Minneapolis Tops Experian’s Best Credit Score List
Minneapolis residents have the best credit scores in the nation, according to the “State of Credit” report which was released Wednesday by Experian-a global credit information company.
Minneapolis has an average score of 787, beating out all the other U.S. cities. Madison, Wisconsin came in right behind Minneapolis with a score of 785, followed by Cedar Rapids, Iowa (781), and Green Bay, Wisconsin (780).
According to the report, Minneapolis consumers-on average-have 2.06 open cards and debt of $25,055.
The cities with the five lowest credit scores were all in southern states-Harlingen, Texas, ranked last with a score of 684, followed by Jackson, Mississippi (698), Corpus Christi, Texas (700), Shreveport, Louisiana (701), and El Paso, Texas (706).
The “State of Credit” report was based on VantageScore, a nationally recognized score that was developed jointly by Experian and other national credit reporting companies, Trans Union and Equifax.
VantageScore ratings can range from 501 to 990 with a higher credit score indicating lower credit risk.
VantageScore is a competitor of Minneapolis-based FICO, formerly known as Fair Isaac Corporation, which has a trademarked credit-scoring system with a range of 300 to 850.