MEDFORD, Ore. – One in four Americans have credit scores deemed “below average.” Recently released numbers from Fair Isaac Corporation show last year, about 46% of FICO scores were below 700. About 25% were below 600. Experts say it’s not surprising because so many people have lost their homes and have fallen behind with bills.
If you have a poor credit score, it doesn’t necessarily mean you can’t buy the things you want to buy, you just may end up paying more for them. When you buy a new car, you can’t quite get the payment that another person with a good credit score would get; for example, you might pay 300 a month, while someone with a good credit score might be buying it at 220 a month.
Consumer Credit Counseling Service of Southern Oregon says the first step to getting that good credit score is doing something about it. Then it’s time to weigh your options and come up with a strategy. Some tips include remove old or incorrect information from your report; talk to the creditor to come up with a settlement; ask your lender for an interest rate drop after you’ve improved your credit.
Consumer Credit Counseling Service of Southern Oregon offers free help to those looking to come up with a plan to fix their credit.