The State of Credit is a comprehensive look at nationwide data to determine the cities whose residents have the highest, lowest and most improved average credit scores. New this year, Experian also evaluated business credit data to provide additional insights into local economic conditions. The third annual report highlights the underlying financial behaviors that contribute to high and low credit scores as well as the economic circumstances that may be influencing consumers' financial behaviors. The study creates an opportunity for consumers to better understand how credit works so they can make informed financial decisions and live credit smart even in the face of local national economic challenges.
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Methodology: Credit scores are based on VantageScore, which has a range from 501 to 990. This analysis is based on a statistically relevant sampling of Experian's consumer credit database. Analyzed credit files did not contain personal identification information. Credit scores for the State of Credit report were based on the average VantageScore by designated market area (DMA) from January through June 2012.
Population Source: U.S. Census Bureau, Annual Estimates of the Resident Population for Incorporated Places April 1, 2010 to July 1, 2011.
Unemployment Source: U.S. Bureau of Labor Statistics, June 2012 Unemployment Rates for Metropolitan Areas
Foreclosure Source: RealtyTrac.com, June 2012