Rising delinquencies on auto loans, credit cards, and mortgage payments led to a dip in national average credit scores, but consumers’ scores overall remain healthy, a new report by credit analytics company FICO said.
Montana-based Fair Isaac Corp. (FICO) on Sept. 16 released its inaugural FICO credit insights report, which took a deep dive into the credit behaviors of American consumers. Rising inflation, changing payment priorities, and the resumption of collection attempts on defaulted student loans—halted in March 2020 during the early days of the COVID-19 pandemic but restarted this past April—have reshaped delinquency patterns and credit scores, FICO said.
