"The average FICO credit score in the U.S. stood steady at 717 as of July 2023, representing the first decline in a decade, which reflects changing economic conditions. Missed payment rates are rising, especially for bankcards, although still below pre-pandemic levels for mortgages and auto loans."
"FICO scores incorporate crucial metrics such as payment history and current debts. The steady average score indicates fewer consumers are seeking new credit, which is a strategic response to growing financial pressures."
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