LendEDU, a marketplace for student loans and student loan refinance, recently recognized Chelsea as No. 114 of the top 250 communities in the Midwest with the best average credit scores.
According to the city’s notification, out of the thousands of towns in the Midwest, Chelsea had one of the highest average credit scores, thus some of the most fiscally secure and responsible citizens. Chelsea’s score was 748.60. The top scoring city of Urbandale, Iowa had a score of 774.60.
LendEDU sought to analyze how all of the recent economic trends in the Midwest have impacted the individual towns and cities. To do this, they licensed Experian’s Premier Aggregated Credit StatisticsSM dataset to find the average credit score for over 8,500 cities in the Midwest, according to the company website.
Average credit scores can be a good indicator of a city’s economic health for a few reasons. Cities with a high average credit score have usually experienced rising incomes, falling unemployment, and a decreasing number of defaults on loans and mortgages among residents, according to the company’s website.
Locally, Saline ranked No. 73 with a score of 753.60, while Ann Arbor was No. 188 with a score of 738.40.
The full report and methodology can be found here: https://lendedu.com/blog/average-credit-scores-midwest/
