Consumer Credit Scores on the Rise: Experian

Consumer credit scores have increased from a year ago, according to data released Tuesday by Experian.

The Costa Mesa, Calif.-based credit bureau said that the average nationwide credit score climbed 2 points from last year, to 666.

Consumer debt increased at the same time, with the average balance per consumer rising 2.3%, to $28,496. Higher bankcard lending fueled the increase in debt, with number of bankcards opened per consumer up 4%, to 2.18.

Fewer consumers took out mortgages, however, as originations fell sharply.

"This has been a notable year for borrowing, with more new credit being extended and consumers feeling more comfortable and confident about accepting those credit offers," said Michele Raneri, Experian's vice president of analytics, in a press release Tuesday.

"Even with some categories like mortgage taking longer to bounce back, an early glimpse at our third-quarter data indicates that an upward trend may be on the horizon."

Cities in the Midwest — including Minneapolis and Mankato, Minn. — recorded the best credit nationwide, with scores over 700. Cities in the South and West posted the lowest scores, with Greenwood Miss., posting an average of 609.

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