From the Wires
/ CORRECTION - TransUnion Reveals U.S. Metro Areas With Best / Worst Credit Scores
By: Marketwired .
Feb. 7, 2013 01:00 PM
CHICAGO, IL -- (Marketwire) -- 02/07/13 -- In the news release, "TransUnion Reveals U.S. Metro Areas with Best / Worst Credit Scores," issued earlier today by TransUnion, we are advised by the company that the contact phone number should be "512.351.3512" rather than "312.985.3299" as originally issued. Complete corrected text follows.
TransUnion Reveals U.S. Metro Areas With Best / Worst Credit Scores
San Jose, CA Ranks Best
CHICAGO, IL -- February 7, 2013 -- As consumers across the nation begin their New Year's financial resolutions, TransUnion has revealed a ranking of metropolitan areas with the highest and lowest consumer credit score in the country. The metropolitan areas at the very top of the class are San Jose-Sunnyvale-Santa Clara, CA and San Francisco-Oakland-Freemont, CA. Memphis, TN metropolitan area ranked lowest.
"Just as an individual's credit score is a measure of the risk that consumer presents to a lender, our study calculated the credit score that would correspond to the risk presented on average by residents of various metropolitan areas," said Heather Battison, senior director at TransUnion responsible for consumer education. "We want to congratulate those cities that have the lowest average credit risk, or the highest credit scores -- and help educate those with high credit risk, or low credit scores."
Top 10 Core Based Statistical Areas* with the Highest credit scores
San Jose-Sunnyvale-Santa Clara, CA 700 San Francisco-Oakland-Fremont, CA 696 Madison, WI 694 Honolulu, HI 693 Minneapolis-St. Paul-Bloomington, MN-WI 691 Bridgeport-Stamford-Norwalk, CT 690 Boston-Cambridge-Quincy, MA-NH 689 Oxnard-Thousand Oaks-Ventura, CA 685 Portland-South Portland-Biddeford, ME 685 Seattle-Tacoma-Bellevue, WA 685
Top 10 Core Based Statistical Areas* with the Lowest Credit Scores
Memphis, TN-MS-AR 638 McAllen-Edinburg-Mission, TX 639 Jackson, MS 642 El Paso, TX 650 Columbia, SC 650 Las Vegas-Paradise, NV 650 Little Rock-North Little Rock-Conway, AR 651 Baton Rouge, LA 651 Lakeland-Winter Haven, FL 651 Augusta-Richmond County, GA-SC 651
* The term "Core Based Statistical Area" (CBSA) is a collective term for both metropolitan and micropolitan areas. A metro area contains a core urban area of 50,000 or more population, and a micro area contains an urban core of at least 10,000 (but less than 50,000) population.
"Congratulations to the consumers in the areas with the highest credit scores," said Battison. "Regardless of your individual score, the New Year is the perfect time for all consumers to review their credit information to ensure it accurately reflects their credit history and to identify areas to work on."
The ranking is the first of its kind from TransUnion, which compiled the credit scores of the top 100 largest CBSAs and determined the ten CBSAs with the lowest credit score based on the highest average consumer credit risk and the ten CBSAs with the highest credit score based on the lowest average consumer credit risk.
VantageScore® credit score is a highly predictive and consistent consumer credit scoring model, and the first developed together by all three major credit reporting companies. Consumer scores fall within a range of 501 to 990, with higher scores representing a lower likelihood of risk to lenders. At TransUnion.com, each score delivered is accompanied by a letter grade. (901+ = A, 900-801=B, 800-701=C, 700-601=D, and 600-501=F). Among others, VantageScore is currently utilized by 4 of the top 5 financial institutions and all of the top 5 credit card issuers. The CBSA credit score used in this study is based upon the VantageScore credit score at the individual consumer level.
"Because lenders have so many scoring models at their disposal, it's rare when the credit score they receive for a consumer and the score the consumer obtains for himself actually match, and that causes a lot of confusion," said Battison. "That's why the A-F, academic-style letter grade that comes with every VantageScore® credit score consumers obtain at TransUnion.com is so beneficial. If my grade is an 'A', I innately understand that means a lender is likely to view my creditworthiness in a very positive light; and that's primarily what I want to know."
Whether your credit receives high grades or could use some work, TransUnion provides the following tips to keeping your credit healthy:
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