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There are quite a few variables to consider when trying to figure out an exact number of what an average credit score is. When determining what an average credit score is, it is best to use a percentile of where consumers stand in certain ranges of the Fico scoring model.
Fico scores range from 300 to 850. A consumer's fico of score actually measures the likelihood of a consumer becoming 90 days late or worse on making a payment to a creditor. To put it in perspective, according to the Fair Isaac Corporation statistics, 42% of the population has a fico score of 699 or lower, and 68% have a 700 or above. There been any claims that an average fico score is right around 678, but this is simply not accurate according to the Fair Isaac Corporation statistics. The average score is actually much higher. Read below to see the real median score that the lenders use.
It is important for consumers to realize what an actual average credit score really is and what it means to them. Consumers should not believe everything they read and should get the facts before applying for new credit.
Consumers should think of their scores as a ranking and not a rating. Fair Isaac uses a median to describe an average Fico score. The actual median fico score that lenders use a 723. Understand that 723 is the exact median (middle score) of everybody who has a score.
If you have a poor credit score or one that is below the median, best legal credit repair can help. We have years of experience in the debt and collection industry and know the credit repair laws in each and every state. We can help raise your score by examining your credit reports, finding all derogatory negative information and disputing that information with the three major credit bureaus on your behalf.
We do not offer false claims to raise your credit score overnight like many other credit repair companies do, but we have an excellent track record where our clients see a significant increase in their credit scores in just 3 to 6 months. Let one of our professional representatives give you a free consultation today to see if we can raise your credit score to the medium national average or above. Get Started now!