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The average FICO Score in the U.S. climbed 1%, or 7 points, reaching a record of 710 in 2020 despite the coronavirus-fueled economic downturn, according to Experian.
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The increase in 2020 is "unusually high" compared to the average growth seen over the past decade, according to the credit reporting company. Although the average FICO Score grew by 21 points over the past decade, one-third of that growth occurred in 2020 alone, according to Experian data.
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Experts say that this growth is likely a result of "changes in credit utilization, credit card debt and delinquency rates – all of which have seen improvement since the onset of the pandemic."