IRVINE, Calif. — A study from Experian, one of the three big credit reporting bureaus, has found that the credit scores of people with perfect car payment histories can be as much as 100 points higher than those who have even one late payment.
The national average credit score for consumers with no late auto payments is 703, while the average score for consumers with at least one late payment is 605. The average credit score drops further to 580 when an auto payment is late by 90 days or more, the company said.
Texas had the lowest average credit score for those with at least one late auto payment at 592 and also had the highest monthly auto payment of $570. Conversely, consumers in New Hampshire had the highest average credit score for those with no late auto payments at 728 and an average monthly auto
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payment of $442.
The study also found that 12% of consumers have at least one late auto payment on their records.
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