Credit scores are becoming increasingly more important to our daily lives.
They are no longer just about buying homes. Credit scores are now checked to acquire cell phones, utilities, opening bank accounts, access to medical care, insurance and insurance rates, credit-cards, home rentals, consumer purchases, employment opportunities/promotions and even lay-offs. All sectors of the population are directly impacted by the credit reporting system’s decision to determine who is “credit-worthy or not”. The community (small business and individuals) have fallen victim to the credit game because of the lack of credit literacy. The current economic downturn has scarred millions of American citizens with Native, minority and immigrant populations being disproportionately affected.
Since June of 2010, “the average American credit rating dropped to 599 and below from 640.”
41,000,000 Americans have less than a 599 credit score