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Women flexing their financial muscles; women's credit is in better shape than men's credit according to Experian



Women flexing their financial muscles; women's credit is in better shape than
                      men's credit according to Experian

Analysis indicates a great debt divide between men and women; women are
stretching their dollars and using credit more wisely than men

PR Newswire

COSTA MESA, Calif., May 22, 2013

COSTA MESA, Calif., May 22, 2013 /PRNewswire/ -- When it comes to credit, who
is winning the battle between men and women? The latest credit trends study,
released today from global information services company Experian, compares the
financial differences between men and women, revealing that, overall, women
are better at managing their money and debt.  

(Photo: http://photos.prnewswire.com/prnh/20130522/LA18498-INFO)

For the first time, Experian^® analyzed credit scores, average debt,
utilization ratios, mortgage amounts and mortgage delinquencies of men and
women in the United States. While the national credit scores only vary
slightly — with a one point difference — other differences between the
population of men and women include the following:

  o Men have 4.3 percent more debt than women
  o Men have a 2 percent higher credit utilization amount
  o Mortgage loan amounts for men are 4.9 percent higher
  o Men have a higher incidence of late mortgage payments by 7 percent

Below is a top-line look at how men and women fared when compared with each
other.

                                                        Mortgage    Mortgage
      Average      Average Revolving utilization^2      origination 60-plus
      VantageScore debt^1  ratio                        amount
                                                                    delinquent
Men   674          $26,227 31%                          $187,245    5.7%
Women 675          $25,095 30%                          $178,140    5.3%

"When looking closer at our data and cross-referencing it with other data
sources, we see that women working full-time in the United States earn
approximately 23 percent less income^3 than men but that women are taking
steps to manage their finances better than men," said Michele Raneri, vice
president of analytics, Experian. "The most notable difference is that men are
taking bigger individual mortgage loans than women, but it would appear that
they are having a slightly more difficult time making those payments on time."

Mortgage insights
Some of the most compelling differences in the study were found in the
mortgage category. On average, 72 percent of consumers have joint mortgages (a
home loan given to more than one party) and the remaining number represents
men and women who borrowed on an individual/independent basis. The data
reveals that throughout the United States, men have 18.3 percent more
independent mortgages than women, with one exception: Women in Washington,
D.C., take out 33 percent more loans than men.

See below for a closer look at the states with most and least independent
mortgages by gender.

Top five states by gender — percentage of independent mortgages
MEN                                   WOMEN
South Carolina         21%            Washington, D.C.     27%
Washington, D.C.       20%            Georgia              17%
Alabama                19%            Florida              16%
Georgia                19%            Tennessee            15%
West Virginia          18%            New Mexico           15%
Bottom five states by gender — percentage of independent mortgages
 MEN                                  WOMEN
Idaho                  11%            North Dakota         8%
South Dakota           11%            Idaho                8%
Hawaii                 11%            Montana              8%
Wisconsin              12%            South Dakota         9%
Washington             12%            Hawaii               9%

With men having more individual mortgages and higher loan amounts when
compared with women, where are the most interesting trends when it comes to
their loans and financial health?

  o The most significant difference at the state level is in Connecticut,
    where the average man has a mortgage loan of $229,510 and the average for
    women is $175,276, creating a gap of 24 percent between them. Men in
    Connecticut also have late payments 13.6 percent more often than women,
    carry an average debt that is 8.6 percent higher and have a 5.6 percent
    higher utilization amount than women.
  o Florida stands out in the study, as the men and women in the Sunshine
    State both have some financial strain, but women still maintain a better
    financial picture on average.

       o West Palm Beach, Fla. — Men have 24 percent higher mortgage amounts
         than women, and their occurrences of late payments on them are 17.5
         percent higher than women.
       o Miami, Fla. — Both sexes are struggling to pay their mortgages on
         time, with men's occurrences of late payments at 13.1 percent and
         women's at 12.7 percent, with a difference of only 2.8 percent
         between the two. The women in Miami, though, have a 6.9 percent lower
         average debt than men, which indicates they are approaching their
         debts better.

"Seeing the divide between how men and women approach credit is interesting,
but what's most important is understanding the value of building a good credit
history. How you manage credit and debt is critical to your financial
well-being," said Maxine Sweet, Experian vice president of public education.
"Paying attention to what's in your credit report, never missing a payment,
and keeping your utilization rates low are three key steps to financial
success."

Additional data resources

  o More details from the analysis — including an infographic and statistics
    for more than 100 U.S. cities and states — are available at Experian's
    http://www.LiveCreditSmart.com.
  o Experian is sponsoring a TweetChat with @Wisebread on May 23 at 3 p.m.
    Eastern time focused on the credit differences between men and women.
    Register at http://www.wisebread.com and follow #wbchat.
  o Experian hosts a #CreditChat on Twitter every Wednesday at 3 p.m. Eastern
    time with consumer credit experts Maxine Sweet and Rod Griffin. Follow
    @Experian_US to join in.
  o For answers to common questions, advice and education about consumer
    credit, please visit Experian's one-stop resource at
    www.experian.com/help.

Analysis methodology
The analysis is based on a statistically relevant, sampling of depersonalized
data of Experian's consumer credit database from December 2012. Gender
information was obtained from Experian Marketing Services.

About VantageScore Soultions
VantageScore Solutions, LLC (www.vantagescore.com) is the independently
managed company that owns the intellectual property rights to the VantageScore
credit scoring models, including the recently announced VantageScore 3.0 model
which provides up to 25 percent predictive improvement over earlier models and
has the ability to formulate a score for 30 – 35 million previously
unscoreable consumers. Initially developed by America's three national credit
reporting companies (CRCs) — Equifax, Experian and TransUnion — VantageScore
Solutions' highly predictive models use an innovative, patented and
patent-pending scoring methodology that provides lenders and consumers with
more consistent credit scores across all three national credit reporting
companies.

About Experian
Experian is the leading global information services company, providing data
and analytical tools to clients around the world. The Group helps businesses
to manage credit risk, prevent fraud, target marketing offers and automate
decision making. Experian also helps individuals to check their credit report
and credit score, and protect against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a
constituent of the FTSE 100 index. Total revenue for the year ended March 31,
2013, was US$4.7 billion. Experian employs approximately 17,000 people in 40
countries and has its corporate headquarters in Dublin, Ireland, with
operational headquarters in Nottingham, UK; California, US; and Sao Paulo,
Brazil. 

For more information, visit http://www.experianplc.com

VantageScore^® is a registered trademark of VantageScore Solutions, LLC.

Experian and the Experian marks used herein are service marks or registered
trademarks of Experian Information Solutions, Inc. Other product and company
names mentioned herein are the property of their respective owners

^1Average debt for this study includes all credit cards, auto loans and
personal loans.
^2Amount of credit available being used
^3Source: http://www.aauw.org/files/2013/02/The-Simple-Truth-2013.pdf

Contact:
Kristine Snyder
Experian Public Relations
1 714 830 5192
kristine.snyder@experian.com

SOURCE Experian

Website: http://www.experian.com
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