7 Facts About Credit That Will Surprise You

7 Facts About Credit That Will Surprise You

Below we are listing seven facts about credit that everyone needs to know:

  1. There are an estimated 40 million American’s in serious credit trouble. That’s nearly 14% of the entire adult population of the United States!
  2. Looking to buy a new car? With a poor credit score, you’re likely to get a 36-month auto loan for just over 18% interest. Somebody with a great credit score can get the same loan for about 7% interest! That can be a difference of thousands of dollars.
  3. The average consumer has access to $12,190 on all credit cards combined and just over 1 in 8 are using 80% or more of their credit card limit, according to national statistics from Fair Isaac.
  4. Consumer Reports cited a study in their July 2000 issue showing that more than 50% of the credit reports the study checked contained errors, some very significant.
  5. Mistakes in credit reports cause 29 percent of Americans’ credit ratings to vary significantly from one agency to another, according to a 2002 study by the Consumer Federation of America.
  6. One in every 20 consumers has been the victim of credit card fraud in the past 12 months.
  7. Overall, more than 33 million Americans, about 1 in 6 adults, say they have had their identities used by someone else sometime since 1990.

source: learning about credit

Other posts by this author: What's in my credit report?

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