A Real Credit Barrier

There is really no way to repair a Credit Report when the negative information on it is accurate – except through the passage of time. This is a quote from Maxine Sweet, the Vice President of Public Affairs for Experian.

Experian is one of the largest credit bureaus, and one of three major bureaus that controls majority of your credit report information provided to lenders. There are countless stories and a massive amount of information to be sifted through to get to the truth. This becomes extremely difficult to do without the proper guidance and interpretation of the current legislation. Surprisingly, many of today’s credit advocacy groups will simply spew out the same information that has been passed along by the major Credit bureaus and a lot of lenders of all types.

What’s wrong with this picture? The issue of misinformation, sadly to say, is rooted very deeply into the mentality of many Americans. One that nothing can be done to improve your credit, other than let it naturally heal. When one begins to take apart the nuts and bolts of such statements, it’s clear to see where the motivation lays – big business. So, wouldn’t it make sense from a business stand-point to ensure you continue to pay high interest? Of course.

Let’s for a few minutes examine the real barriers. The first barrier is the credit score barrier. I’m sure by now you have heard that the range of FICO scores ranks from 300 to 850, although there are many conflicting sources (even within the bureaus themselves!). The mid-line to this scale should be 575. So wouldn’t it stand to reason that having this score of 575, there should be 50% with a higher, and 50% with a lower score. Now, taking it a step further lets examine the upper range.

An average credit score (not Good) does not, according to the industry start until 680, going until 700. Wow…. That’s an impressive 105 points between the mid line and where the average score starts. Now taken that into consideration we see that good credit does not start until you reach the score of 700. So, all-in-all seems like a good plan on the side of the credit bureaus to work in coordination of sorts with the lending industry. After all, it’s the dictation of the credit scale that keeps a great deal of Americans in the sub-prime category. In this category, the banks and credit card companies make a killing, and this is currently affecting more than 61 million Americans.

So in all fairness, I think we can say that the scale might be a little skewed to side of giving the lending institutions an advantage for keeping Americans in a sub-prime category. This remains particularly attractive to lenders, because they can charge higher interest, which is ultimately a billion dollar cash cow.

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