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Wednesday | January 27 | 2021

Volt analysis: What FICO credit score do Romanians have

The average value of the FICO score in Romania is 635, according to a analysis performed on a sample of over 50,000 users of VOLT.

Young people aged 18-25 face the greatest difficulties in accessing loans, as they have the lowest FICO score of 534.

Microcredits paid on time can help them prove a good payment behavior and thus, increase their FICO score, a score identical to the solvency score of the Credit Bureau.

The FICO score is an algorithm used internationally, mainly by banks, to determine the degree of risk for a person who applies for a loan, and is collected by the Credit Bureau.

This score is the main factor that determines the type of credit for which the person in question qualifies.

Its limits are between 300 and 850 and it is determined by several factors, such as the payment history, the number of score queries, or the total number of accounts.

The FICO score can be queried for free in the Volt application and does not affect the credit score, as happens when the Credit Bureau is queried by banks.

The average value of the FICO score in Romania is 635, according to a Volt analysis, a mobile application for instant money transfer, performed on a segment of its 50,000 users. Men have a better FICO score overall, with an average of 642, while the average score for women is 603.

36.6% of VOLT users have a FICO score higher than 700, which means a low risk of default in the future. On the opposite end are the least conscientious in the payment of installments, 16.25% of users, with a FICO score below 500.

These people have a medium to high risk of default in the future and have recorded 3 or more unpaid installments in their credit history.

People with high incomes, of over 11,000 lei, have the best FICO score, of over 700, while people with a net monthly income of less than 3000 lei have a FICO score of 590.

Young people have the lowest FICO score, of 534, for the age category 18 – 25 years old, and people from the age category 41 – 50 years old have the best FICO score, of 684.

From the top 5 counties in Romania, the people of Arad occupy the first position, having the best payers, with an average value of FICO score of 697, followed by Volt users from Ilfov, Bucharest, Brașov, and Suceava. On the last place are those from Caras-Severin, with the lowest average value of the FICO score of 473.

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