Residents in Colorado Springs carry just as much debt as many American’s in many parts of the country, in many cases they carry more debt than the national average but they also pay off their bills on time which in turn has helped raise their credit scores above national levels according to a recent report by credit reporting agency Experian plc.
According to the report the Colorado Springs and Pueblo area which includes 12 Colorado counties currently ranks 47th among the nation’s 142 largest market areas with an average score of 759. That score is 10 points higher than the national average of 759 points and is up 1 point over last year’s area average despite a still weakened economy.
Users scores are based on credit card, auto and installment debts which have increased by 2.7 percent in the area to $25,718 per person, increasing by 2.7 percent in the area opposed to a 1 percent national decline over the same one year period.
According to Experian director of public education Rod Griffin:
“Colorado Springs residents are doing a somewhat better job of paying their bills on time than the rest of the nation, and that is the single most important factor in your credit score. That is probably related to having more resources to pay bills on time, since the median household income in higher than the national average.”
One explanation for the higher credit scores could be directly related to a higher annual income average of $53,359, 3.8 percent above the national average.
Experian officials point out that residents while recently spending more use slightly less of their credit limits than most American’s with 28.26 percent used with a national average of 28.83 percent.
Want the highest credit scored city? Try Wausau, Wis., where residents have an average Experian score of 789.
Why do you think people in certain parts of the country are better at monitoring their credit scores than other areas?