Experian Study: Average Credit Score is 98 Points Lower with One Late Auto Payment

The average credit score for U.S. consumers with no late auto payments is nearly 100 points higher than for those who have at least one late payment, according to the latest National Score Index(R) study by Experian Consumer Direct(SM), the leading provider of online direct-to-consumer credit reports, scores and monitoring products.

The national average credit score for consumers with no late auto payments is 703, while the average score for consumers with at least one late payment is 605. The average credit score drops further to 580 when an auto payment is late by 90 days or more. For additional survey results, visit Experian’s National Score Index Web site.

Texas had the lowest average credit score for those with at least one late auto payment at 592 and also had the highest monthly auto payment of $570. Conversely, consumers in New Hampshire had the highest average credit score for those with no late auto payments at 728 and an average monthly auto payment of $442.

The study also found that:

• Nationwide, 12 percent of consumers have at least one late auto payment on file
• The national average balance on an auto loan is $15,654
• The average U.S. monthly auto payment is $495 28 percent of the U.S. population has at least one auto loan or lease on file

"An automobile can be one of the larger purchases consumers make over their lifetime and their credit score is one of the factors lenders use to determine the interest rate and loan terms," said Ty Taylor, president of Experian Consumer Direct. "Paying bills on time and spending within your means are cornerstones of effective credit management, which can have a positive impact on a consumer’s credit score."

More information about Experian’s National Score Index study, plus additional credit data at the state and local levels, can be found at http://www.nationalscoreindex.com.