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Credit repair is a $6.5 billion industry that's rife with fraud and scams. While credit repair companies often claim they can "erase" bad credit or boost your scores, claims like these are usually ...
Financial information of the business may be evaluated as well. The score range for the FICO SBSS score is 0–300. A higher score indicates less risk. Applications for SBA 7(a) loans for $350,000 or less will be prescreened using this score. A minimum score of 140 is needed to pass this prescreen, though most lenders require scores of 160 or more.
The Better Business Bureau just released some good news: In 2011, consumers consulted the BBB far more often than they did the year before, and they lodged fewer complaints.
That’s the conclusion from a recent LendingTree study that analyzed 100,000 credit reports of Americans with credit scores at or above 800. A FICO score of 850 is considered a perfect credit score.
2004 study found the median credit score for whites in 2001 was 738, but the median credit score for African Americans was 676 and for Hispanics was 670. [ 36 ] 2004 research study found fewer than 40% of consumers who lived in high-Black Indigenous and people of color [BIPOC] neighborhoods had credit scores of over 701.
As of June 30, 2015, the average LendingClub borrower has a FICO score of 699, 17.7% debt-to-income ratio (excluding mortgage), 16.2 years of credit history, $73,945 of personal income and takes out an average loan of $14,553 that s/he uses for debt consolidation or for paying off credit card debts.
Credit scores usually range from 300 to 850 showing the customer's creditworthiness. A customer with a high credit score shows that they are creditworthy and banks will have no problem giving them a loan. If a customer has a low credit score then banks would be hesitant to give out a loan and if they do it might be with a higher interest rate.
Oh, the elusive 800 to 850 credit score -- the highest category of credit score one can possibly obtain, and that which FICO considers "exceptional." With a credit score between 800 and 850 ...