Report to the Congress on Credit Scoring and Its Effects on the Availability and Affordability of Credit
Submitted to the Congress pursuant to section 215 of the Fair and Accurate Credit Transactions Act of 2003
August 2007
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Tables for General Background
| FICO score | Percent of population1 |
|---|---|
| Less than 499 | 2 |
| 500-549 | 5 |
| 550-599 | 8 |
| 600-649 | 12 |
| 650-699 | 15 |
| 700-749 | 18 |
| 750-799 | 27 |
| 800 or more | 13 |
| Total | 100 |
1. For individuals with scoreable credit records. Return to table
Source. Fair Isaac Corp., www.myfico.com/ CreditEducation/CreditScores.aspx.
| FICO score | Default rate (percent) |
|---|---|
| Less than 520 | 41.0 |
| 520-559 | 28.4 |
| 560-599 | 22.5 |
| 600-639 | 15.8 |
| 640-679 | 8.9 |
| 680-719 | 4.4 |
| 720 or more | 1.0 |
Note: New accounts were those opened in the six months from October 2000 to April 2001. An account was in default if it had been delinquent for at least ninety days or had any other derogatory credit information within the two years starting in October 2000.
Source. Fair Isaac Corp.
| FICO score | Interest rate |
|---|---|
| 500-579 | 9.56 |
| 580-619 | 8.94 |
| 620-659 | 7.30 |
| 660-699 | 6.49 |
| 700-759 | 6.21 |
| 760-850 | 5.99 |
Note: Rates are national averages on new loans of $300,000.
Source. Fair Isaac Corp., www.myfico.com/LoanCenter/ Refinance, accessed June 5, 2007.