More than Half of People in the U.S. Have Less Than Ideal Credit Scores

According to Bloomberg News columnist John F. Wasik, a credit score of more than 750 typically means you will get the lowest rates on purchases like mortgages and automobiles. A credit score lower than 750 could force you to have to pay higher interest rates or settle for less than the best terms on your loan.

myFICO(R) reports that the median FICO(R) score in the U.S. is 723. This means that 1 in 2 Americans have a credit score below 723. When considering people with a credit score between 723 and 750, the majority of Americans have credit scores that are less than ideal.

And increased finance rates are not the only consequence of a less than idea. The credit crunch has caused banks and other lenders to be far more conservative with their practices. Just a few years ago, people with below 600 credit scores could still get approved for credit, even if they were restricted to non-traditional mortgage loans and sub-prime credit cards. Today, in an economy of bailouts and foreclosures, banks are no longer willing to offer loans to higher risk applicants. Many Americans with poor credit are now unable to get approved for loans because of their poor credit scores.

Fortunately for those with lower credit scores, there is something that can be done. A growing number of Americans are finding out there are things that can be done to legally fix up their credit reports.

Join the thousands who fixed their credit reports

The consumer credit reporting system is far from perfect. Credit reporting errors, statistical assumptions, and irrelevant data all contribute to a a risk assessment model that can make it look like responsible people who can be counted on to repay their debts are not worthy of credit.

If you are in a position where your credit score is making you look like a worse credit risk than you truly are, you may be able to improve your credit score by fixing your credit.

The FCRA gives you 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 listings recorded in your credit reports you feel are giving people who access them an unfair impression of your true credit worthiness.

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You can work to fix your credit score yourself or with the help of a reputable credit correction 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. (More about fix your credit)

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