Below we are listing seven facts about credit that everyone needs to know:
- 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!
- 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.
- 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.
- 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.
- 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.
- One in every 20 consumers has been the victim of credit card fraud in the past 12 months.
- 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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