Experian recently released their 11th annual State of Credit report, which provides a comprehensive look at consumers’ credit performance across America by highlighting credit scores and borrowing behaviors.
While there is little doubt that many are facing financial hardships in our country today, especially regarding the COVID-19 pandemic, this year’s report provided an interesting view of how consumers are managing and repaying their debts. The report showed many Americans are practicing responsible credit management by reducing the number of credit cards, credit card balances, and late payments.
The report also broke down average credit scores by state. Minnesota had the highest credit score with 720, while Mississippi had the lowest credit score at 658. Kentucky fell nearly in the middle with a score of 676.
While these reports are valuable and interesting, it’s important to understand the basics of credit scores. Can you answer all 5 of these questions on credit?