$FICO--New annual data from FICO, the global analytics software leader, shows that the average FICO® Score for Canadian consumers has dropped two points from April 2023 to 760. The data shows an upwa...
FICO® Scores reflect consumers credit health standing
TORONTO: $FICO--New annual data from FICO, the global analytics software leader, shows that the average FICO® Score for Canadian consumers has dropped two points from April 2023 to 760. The data shows an upward trend in consumer missed payments and debt levels.
The FICO® Score is the industry standard measure of credit risk that help enable lenders to make more accurate decisions about a borrower’s credit risk and reflects the credit history data maintained by the two Canadian consumer reporting agencies (CRAs). Relied on by Canadian lenders and credit unions, the FICO Score continuously evolves and reflects underlying changes in credit behavior.
“The updated data shows that more consumers are showing signs of financial strain post-pandemic, as they confront challenges such as an inflated cost of living. Due to the current state of economic uncertainty in Canada, it's more important than ever for consumers to have transparency into their credit,” said Tommy Lee, senior director of scores and predictive analytics at FICO.
Breaking Down the Average FICO® Score
As a benchmark of Canadian consumer risk, the national average explains the credit health standing of consumers nationwide. Key factors impacting the average FICO® Score in Canada in 2024:
Why is the FICO® Score Important
Access to credit is a key building block for economic inclusion and wealth building. FICO® Scores have helped to enable lenders to make more precise and accurate lending decisions for over 30 years, helping millions of Canadian consumers gain access to the credit they need to do things like purchase a car, buy a home, or get a credit card. The FICO® Score Open Access program promotes credit transparency by enabling lenders to provide their customers with the ability to access their FICO Score for free. Lenders interested in the FICO Score solutions in Canada should visit FICO® Score 10 and FICO® Score Open Access.
The average FICO® Score has become a key barometer of overall financial health for the Canadian population. A more in-depth analysis of the average FICO Score in Canada is available here: Average Canadian FICO® Score Down Two Points to 760.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
Learn more at https://www.fico.com/en.
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For FICO news and media resources, visit https://www.fico.com/en/newsroom.
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
Fonte: Business Wire
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