Welcome!

Agile Computing Authors: Elizabeth White, Liz McMillan, ManageEngine IT Matters, Lori MacVittie, Darren Anstee

News Feed Item

TransUnion Reveals U.S. Metro Areas With Best / Worst Credit Scores

San Jose, CA Ranks Best

CHICAGO, IL -- (Marketwire) -- 02/07/13 -- As consumers across the nation begin their New Year's financial resolutions, TransUnion has revealed a ranking of metropolitan areas with the highest and lowest consumer credit score in the country. The metropolitan areas at the very top of the class are San Jose-Sunnyvale-Santa Clara, CA and San Francisco-Oakland-Freemont, CA. Memphis, TN metropolitan area ranked lowest.

"Just as an individual's credit score is a measure of the risk that consumer presents to a lender, our study calculated the credit score that would correspond to the risk presented on average by residents of various metropolitan areas," said Heather Battison, senior director at TransUnion responsible for consumer education. "We want to congratulate those cities that have the lowest average credit risk, or the highest credit scores -- and help educate those with high credit risk, or low credit scores."

Top 10 Core Based Statistical Areas* with the Highest credit scores

San Jose-Sunnyvale-Santa Clara, CA                700
San Francisco-Oakland-Fremont, CA                 696
Madison, WI                                       694
Honolulu, HI                                      693
Minneapolis-St. Paul-Bloomington, MN-WI           691
Bridgeport-Stamford-Norwalk, CT                   690
Boston-Cambridge-Quincy, MA-NH                    689
Oxnard-Thousand Oaks-Ventura, CA                  685
Portland-South Portland-Biddeford, ME             685
Seattle-Tacoma-Bellevue, WA                       685

Top 10 Core Based Statistical Areas* with the Lowest Credit Scores

Memphis, TN-MS-AR                                 638
McAllen-Edinburg-Mission, TX                      639
Jackson, MS                                       642
El Paso, TX                                       650
Columbia, SC                                      650
Las Vegas-Paradise, NV                            650
Little Rock-North Little Rock-Conway, AR          651
Baton Rouge, LA                                   651
Lakeland-Winter Haven, FL                         651
Augusta-Richmond County, GA-SC                    651

* The term "Core Based Statistical Area" (CBSA) is a collective term for both metropolitan and micropolitan areas. A metro area contains a core urban area of 50,000 or more population, and a micro area contains an urban core of at least 10,000 (but less than 50,000) population.

"Congratulations to the consumers in the areas with the highest credit scores," said Battison. "Regardless of your individual score, the New Year is the perfect time for all consumers to review their credit information to ensure it accurately reflects their credit history and to identify areas to work on."

The ranking is the first of its kind from TransUnion, which compiled the credit scores of the top 100 largest CBSAs and determined the ten CBSAs with the lowest credit score based on the highest average consumer credit risk and the ten CBSAs with the highest credit score based on the lowest average consumer credit risk.

VantageScore® credit score is a highly predictive and consistent consumer credit scoring model, and the first developed together by all three major credit reporting companies. Consumer scores fall within a range of 501 to 990, with higher scores representing a lower likelihood of risk to lenders. At TransUnion.com, each score delivered is accompanied by a letter grade. (901+ = A, 900-801=B, 800-701=C, 700-601=D, and 600-501=F). Among others, VantageScore is currently utilized by 4 of the top 5 financial institutions and all of the top 5 credit card issuers. The CBSA credit score used in this study is based upon the VantageScore credit score at the individual consumer level.

"Because lenders have so many scoring models at their disposal, it's rare when the credit score they receive for a consumer and the score the consumer obtains for himself actually match, and that causes a lot of confusion," said Battison. "That's why the A-F, academic-style letter grade that comes with every VantageScore® credit score consumers obtain at TransUnion.com is so beneficial. If my grade is an 'A', I innately understand that means a lender is likely to view my creditworthiness in a very positive light; and that's primarily what I want to know."

Whether your credit receives high grades or could use some work, TransUnion provides the following tips to keeping your credit healthy:

  • Study your situation. Proactively manage your credit and risk for identity theft with an ongoing credit monitoring product. This will help you understand your financial situation; then create a plan to position yourself better in the eyes of the lender.

  • Don't be tardy with your payments. A history of late payments -- even by a few days -- can potentially harm your credit score.

  • Manage your debts. Keeping high balances relative to credit limits on key credit accounts can likely have a negative impact on a score, so concentrate on paying down debt. As a rule of thumb, keep these balances at or below 30 percent of your total available credit to present the best possible financial image to lenders. Set budget goals and use a tool like TransUnion Plus to monitor not only your credit, but also your key financial accounts like your checking, savings and 401k accounts.

  • Give yourself time. Long-term credit relationships and a diverse mix of credit accounts may help you achieve a higher credit score. Avoid closing credit cards and other accounts that have been paid on time over a long period, as it can make your credit history appear shorter and could affect your score.

  • Limit inquiries. Each time you apply for a new credit card, you should expect that an inquiry will appear on your credit report. Frequent credit card inquiries can make it look like you have a cash flow problem and may lower your credit score. However, when you shop for mortgage or auto loan rates over a two to three week period, credit scoring models typically factor the resulting inquiries together as a single item. This enables you to shop for favorable loan rates with minimal impact to your credit score.

Methodology
Using TransUnion anonymized credit data, the VantageScore credit scores by TransUnion as of December 2012 for all credit-active consumers in the top 100 CBSAs were analyzed by CBSA to determine the ten CBSAs with the highest average consumer credit risk and the ten CBSAs with the lowest average consumer credit risk.

About TransUnion
TransUnion Interactive, Inc. is a consumer subsidiary of TransUnion. As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs associates in more than 33 countries on five continents. www.transunion.com. Follow us on Facebook at http://www.facebook.com/TransUnion.

Add to Digg Bookmark with del.icio.us Add to Newsvine

For More Information:
John Branham
312.985.3299
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.