To plan for a bright financial future, you have to understand credit scores and identity theft prevention. Lenders use your credit score to decide if you’re creditworthy, so it’s important to know where you stand compared to other consumers and be proactive.

You can also be proactive by protecting yourself from identity theft. If your personal information is stolen, it could affect not only your credit score, but also cause you to lose money, time, and your patience.

These statistics will help you stay vigilant about your personal finances, assess how your credit score compares to the rest of the country, and learn how to curb the risk of identity theft. If you have questions or need help monitoring your credit to avoid identity theft, call us at .

Want to improve your credit and prevent identity theft? Give SmartCredit a try today.

Get Help

Credit score statistics: Scores by State

Every year, Experian researches credit scores in the U.S. Take a look back at how credit changed (mostly for the better!) in 2019.

  • Alabama average credit score: 680
  • Alaska average credit score: 707
  • Arizona average credit score: 696
  • Arkansas average credit score: 683
  • California average credit score: 708
  • Colorado average credit score: 718
  • Connecticut average credit score: 717
  • Delaware average credit score: 701
  • District of Columbia average credit score: 703
  • Florida average credit score: 694
  • Georgia average credit score: 682
  • Hawaii average credit score: 723
  • Idaho average credit score: 711
  • Illinois average credit score: 709
  • Indiana average credit score: 699
  • Iowa average credit score: 720
  • Kansas average credit score: 711
  • Kentucky average credit score: 692
  • Louisiana average credit score: 677
  • Maine average credit score: 715
  • Maryland average credit score: 704
  • Massachusetts average credit score: 723
  • Michigan average credit score: 706
  • Minnesota average credit score: 733
  • Mississippi average credit score: 667
  • Missouri average credit score: 701
  • Montana average credit score: 720
  • Nebraska average credit score: 723
  • Nevada average credit score: 686
  • New Hampshire average credit score: 724
  • New Jersey average credit score: 714
  • New Mexico average credit score: 686
  • New York average credit score: 712
  • North Carolina average credit score: 694
  • North Dakota average credit score: 727
  • Ohio average credit score: 705
  • Oklahoma average credit score: 682
  • Oregon average credit score: 718
  • Pennsylvania average credit score: 713
  • Rhode Island average credit score: 713
  • South Carolina average credit score: 681
  • South Dakota average credit score: 727
  • Tennessee average credit score: 690
  • Texas average credit score: 680
  • Utah average credit score: 716
  • Vermont average credit score: 726
  • Virginia average credit score: 709
  • Washington average credit score: 723
  • West Virginia average credit score: 687
  • Wisconsin average credit score: 725
  • Wyoming average credit score: 712

2019 general credit score fast facts

  • 16% of consumers have a “very poor” credit rating (300-579).
  • 20% of consumers have an “exceptional” FICO credit score (800-850).
  • Since 2012, the average credit score of Millennials has increased by 25 points.
  • The average age to reach a 700 credit score is the lowest it’s ever been at 54. In 2012, it was 62.

Identity theft statistics in the United States

The latest and most comprehensive stats on identity theft are from 2016. Here are some of the highlights:

2016 identity theft by gender: [1]

  • Men: 48%
  • Women: 52%

2016 identity theft by age:[1]

  • 16-17: 0%
  • 18-24: 8%
  • 25-34: 18%
  • 35-39: 29%
  • 50-64: 29%
  • 65+: 16%

2016 identity theft race/ethnicity:[1]

  • White: 75%
  • Black: 9%
  • Hispanic: 10%
  • Other: 5%
  • Two or more races: 1%

2016 identity theft by income:[1]

  • $24,999 or less: 13%
  • $25,000 – $49,999: 20%
  • $50,000 – $74,999: 18 %
  • $75,000 or more: 49%

2016 identity theft by state:[1]

  • State with the most identity theft cases: Michigan – 151 victims per 100,000 residents
  • State with the least identity theft cases: South Dakota – 46 victims per 100,000 residents
  • State with the highest rate of bank fraud ID theft: Alaska – 20%
  • State with the highest rate of credit card fraud ID theft: Hawaii – 46%
  • State with the highest rate of employment- or tax-related fraud ID theft: Rhode Island – 35%
  • State with the highest rate of government documents or benefits fraud ID theft: Michigan – 27%
  • State with the highest rate of loan or lease fraud ID theft: Delaware – 14%
  • State with the highest rate of phone or utilities fraud ID theft: West Virginia – 23%

Most common causes of identity theft[2]

  • Most common type of fraud is “misuse of an existing credit card” – 51.7%
  • “Misuses of existing bank account” – 46.0%
  • “Opened a new account or misuse of personal information” – 10.1%
  • 74% of victims don’t know how their information was obtained

Financial impact of theft

  • Total financial loss from ID theft in 2016: $16 billion[3]
  • Total number of victims in 2016: 15.4 million consumers[3]
  • Mean fraud amount per person: $1,038 [3]
  • Mean out-of-pocket cost to consumer: $48 [3]
  • 12% of victims suffered out-of-pocket losses of $1 or more [2]
  • 8% of victims experienced multiple incidents of identity theft [2]
  • 7% of the victims reported the instance of identity theft to the police [2]

Beyond finance[2]

  • 55% resolved related financial or credit issues within a day
  • 5% of victims reported moderate to severe emotional distress as a result of the incident
  • Of the victims who spent 6 months or more solving the problems, 36% reported severe emotional distress

Sources:

[1] https://www.safehome.org/resources/likely-victims-identity-theft/

[2] https://www.bjs.gov/content/pub/pdf/vit16.pdf

[3] https://www.cnbc.com/2017/02/01/consumers-lost-more-than-16b-to-fraud-and-identity-theft-last-year.html

 

 

Article last modified on January 22, 2020. Published by Debt.com, LLC