Millions of Americans See Credit Scores Plummet
Historically, this group has made up around 15% of consumers with active credit accounts.
FICO's analysis is based on consumer credit information as of April. It shows an increase of 2.4 million people in the bottom credit category over the last two years.
The top category has also grown. About 17.9% of consumers have a credit score of 800 or above, compared with a historical average of 13%. This is partly because the recession sparked some consumers to cut back on spending and pay down debt.