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30 April 2014

Experian: the Average Atlanta Consumer has a 646 VantageScore Credit Score

In its latest Credit Trends study, credit reporting agency Experian released an analysis of current debt levels and credit scores in the top 20 major U.S. metropolitan areas. The results of the study show that of the cities examined, Detroit residents have the lowest average debt ($23,604) and that Dallas residents have the highest average debt ($28,240).

Atlanta residents have an average debt of $26,940, which places them around the middle of the pack.

Nationally, the average debt increased by five percent from $24,678 in 2010 to $25,927 in 2014. The national average VantageScore credit score remained consistent and has held steady at 665.

The average Atlanta consumer has a VantageScore credit rating of 646, 19 points below the national average.

VantageScore is a credit rating tool developed by the three major credit reporting bureaus --Experian, Equifax, and TransUnion-- to determine an individual's ability to pay back the debt. VantageScore has a range of 300 – 850. Lenders typically view consumers with VantageScore credit scores of 699 and below as higher risk. While many lenders still make credit available, they likely will offer somewhat less favorable terms to compensate for higher default rates in this category.