COSTA MESA, Calif.—The pandemic continues to have a surprising effect on the credit of Americans, as credit scores recently rose to record levels.
At the start of 2020, the average FICO credit score was 703. By October, the average FICO credit score had increased to 711, according to Experian FICO credit score data, MarketWatch reported.
“It makes sense when you consider government stimulus programs and relief measures, coupled with the reality that consumers have cut back on spending partly because of coronavirus restrictions and business shutdowns,” MarketWatch said.
“We are seeing promising signs in terms of how consumers are managing their credit histories against the backdrop of the COVID-19 pandemic,” Rod Griffin, senior director of consumer education and advocacy at Experian, told MarketWatch.