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20 FICO points = $20 billion

Regular Contributor

20 FICO points = $20 billion

I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?
Message 1 of 5
4 REPLIES
Established Contributor

Re: 20 FICO points = $20 billion

i like that. i am on it. anybody else with me ? i know the whole forum is with me.
Message 2 of 5
Established Contributor

Re: 20 FICO points = $20 billion



Neblett wrote:
I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?


That is probably an understated estimate... Think how much Americans would save if all Lenders were required to increase the amount of truth they told the consumer by 20% percent! Smiley Very Happy
 
Rob
Message 3 of 5
Regular Contributor

Re: 20 FICO points = $20 billion



Neblett wrote:
I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?




This is precisely why creditors and credit bureaus DON'T want you to have the ability to raise your score overnight. They drag their feet, telling you to allow them "30-60 days" to report IMPROVED or CORRECTED information... but when it comes time to report a negative, it's done within 24 hours.

It's a brilliant plan... it just sucks for the consumer.
Message 4 of 5
Regular Contributor

Re: 20 FICO points = $20 billion

It would save 20 billion per year.. But I bet if the average credit score went up 20 points.. The cut off between prime and sub-prime would jump 20 points with the national average.

Did you ever hear about the study done with homeless people? The average homeless person has a credit score of 641?
Message 5 of 5