WASHINGTON, DC, November 22, 2010 (Press-News.org) The Organization for Credit Knowledge has just released the "State of Consumer Credit" and the average US consumer may be at risk. The average FICO score in the US is 680. The OCK reports that the average credit score has been dropping in the past few years and this may mean trouble for the consumers in the future.
"With the recent financial downturn and the subsequent credit crunch, credit has become much more of an important factor in determining future financial growth," says credit expert Mark Silverman, President of the Organization for Credit Knowledge. "Many individuals have neglected their credit situation and this has led a heavier financial burden for them in the future."
Leading Causes of a Low Credit Score:
- Delinquent payments on mortgages, credit cards, auto loans
- Collection accounts and "charge-offs" from unpaid accounts
- Foreclosure, bankruptcy and judgments
- High balances on credit cards compared to limit, even if the payments are not late
- Too many recent credit inquiries aka applying for too many loans or credit cards
Problems Caused by a Low Credit Score:
- Unable to qualify for loans such mortgages and auto loans
- Credit cards and other loans charging a much higher interest rate
- Potential problems renting a home or getting a cell phone
Ways to Prevent a Low Credit Score and How to Save Your Current Score:
- Check your credit score twice per year
- Pay down credit card balances
- Never make a late payment
- Don't open new credit accounts
- Sign up for an identity theft protection or credit monitoring service
"Checking your credit will greatly improve your chances of getting a loan for a car, home, or education. Signing up for a monitoring service to do it for you will make sure nothing slips through the cracks," adds Silverman. "With just a little effort, you can protect yourself from identity theft, mistaken charges, and runaway credit."
Website: http://affiliate.adtrtracker.com/rd/r.php?sid=2312&pub=501678&c1=pressrelease&c2=&c3=
The Organization for Credit Knowledge Releases State of US Credit
Where does your score rank and what does does this mean for the American consumer?
2010-11-22
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[Press-News.org] The Organization for Credit Knowledge Releases State of US CreditWhere does your score rank and what does does this mean for the American consumer?