The number of consumers in the top credit score range has reached its highest level since fall 2008, a report by FICO Labs shows, which could indicate more Americans are working to better their personal finances, including improving their credit reports. (If you want to know more about how a credit score works, check out: What’s a Credit Score?)
More than 18 percent of consumers now have FICO scores between 800 and 850—the first time the ratio of consumers has grown to this figure since October 2008, FICO Labs reports.
However, the number of consumers with scores between 700 and 799 hasn’t improved in the same manner. The report states 15.5 percent of U.S. residents have scores in this range, which is the lowest the figure has been since FICO Labs began recording the statistic in 2005.
Additionally, the report found that nearly one-third of the country’s consumers have FICO scores between 550 and 699—the most amount of people with a score in this range since 2006.
According to FICO, this data likely denotes there are still a considerable amount of Americans in poor or average financial standing.
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Despite many Americans in evident need of a credit tune-up, Rachel Bell of FICO Labs stated the report indicates a considerable change in consumers’ attitudes toward their personal finances.
“Many consumers have moved into the top tier of the FICO Score range by redoubling their efforts to maintain an excellent credit profile,” said Bell. “Other people have fallen into lower tiers, most likely due to the financial stress that many households have been feeling. Despite this shift, we continue to observe more than half of FICO Scores in the U.S. are between 700 – 850, which means Americans have managed their credit well despite the economic downturn.”
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One facet of the report that stands out, according to Bell, is the percentage of consumers with FICO scores in the 300-549 range—nearly 15 percent. This is the lowest the figure has been since 2006. The reason for the reduced figure, Bell notes, is due to many lenders writing off a substantial amount of bad debt.
“Some consumers who had multiple bad debts and delinquencies a few years ago are now able to move on, and their credit scores are starting to move into the 550-699 range,” Bell added.
by: Michael Creditfirm.
Many Americans are still grinding through life with Bad Credit. In fact, over 110 million Americans (50% of the population with credit files) have had their credit file negatively affected by the recent economic crisis according to Business Wire. So how do you know which Credit Repair company to choose when looking for help in improving your credit report?
Going through life living with bad credit, many Americans struggle repaying high interest loans and making minimum monthly payments on their credit cards, barely covering their interest charges which can be as high as 29.99%. Paying more money to rent then they would to own because they don’t qualify for a mortgage based on their credit history.
Good credit can save you thousands of dollars by allowing you to qualify for low interest rate mortgages, auto loans, credit cards, and more. Unfortunately, most people choose to live with bad credit rather than be proactive and make a change to improve their credit.
Choose to be proactive and fix your bad credit, it’s time to get serious about credit repair. CreditFirm.net has helped thousands of clients qualify for low interest rate mortgages, auto loans, credit cards, and more, by improving their credit scores. Let CreditFirm.net guide you down the journey toward fixing your bad credit. We’re not your typical credit repair service. With 15 years of credit repair experience, we have helped thousands of clients increase credit scores and improve credit reports. Results and customer satisfaction are of the utmost importance for us, that is why we are always eager to help and answer any questions which you may have.
CreditFirm.net will never ask you to pay for any credit repair services which we have yet to complete. This is why we offer a FREE Credit Consultation with a qualified credit consultant who will:
Help you obtain your FREE credit report and go over it
- Explain what is inside your credit report. (both positive and negative)
Explain what a credit score is and how it is calculated
- Explaining the different types of credit scores and the metrics used in calculating them.
Create a Custom Action Plan
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One service level
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We want you to be confident in your credit repair decision and let our results speak for themselves. This is why our clients enroll in our credit repair service for distinctive monthly servicing periods and pay only for the credit repair services which have already been performed and delivered.
by: Michael Creditfirm.
The following graph shows the LPS home price index measured against the CPI owner’s equivalent rent index. You can see the extreme separation during the madness of the bubble years. We are now back to the stage we were at in 1995 – 1998 when rent was at a higher point than home prices. This chart shows that we are much closer to the bottom of the housing market than the top. Once home prices experience their final push downward they will provide an extremely attractive investment opportunity for those that have the ability to manage single family homes. If your credit score is stopping you from buying a home, call 800-750-1416. Credit Firm.net has helped thousands of clients improve their credit and qualify for a mortgage. Call us today and be one step closer to getting your home.
by: Michael Creditfirm.
NCO Financial Systems, a subsidiary of NCO Financial Group, Inc., is a collection agency servicing industries such as manufacturing, healthcare, telecommunications, retail, educational, government, as well as many others. NCO purchases defaulted consumer debt for pennies on the dollar in an attempt to settle the accounts with consumers. The company has more than 100 offices, primarily in the US, but also in Antigua, Australia, Barbados, Canada, Guatemala, India, Mexico, Panama, the Philippines, Puerto Rico, and the UK.
NCO Group, Inc., began in 1926, when it was founded as National Collection Office. By 1986, the company had 60 clients and only $40,000 in profits. In that same year, the company attained new management and grew more than 400 percent in the first year. By 1992, the company had more than 800,000 debts to collect and was operating in all 50 states. In the eight-year period ending in 1994, the company grew to $5 million in sales and 125 employees. In November 1996, the newly renamed NCO Group, Inc. completed its initial public offering (IPO) which raised $30 million. In 2006 NCO was bought by One Equity Partners (OEP), the private investment arm of JP Morgan Chase. In 2010, NCO had over 30,000 employees and an estimated revenue of $1.6 Billion.
On several occasions, NCO has been accused of violating the Fair Debt Collection Practices Act, refusing to verify and validate the debt, contacting third parties about the debt, claiming that they were calling from a law firm, attempting to collect debt that was past the statute of limitations, and harassing and threatening people on the phone. As a result, in 2004, NCO paid a fine of $1.5 million to the Federal Trade Commission (FTC). And in 2006, NCO paid a $300,000 settlement to the Commonwealth of Pennsylvania for violations of the state’s consumer protection statute.
Most recently, the Minnesota Department of Commerce has fined NCO Financial $250,000 for failing to properly screen its employees. Officials claim that convicted felons had been allowed to contact debtors and have access to consumer’s private personal/financial information, such as social security numbers, dates of birth, addresses, and financial account numbers. The civil penalty paid by NCO represents violations that were committed by convicted felons who were employed by NCO subsidiaries. Many of these actions were violations of state laws as well as the Fair Debt Collection Practices Act (FDCPA).
Solution for NCO Financial Collections
Credit Firm.net has helped thousands of their clients delete NCO Financial Systems collection accounts from their credit reports as well as stopping the abusive calls. If you have been contacted by NCO or have an NCO Account reporting on your credit report, contact Credit Firm.net to improve your credit.
by: Michael Creditfirm.
Asset Acceptance, LLC. (AA) is one of the biggest collection agencies in the United States. Asset Acceptance works under the umbrella of Asset Acceptance Capital Corporation (AACC) which was founded in 1962. The company specializes in the purchasing defaulted consumer debt and settling the accounts for the original creditor.
How AAC buys debt
Asset Acceptance purchases this debt for a significant discount, sometimes as little as 2% of the original amount owed. Once the debt is purchased, Asset Acceptance proceeds to report the new collection account to the 3 major Credit Reporting Agencies (Experian, Equifax, and TransUnion), and contacts the consumer in an attempt to settle the account.
Asset Acceptance has been known to use predatory business practices to collect on their debt and has had 769 complaints filed through the BBB in the last 36 months. The FTC has also recently levied a $2.5 million dollar fine against Asset Acceptance Capital Corporation for “Abusive Practices”. The company has been known to Re-Age Debt, report incorrect balances, and continue collections after the expiration of the statute of limitations.
Suzanne Martindale, staff attorney for Consumers Union, a non-profit organization based in New York and the publisher of “Consumer Reports” magazine says, “Some debt collectors unfairly target consumers even when the statute of limitations has passed or when they don’t have the proper documentation to prove the debt is owed.”
Credit Firm.net has helped thousands of their clients delete Asset Acceptance collection accounts from their credit reports as well as stopping the abusive calls. If you have been contacted by Asset Acceptance or have an Asset Acceptance Collection Account reporting on your credit report, contact Credit Firm.net to improve your credit.