Detroit ranks near bottom of country for lowest credit scores

Posted at 9:03 AM, Mar 07, 2017
and last updated 2017-03-07 12:21:42-05

A new study from credit-monitoring site WalletHub finds Detroit ranks near the bottom of the list of cities for the worst average credit score.

According to the site, the average credit score in Detroit is 583.4, which is far below the national average of 669.

The site ranked Detroit in the lowest percentile in the country among big cities.

For their study, WalletHub analysts compared the average credit scores of residents in more than 2,500 cities in the U.S. based on data collected by TransUnion in October 2016.

The study also found nearly 17 percent of people living in Detroit are considered to have "Bad Credit" and 12 percent of residents are consider to have "Excellent Credit".

WalletHub recommends knowing your credit score and checking your credit report to make sure there aren't any errors.