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• 70 % of all credit reports contain mistakes.
• 120 million Americans have less than perfect credit
• 1 of 5 Americans are victims of identity theft
• There are a record number of layoffs, divorces, repossessions, foreclosures and late payments which all cause bad credit ratings
• Every business transaction sooner or later will be governed by credit and credit scores such as getting a job, utilities, cars, homes, loans, etc.
• 2006 bankruptcy filings are down due to new Bankruptcy Laws which prohibit discharging unsecured debts. This means that consumers are stuck with BAD DEBTS which ruins their credit and credit scores.
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Have you Ever…
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Been denied credit before?
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Reviewed your credit reports and scores from the 3 major credit bureaus (Equifax, Experian, TransUnion) in the past year?
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Paid a bill late?
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Received a charge-off or collection?
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Received a repossession or judgment?
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Been asked to get a co-signer for a loan?
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Been harassed by a creditor? |
1999 National Consumer Credit Survey
OVERALL CREDIT: 30 % had "bad" credit
13%"intermediate"credit
57% had "good" credit
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AFRICAN AMERICANS: 48% had "bad" credit
16% had "intermediate" credit
36% had "good" credit
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HISPANICS: 34% had "bad "credit
15% had " intermediate"credit
51% had "good" credit ___________________________________________________________
WHITES: 27% had "bad" credit
12% had "intermediate" credit
61% had "good" credit
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CREDIT SCORE SCALE
619 or below = "bad" credit
620 - 719 = "intermediate" credit
720 - 850 = "good" credit /A+ Credit
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The Most Common Responses to Credit Problems:
1 ) Don't answer the phone when creditors call.
2) Don't open the bills or discard bills.
3) Ignore the credit problems all together.
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