The Equifax Subprime Credit Population Rate is an estimate of the percentage of the population, age 18 and older and with a credit history, with a credit score below 660. According to Fair Isaac Corporation (FICO), approximately 90 percent of U.S. population has a credit history. Good credit allows Southeast Michigan's residents to finance significant investments like mortgages, vehicles, and home improvements - propelling our economy forward.
The disconnected youth rate stands at 4.8% for 2022, the highest level in the 12-year history of the data. This trend is concerning, given the labor shortages in recent years, as well as, the importance of education for future workforce skills.
Equifax and Federal Reserve Bank of New York, Equifax Subprime Credit Population, retrieved from FRED, Federal Reserve Bank of St. Louis.