Over Half of Americans Have Less Than Ideal Credit Scores
- By Stuart Hunter
- Published August 12th, 2009
- Credit
- Unrated
Stuart Hunter
Providing credit repair services since 1991, Lexington Law has helped over 500,000 clients legally take on their credit and backs up the claim that they are "the trusted leaders in credit repair."
View all articles by Stuart Hunter
According to Bloomberg News , a credit score of more than 750 typically means you will be approved for the lowest finance rates on purchases like mortgages and automobiles. Anything less than that will likely mean you'll have to pay higher interest rates or get approved for less than the best terms on your loan.
www.myFICO.com reports that the median credit score in the United States. is 723 meaning 50 of Americans have a score of less than 723. When accounting for people with credit scores between 723 and 750, the majority of Americans have credit scores that are less than ideal.
And increased interest rates are not the only effect of a less than idea. The credit crunch has caused banks and other lenders to be much more cautious with their practices. Just a few years ago, people with sub 600 credit scores could still get approved for loans and other credit account, even if they were restricted to non-traditional home loans and high interest credit cards. Today, in an economy of short sells and foreclosures, banks are no longer willing to offer loans to higher risk individuals. Many Americans with poor credit are now unable to get approved for loans because of their low credit scores.
Fortunately for people with lower credit scores, there is something that can be done. An increasing number of Americans are finding out there are things that can be done to legally
fix up their credit reports.
Join the thousands who have fixed their credit reports
The consumer credit system is far from perfect. Errors, statistical assumptions, and inconsequential data all contribute to a a risk assessment model that makes it look like responsible people who can be counted on to pay their bills are not worthy of credit.
If you are one of the many Americans whose credit score is making you look like a worse credit risk than you really are, you may be able to improve your score by fixing your credit reports.
The Fair Credit Reporting Act (FCRA) provides you with the right to dispute any information in your credit reports you feel may be inaccurate, untimely, misleading, biased, incomplete or unverifiable ("questionable"). Put simply, you have the right to question the negative items in your credit reports you feel are giving lenders, insurance companies, potential employers, etc. an inaccurate or incomplete impression of your true credit worthiness.
You can work to fix credit on your own or with the assistance of a reputable credit repair company like Lexington Law. Since 1991, Lexington Law has been helping clients dispute the questionable negative items in their credit reports and has produced life changing results time and time again.
www.myFICO.com reports that the median credit score in the United States. is 723 meaning 50 of Americans have a score of less than 723. When accounting for people with credit scores between 723 and 750, the majority of Americans have credit scores that are less than ideal.
And increased interest rates are not the only effect of a less than idea. The credit crunch has caused banks and other lenders to be much more cautious with their practices. Just a few years ago, people with sub 600 credit scores could still get approved for loans and other credit account, even if they were restricted to non-traditional home loans and high interest credit cards. Today, in an economy of short sells and foreclosures, banks are no longer willing to offer loans to higher risk individuals. Many Americans with poor credit are now unable to get approved for loans because of their low credit scores.
Fortunately for people with lower credit scores, there is something that can be done. An increasing number of Americans are finding out there are things that can be done to legally
Join the thousands who have fixed their credit reports
The consumer credit system is far from perfect. Errors, statistical assumptions, and inconsequential data all contribute to a a risk assessment model that makes it look like responsible people who can be counted on to pay their bills are not worthy of credit.
If you are one of the many Americans whose credit score is making you look like a worse credit risk than you really are, you may be able to improve your score by fixing your credit reports.
The Fair Credit Reporting Act (FCRA) provides you with the right to dispute any information in your credit reports you feel may be inaccurate, untimely, misleading, biased, incomplete or unverifiable ("questionable"). Put simply, you have the right to question the negative items in your credit reports you feel are giving lenders, insurance companies, potential employers, etc. an inaccurate or incomplete impression of your true credit worthiness.
You can work to fix credit on your own or with the assistance of a reputable credit repair company like Lexington Law. Since 1991, Lexington Law has been helping clients dispute the questionable negative items in their credit reports and has produced life changing results time and time again.
