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Experian Consumer Direct , Costa Mesa, Calif., announced results of a nationwide study on the effects of mortgages on consumer credit scores. Overall, the study found that:
- The average Experian PLUS Score for consumers with at least one open mortgage is 716 versus 667 for consumers who do not have an open mortgage.
- The average mortgage amount is approximately $136,000 for U.S. consumers, with only 10 percent of consumer mortgages exceeding $250,000.
- Throughout the year, the average number of credit inquiries for home loans is highest in the month of July.
The Experian study used a national score index based on a sampling of 3 million consumer profiles. The Index is formulated using Experian's consumer credit score model, called the PLUS Score, a numeric representation of financial behavior, based on information found in a credit report. It can range from 330 to 830 with a higher score indicating a lower credit risk."
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