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State of Consumer Credit 2012

Experian, one of the three major credit agencies has recently published its third annual report on the state of credit in the country.   As credit is the primary underwriting consideration when attempting to secure a surety bond (See video on why credit matters in surety bonding), the overall picture is encouraging.

According to the survey, the overall credit score in the U.S. has improved slightly. The most improved cities are Las Vegas and Bakersfield. Bakersfield decreased its overall debt by 1.24% and foreclosures decreased by over 15%.  In Las Vegas, total debt was only down about a quarter point but foreclosures were down by 162%!

Nationwide, total debt increased, but so did median family income.  Foreclosures, unemployment and late payments all decreased.  Regionally, 8 of the 10 cities with the highest credit scores nationally are located in the Midwest and all 10 of the cities in the nation with the lowest average credit scores are in the South. Minneapolis MN had the highest average credit score and Harlington TX had the lowest, but both saw improvement in the average score since the 2011 survey.

Surety bonds are priced to a large extent on credit.  Looks like surety bonds should be more obtainable and cost less as the credit scores improve.

See the entire report


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