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
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.
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:
oMen have 4.3 percent more debt than women
oMen have a 2 percent higher credit utilization amount
oMortgage loan amounts for men are 4.9 percent higher
oMen 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
Average Average Revolving utilization^2 origination 60-plus
VantageScore debt^1 ratio amount
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."
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
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
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?
oThe 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.
oFlorida 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.
oWest 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.
oMiami, 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
"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
Additional data resources
oMore details from the analysis — including an infographic and statistics
for more than 100 U.S. cities and states — are available at Experian's
oExperian 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.comand follow #wbchat.
oExperian 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.
oFor answers to common questions, advice and education about consumer
credit, please visit Experian's one-stop resource at
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
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,
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
^2Amount of credit available being used
Experian Public Relations
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