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Myth 10: The national average credit score

With multiple credit bureaus and credit score models, everybody has their own idea. So let's ask them. #myth10

| By Greg Fisher

Cut to the chase, below.

Mum's the word on a number that used to get all the love. But it's no big deal: Just another "quirky environment" thing in the on-again off-again credit bureau/Fair Isaac relationship said a FICO spokesman. Quirky indeed (Best. Oneliner. Ever).

723

723! A storied, iconic number in credit score lore. #scorelore

Wikipedia (the message board disguised as an encyclopedia) cites the statistic, tagging it 2006 in two articles. The footnote at the end of one sentence, leads to a Fair Isaac subject tag, but search the FICO blogs today for 723, and you'll see a picture of a cookie.

Like kittens and puppies or a cartoon hottie, how can you hate a cookie? #AskAudrey

Such a fundamental number deserves a road trip.

See an unfortunate tale of misinformation involving the Associated Press: Two and Two: Credit scores fall, AP, Part II. In the melee, a purported distribution (and thus, an indication of its median) became a casualty.

The funny thing about a number: It is plain, simple and unique– impossible to mistake it for anything else. You would think the dividing line between the two halves of the citizenry (above and below average) would get some attention. But over in #FICOworld, nobody wants to talk about 723.

It was never clear: What was the calculation? Was the sample an amalgamation from 3 consumer reporting agencies, or was it the middle (median) of three medians?

Meanwhile, some guy said, "687."

What is the national average credit score?

"It is a statistical fact that 50 percent of the people are below average." Anonymous

2006!?! #HokeySmoke! It is time for an update!

From: Greg Fisher [mailto:greg@truthandfalsity.com]
Sent: Monday, March 30, 2015 1:43 PM
To: Tim Klein, vice president, Corporate Communications, Public Relations, Equifax
Subject: credit score, median, #TheRealBigCreditScore

See this message and your response at http://creditscoring.com/myths/average/the-national-average-credit-score.html .

What is the median credit score of the FICO score version named Beacon 5.0?

I'm with the media, and I'm on deadline, so reply today, please.

--
Greg Fisher
Truth and Falsity
truthandfalsity.com
Page A2
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The Credit Scoring Site
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From: Greg Fisher [mailto:greg@truthandfalsity.com]
Sent: Monday, March 30, 2015 1:43 PM
To: James Russell, Experian plc
Subject: credit score, median

See this message and your response at http://creditscoring.com/myths/average/the-national-average-credit-score.html .

What is the median credit score of the FICO score version named Experian/Fair Isaac Risk Model V2?

I'm with the media, and I'm on deadline, so reply today, please.

[signature]


From: Greg Fisher [mailto:greg@truthandfalsity.com]
Sent: Monday, March 30, 2015 1:43 PM
To: Clifton O'Neal, senior director, Corporate Communications, TransUnion
Subject: credit score, median

See this message and your response at http://creditscoring.com/myths/average/the-national-average-credit-score.html .

What is the median credit score of the FICO score version named FICO Risk Score, Classic 04?

I'm with the media, and I'm on deadline, so reply today, please.

[signature]


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Also, see:

#AverageCreditScore (twitter.com hashtag link)

#AverageCreditScore (facebook.com hashtag link)

Credit score averages stated by credit bureaus


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