Credit card delinquency rate falls again

Though foreclosures may be on the rise, the credit card delinquency rate has fallen to its lowest level since the 1990s, according to a recent report.

Credit monitoring agency TransUnion says the number of consumers who haven't paid their credit card bills in more than 90 days (90 days or more) dropped for the sixth-straight quarter between April and June. It's the lowest mark observed since 1994.

Ezra Becker, vice president of research and consulting at TransUnion, said consumers are tightening their belts and spending less.

"More important and impactful to the decline in bank card delinquency are that consumers are using credit cards more responsibly," said Becker. "A large number of delinquent accounts have moved to charge-off status and lenders remain conservative in their underwriting."

The report also indicated credit card delinquencies dropped in 49 states in the second quarter, the exception being North Dakota.

While responsible borrowing typically prevents a bad credit rating, unfair or inaccurate credit report notations may lower a consumer's credit score improperly. A credit repair company may be able to identify these problems so that a consumer's correct FICO score is reflected.