Investment Updates
Women Have Better Credit Scores, But Lower Ratings Than Men
Published Monday, March 28, 2016 at: 7:00 AM EDT
A new study shows that women have higher credit scores on average than men yet have lower average credit ratings than men. Why? Pay disparity between men and women is part of the reason but there also are other causes, according to a January study by Credit Sesame, a free Internet-based credit reporting agency.
Credit Sesame says that among its members, the average credit score for men is 630, compared to 621 for women. Also, Credit Sesame notes that men actually owe more on average than women; the average man in its database has debts totaling $25,225, while the average woman owes just $21,171.
How can men owe more and still have better credit scores? Income likely has a lot to do with it, says Linda Sherry, a spokesperson for Consumer Action, a nonprofit consumer advocacy and education organization. "We know that men have higher salaries than women, on average, for the same positions," Sherry says. "Those men may have more (ability) to take out more credit (than women)."
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