With all the hubbub out there suggesting that you check your credit score constantly, note that the average credit score has fallen just eight points since 2007.
Not much movement, eh?
Yep, even with all the unprecedented financial turmoil seen over the past few years, consumers have managed to keep their credit scores in good standing.
So how have they done it?
Well, in the past few years consumers have taken an active role in reducing debt, a key component to a healthy credit score, and just behind the single most important factor, on-time payments.
This has countered some of the negative effects of foreclosures, short sales, and other major derogatory events, which have surged as a result of the ongoing housing crisis.
Short sales have been said to lower your credit score 70-100 points, while foreclosures can lower your credit score 250 points or more, depending upon your credit history.
So perhaps things aren't as bad as they appear, though it's all relative.
If there's a greater share of consumers with severe derogatory accounts as a result of this crisis, past average consumers may now be considered “good.”