Cities With the Most Collection Accounts: Charlotte Ranked 82nd

Collection accounts can greatly damage a person’s credit score and remain on their credit report for seven years, and increases in collection accounts in a city indicate that people are experiencing difficulty paying their bills. To see where Americans are in the most financial danger, the personal-finance website WalletHub today released its new report on the Cities With the Most Collection Accounts.  Charlotte, NC was ranked 82nd out of the top 100 cities.

Biggest Collection Account Problem Smallest Collection Account Problem
1. Laredo, TX 91. Lincoln, NE
2. Corpus Christi, TX 92. Greensboro, NC
3. Irvine, CA 93. Honolulu, HI
4. Plano, TX 94. Portland, OR
5. Irving, TX 95. Cleveland, OH
6. Omaha, NE 96. San Francisco, CA
7. Henderson, NV 97. Des Moines, IA
8. Austin, TX 98. Hialeah, FL
9. Dallas, TX 99. Washington, DC
10. New Orleans, LA 100. Winston-Salem, NC

 

Source: WalletHub

Methodology

In order to determine the cities with the most collection accounts, WalletHub compared 100 of the largest cities across two key dimensions: 1) Collection Accounts Status and 2) Change in Average Collection Accounts. We evaluated those dimensions using 4 relevant metrics listed below with their corresponding weights, each metric being graded on a 100-point scale.

Finally, we determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.

Collection Accounts Status – Total Points: 75

  • Average No. of Collection Accounts in Q2 2024 (per Resident in Collections): Full Weight (~50.00 Points)
  • Average Collection Account Balance per Tradeline in Q2 2024: Half Weight (~25.00 Points)

Change in Average Collection Accounts – Total Points: 25

  • Change in Average No. of Collection Accounts (per Resident in Collections) from Q1 to Q2 2024: Full Weight (~12.50 Points)
  • Change in Average Collection Account Balance per Tradeline from Q1 to Q2 2024: Full Weight (~12.50 Points)

Sources: Data used to create this ranking were collected as of July 17, 2024 from WalletHub’s database.

For the full report and to see where your city ranks, please visit:
https://wallethub.com/edu/cities-with-the-most-collection-accounts/139535

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