Odds are Good that Your Credit Could Use Fixing
- By Stuart Hunter
- Published 08/12/2009
- Unrated
Stuart Hunter
Providing credit repair services since 1991, Lexington Law has helped over 500,000 clients legally take on their credit. Last year alone, Lexington Law helped clients remove over 600,000 negative items from their credit reports.
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 rates on purchases like mortgages and vehicles. A credit score lower than 750 will likely mean you'll have to pay higher interest rates or settle for less than the best terms.
www.myFICO.com reports that the median credit score in the United States. is 723. This means that half of all Americans have a credit score below 723. When accounting for the number of people with credit scores between 723 and 750, most Americans have credit scores that will likely keep them from getting approved for the best interest rates.
Increased finance rates are not the only consequence of a lower credit score . The credit crisis has forced lenders to be much more cautious with their practices. In years past, people with sub 600 credit scores could still get approved for loans and other credit account, even if it was restricted to non-traditional mortgage loans and high interest credit cards. Today, in an economy of bailouts and foreclosures, financial institutions are no longer willing to offer loans to higher risk applicants. Many Americans with bad credit are no longer able to get approved for financing because of their low credit scores.
Fortunately for those with credit scores with room for improvement, there is hope. An increasing number of Americans are finding out there are steps they can take to
lexingtonlaw.com/credit-education/fix-credit/score.html">legally fix their credit.www.myFICO.com reports that the median credit score in the United States. is 723. This means that half of all Americans have a credit score below 723. When accounting for the number of people with credit scores between 723 and 750, most Americans have credit scores that will likely keep them from getting approved for the best interest rates.
Increased finance rates are not the only consequence of a lower credit score . The credit crisis has forced lenders to be much more cautious with their practices. In years past, people with sub 600 credit scores could still get approved for loans and other credit account, even if it was restricted to non-traditional mortgage loans and high interest credit cards. Today, in an economy of bailouts and foreclosures, financial institutions are no longer willing to offer loans to higher risk applicants. Many Americans with bad credit are no longer able to get approved for financing because of their low credit scores.
Fortunately for those with credit scores with room for improvement, there is hope. An increasing number of Americans are finding out there are steps they can take to
Join the thousands who have fixed their credit scores
The consumer credit system is not perfect. Credit reporting errors, math based assumptions, and inconsequential information all contribute to a a risk assessment model that can make it look like trustworthy borrowers who can be counted on to repay their debts are not worthy of credit.
If you are one of the many Americans whose credit score is making you look like a higher credit risk than you really are, you may be able to increase your score by fixing your credit.
The FCRA provides you with the right to dispute any listings 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 information recorded in your credit reports you feel are giving people who access them an unfair impression of your true credit risk.
You can work to fix credit score on your own or with the help of a reputable credit repair organization 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.
