During the December 2008 to March 2009 time period, Credit Karma saw an increase in credit scores across all geographies and most age groups. 43% of consumer credit scores have gone up, 27% have gone down, and 30% remained the same. Of the scores that increased, the average credit score rose 14 points during the time period. Of the scores that decreased, the average credit score dropped 14 points. The current average U.S. consumer credit score is 678.
The Credit Karma U.S. Consumer Credit Score Climate Report provides a monthly barometer on consumer credit trends, a particularly important economic indicator in today’s market. Each month, the Report offers unique and insightful statistics on the health of consumer credit scores nationwide. Trend data in the report is based on a comparison of Credit Karma users’ March credit score with their previous credit score at least 30 days prior and no more than 90 days out. Here are some additional findings:
- Average credit score with no change is 695 whereas 674 and 665 are the respective credit score averages for those with an increase and decrease. This would suggest that people with higher credit scores maintain more stable credit scores while those with marginal credit scores tend to be in flux.
- The 65 and up age group was the only age group that didn’t see a majority of credit scores increasing. 32% of this age groups’ credit scores increased, 27% decreased, and 42% remained the same. The average credit score for the 65 and up age group is 735.
- Compared with February, more consumers’ credit scores are going up. In February 2009, 39% of consumer credit scores went up compared to 43% in March. That average up credit score in February was 675 compared to 674 in March. Fewer consumers’ credit scores have also gone down. 29% of credit scores dropped in February compared to 27% in March. The down credit score in February was 663 compared to 665 in March. 32% of consumers had their credit scores remain stable in February compared to 30% in March. Of the credit scores that remained stable, the average was 695 for both February and March.
- The Midwest had the highest increase with 44% of consumers seeing their credit scores go up in March. The average up credit score in the Midwest is 674. In February 2009, 41% of Midwest consumers saw their credit scores rise and the average up score was 676. Amongst states, Illinois saw the most credit scores go up in March. 45% of Illinois consumers had their credit scores rise and the average up score is 683.
Methodology
Each month, the Credit Karma U.S. Consumer Credit Score Climate Report compares the current credit scores of its 250,000 user base with previous scores pulled at least 30 days prior and no more than 90 days prior to the stated month. This month’s report includes a comparison of 20,000 Credit Karma user scores.
About Credit Karma
Credit Karma is a San Francisco-based, pro-consumer site that provides consumers free access to their credit scores plus a range of tools and information resources to help them monitor and manage the credit aspect of their financial health. The service has delivered more than 850,000 free credit scores and counts more than 250,000 registered members. Credit Karma works with a range of partners, including mortgage lenders, credit card providers, banks, and wireless providers. For more information, visit www.creditkarma.com.