Why debt consolidation is a good option to get rid of debts

When you are drowning in a sea of debt, then you must try and get out of the situation as soon as possible. For this you may consider opting for various debt solutions. In case the problems that you are facing are due to the multiple number of your debts, then you must consider a debt solution called debt consolidation. However, you must be careful of a few companies that claim to offer you free debt consolidation as there is no such thing. You must choose a debt consolidation company with care.

In case you are not very sure about why you should use debt consolidation to get rid of your debts, then you must look at the various advantages that this process offers.

Some of the advantages of debt consolidation are as follows.

1. Reduced rate of interest: When you opt for debt consolidation the debt consolidation company negotiates with your creditors to get lower rates on interest for you. Thus, the total amount that you would have to pay towards your debts reduces as the interest rate reduces. So, it becomes easier for you to pay off your debts.

2. One monthly payment: After you choose a debt consolidation company, your financial situation is assessed and then a fixed amount is decided that you are to pay to the debt consolidation company every month. Apart from this amount you are not to make any payments. This amount is utilized to pay off all your creditors every month by the debt consolidation company. Thus, you are freed from the hassles of making payments to multiple creditors.

3. Improved credit score: When you opt for debt consolidation, then you send only a single monthly installment to your debt consolidation company. This amount is further distributed by your consolidation company among your creditors after they deduct a certain sum as consolidation fees. Thus, your creditors get paid every month which means that you will get improved credit score.

4. End to calls from creditors: When you have too many debts to tackle, then the huge number of creditor calls that you get may bring great problems in your life. When you opt for debt consolidation, then all your creditors are notified that they are to call your consolidation company in case they have any queries. Thus, your creditors can no longer call and harass you when you opt for debt consolidation.

These are a few reasons for which opting for debt consolidation is a wise decision when it comes to getting out of your debts.

Author’s Bio: M.J loves to write financial articles and she is a contributory writer associated with the Debt Consolidation Care Community and has written several articles on debt consolidation, debt settlement, bill consolidation and get out of debt for various financial websites. She holds her expertise in the Debt industry and has made significant contribution through her various articles.

What Does the Bible Have to Say About Debt Solution? (Part 3)

The Credit Card Story

Boy Reading the holy bibleOur last post discussed Biblical parables and their relationship to debt issues. Check out our previous debt solution articles for more information.

Imagine that you walk into your local bank to apply for a credit card rather than completing an application in the mail or on the internet. For illustration sake, this particular small local branch has $1,000,000 of deposits (actual cash) and you are approved for a $9,000 line of credit.

Because of GAAP accounting (Generally Acceptable Accounting Practices) the minute you are approved for your $9,000 credit card line, the bank will claim this as an asset (this is monetizing your signature – creating new money based on your signature) thus claiming to now have $1,009,000 of assets on the books.

Suppose you max out this $9,000 credit card and, for whatever reason, don’t/can’t pay the balance on the account. Where does that leave the bank? Well, first of all, the bank is allowed to write-off the $9,000 as a bad loan after 180 days and receives their tax deduction/credit. Secondly, after writing it off, they are now back to their original $1,000,000 of deposits they had before you were approved for the account. Thirdly, they did not lose one penny during this entire ordeal. Result: (1) the bank received money from you while you paid the interest on the “debt” thus receiving interest on money they just created; (2) the bank also received a tax deduction when they wrote off the $9,000; (3) the bank did not lose any money because they never had any of their own money at risk.

Our next post will discuss several scripture passages that highlight debt-related issues.

What Does the Bible Have to Say About Debt Solution? (Part 2)

A Simple Parable. . . .Real or Counterfeit?
debt-parablesAs Jesus often taught in parables to illustrate a deeper truth, please allow us to share with you a simple parable that perhaps will shed some light into the issue of debt in specific relation to credit card companies.

Imagine that, over the years, your neighbor Joe has graciously loaned you $20 here and there to cover gas fillups, a hot dog & lemonade at the ballpark, and other little events that found you short on cash. Each time you paid him back and your record of stewardship in Joe’s eyes was solid.

However, one particular month you find yourself very much behind on your bills and, needing some money to get you through the month, you approach dependable Joe saying, “I’m really embarrassed to ask you this Joe, but things are very tight for us right now and we’re finding ourselves in a bit of a bind. Could you loan us $1,000?”

With his usual willingness, Joe hands you ten crisp $100 bills and says, “No problem, you have always paid me back before, so I have no reservations about helping you. In fact, I’m glad to do it!” You take the money and pay your energy bill, purchase some groceries, and send some checks to several creditors – each time the vendors accepting payment with no problem whatsoever.

Several days later, you look out your living room window only to see Joe being led into the back of a squad car handcuffed & humiliated. Come to find out that dependable Joe was printing new money in his basement!

Here is the dilemma in which you are now confronted: Do you owe Joe $1,000?

You spent the money he gave you. You received goods & services – many of the items still in your home! Your vendors & creditors freely accepted your payments as did the bank in which you deposited the money.

We believe the answer is no – you did not borrow money from Joe even though you thought you did! And here’s how this story relates to the credit card companies. . . .

Credit Cards and Money Creation
Contract law states that in order to enter a legitimate loan transaction two parties must be at risk – the lender is at risk (they may not get their money back) and the borrower is at risk (they may pay back more money than what they borrowed). This legitimate loan practice is followed in most loaning cases EXCEPT when it comes to credit cards.

When a credit card application is approved and a consumer is issued an account with a line of credit, what actually occurs is that new money is added into the money supply & economy. The credit card companies are not using their own assets or money for you to access, they are creating new money by “monetizing your signature”, and thus they are never at risk and violate contract law.

There are many cases that have already been decided on when it comes to the issues of money, credit, and banking. The collection of interest on credit issued by a bank or a credit card company is in direct violation of all usury laws. The laws are very specific concerning the corporate authority of banks and credit institutions.

Contract law states: Two Parties Must Be At Risk; your bank enters into a contract with you and they don’t take on any risk because they don’t lend you depositor money, they create it out of thin air by monetizing your signature. You are the only one at risk (because of interest rate risk which means your risk is that you will pay back more money than what you thought you borrowed). This violates contract law. They charge you interest on an alleged loan which is against Usury laws. They don’t provide Full Disclosure in their contract explaining how they create a promissory note using your signature.

We base the initial phases of the CCRE process on Federal Laws, U.S. Supreme Court decisions, Title 15 of the United States Code section 1692, the Fair Debt Collections Practices Act – Section 1601, the Fair Credit Billing Act, the Uniform Commercial Code – Section 203, and numerous Banking and Lending laws.

Banks are breaking the laws as stated in the US Codes Title 15, Section 1666 and 1692, Truth in Lending Laws, Usury Law, and The Fair Credit Billing and Reporting Acts.

From these foundational truths & laws, we help you initiate a legal administrative dispute which then can develop into a dramatically reduced settlement saving you and your family thousands and usually tens of thousands of dollars! (Our average client enters $42,000 which guarantees at least a $21,000 reduction!)

Perhaps another “parable” to illustrate this truth would be helpful except this time it’s not fiction.

Our next post will discuss Christian goals & how they tie into credit card issues.

What Does the Bible Have to Say About Debt Solution?

biblical-view-debtPerhaps the most important, yet most difficult, aspect of our Credit Card Relief Education (CCRE) program has to do with what the Bible says about money, debt, usury (interest), repayment, forgiveness, and a host of other equally relevant topics.

As a company owned & operated by Christians, and because many (if not most) of our Clients are Christians, our prayer at Integrity Debt Solutions-Texas is that you will take some time to patiently & thoughtfully explore this Special Report as we attempt to share what we have learned from hundreds of hours of study of both the Bible (God’s revealed word) and the moral issues surrounding the CCRE program.

While not an exhaustive study of the topics, this report will hopefully explain the major reasons why we believe that CCRE is not an unbiblical service nor is it encouraging irresponsibility, “debt avoidance”, or the like. In fact, it’s quite to the contrary! Our goal for our Texas debt relief clients is to negotiate a drastically reduced amount (which the banks agree to settle on) and/or show our clients how they can position & protect their families from the very shady and questionable practices of the banks/credit card companies. We encourage you to read on….

The concept of forgiveness. . . .
Much like the concept of having your sins forgiven by Jesus Christ’s death on the cross (covering a debt we could not pay), so too does the CCRE process strive to forgive/reduce a debt that holds Texans in bondage setting them free from something they may never be able to pay.

When a person realizes that he or she is a sinner that needs to be saved, receives forgiveness, and starts life as a new creation in Christ, the realization of this spiritual truth serves as motivation to love the Lord with all your heart, mind, and strength – committing never to return to the past lifestyle. This is what being born-again is all about!

Allowing the CCRE process to serve you and your family and “forgive” as much of your debt as possible, will hopefully motivate you to never again become enslaved to the worldly system of credit card debt. Our prayer is that you will then have the freedom & desire to follow biblical principals that have stood the test of time!

It is our hope & prayer that having an overwhelming financial burden forgiven will save marriages, alleviate undue stress, reduce serious health problems (both physical and emotional), and most importantly restore a deep spiritual relationship with God that has been lost or damaged. We hope to help all people in Texas achieve these goals.

With love & appreciation now motivating the church and a renewed realization of financial stability, perhaps the body of Christ will now make giving (a lost biblical mandate!) of primary importance once again!

Check back tomorrow to find out how Biblical parables apply to debt solution in Texas.

Introduction to the Credit Score Issue (Part 5)

A real life example…

As we were preparing this report, we had conversations with a couple of clients who began the CCRE program a few years ago – these were very timely calls! Perhaps this will encourage you and help you realize that simply taking the steps outlined above will benefit you dramatically compared with the following stories…
Piggy bank
“I began the CCRE program back in January of 2006 with a credit score in the 670 range with the three major credit bureaus. A year later, I discovered that my score was in the 585-595 range. But it didn’t really concern me at the time because I had already taken steps to cover myself. I knew I was going to live in my home for years to come and in the last couple of years I had just purchased two vehicles – a truck and a car – that were in good condition, so this wasn’t an issue either. I didn’t need any new credit because I kept one of my credit cards out of the program and was using it for any emergencies or whenever I was short of cash. Now, in 2008, just two and a half years later, my score is back up into the 630 range and I haven’t even done anything yet on the credit repair issue. Once I begin the credit repair process, I believe gaining another 25-30 points is very doable and my score will be above the Texas average. Oh, by the way, I saved a little over $35,000 in the process which I’m quite pleased with!” – Doug in Hungerford, Texas

“In June of 2006, I started the program offered by Integrity Debt Solutions-Texas. I decided to use their service because of their no-nonsense & honest approach; they specialize in Texas; and the fact that their BBB record is spotless. I had a total of nine accounts and my credit score was hovering around 700. Here we are over 3 years later and my score is now 638 which I consider good considering the fact that I’ve been a little lazy and haven’t begun the credit repair process yet. I was able to purchase a new car recently and the only issue I had was that my interest rate is 14% – I ran into no problems at all. I will save over $50,000 and – credit score wise – I suffered about 60 points.” – Lance in Austin, Texas

We hope this report has provided you with some useful information that will guide you in your decision. Integrity Debt Solutions-Texas is committed to providing you & your family, as well as ALL of our clients, with timely, professional, and HONEST information. You can easily confirm all of this information simply by doing a Google search on the key phrases like, ‘credit repair’, ‘how to improve bad credit’, etc.

We look forward to the possibility of serving you. If you are a prospective client considering our CCRE program, this information will be of great benefit as you can take steps and plan ahead. And if you are already a client, we hope this material has been of good encouragement to you for your future action!

In Your Service,

The Team at Integrity Debt Solutions – Texas!

Introduction to the Credit Score Issue (Part 4)

Our last post highlighted the typical, post CCRE process. Today we will be taking a step back and looking at all of the things you should consider before enrolling in our program.

How’s that working for ya?
credit-score-considerationsMost of us have heard the famous television personality & counselor Dr. Phil ask the question of people “How’s that working for ya?” when trying a certain strategy in their lives. We would like to encourage people considering our service to ask themselves this question as well. Especially when thinking about the prospects of having their credit report temporarily damaged or keeping it perfectly intact.

The questions to consider are these: How has having my credit report perfectly intact been working for me? Am I better off today than I was one, two, or three years ago? You may also want to ask: Will having perfect credit for the next few years HELP me or HURT me? Will I be in a BETTER situation in one, two, or three years if I do nothing?

Please do not be offended by the above direct questions. We are not trying to be “smart alecks” or abrasive in any way, we honestly are only trying to bring perspective to your situation. Maybe it’s true that you MUST have perfect credit going forward. If this is the case, then our program is clearly not for you.

However, if you keep doing what you’ve always been doing, you’re going to keep getting what you’ve always been getting. We can help you. When faced with an overwhelming amount of debt, there is no perfect solution (other than inheriting money from a wealthy relative or winning the lottery). You have some tough decisions ahead of you. We would like to serve you with our time-tested, well researched & proven program.

What is the Bottom Line?
The bottom line for most of our clients is this: if you cannot take ANY of the steps mentioned above you can expect your credit score to suffer anywhere from 50-150 points – again, depending on many variables such as the number of credit card accounts you have (which you’re current on, which you’re behind on), if you stay current on car loans & mortgage loans (paying off a car loan has great implications to your score), and many other issues. If you are able to implement some of the steps outlined in this report, then you can reduce these numbers to 30-100 points. Because each & every situation is different and because everyone’s payment history is unique, it is impossible for us to know the exact point value you may suffer.

However, if you are educated as to how the system works and you’re determined to be proactive, then this task of maintaining and/or repairing your credit is very possible.

Check back on Monday for the final article in this series. We will be taking a look at two real-life testimonials from people who have used to CCRE program to turn their credit issues around.

Introduction to the Credit Score Issue (Part 3)

Today we will take a look at the steps an individual should take after completing the CCRE program. If you haven’t had a chance to take a look at our article that explains how to preserve your credit before starting the CCRE, take a look before proceeding.

What Can Be Done After the CCRE Process?
credit-score-issuesOnce the CCRE program is complete (or towards the end of the program – around the 12 month mark), there are still many other steps that you can take to begin the recovery & repair process.

The first step that most clients will take is to hire a credit repair agency to help them. Integrity Debt Solutions has a long & successful relationship with Lexington Law – a law firm that specializes in credit repair. Please visit their website at www.LexingtonLaw.com and learn more about the great success they have had for over 17 years now.

The cost of credit repair can run anywhere from $25 per month to $99 per month depending on the company and the degree to which you would like help. Since credit repair companies cannot charge for their services up front, their fee is an ongoing subscription and allows you to stop at any time. The average client will utilize this service for 12 months and improve their score anywhere from 50 to over 100 points on their FICO score.

Unlike our company which guarantees a certain level of success (at least a 50% reduction), credit repair companies cannot guarantee their service because results vary so much and some clients only “try” it for 2-3 months. However, in general, the clients who take this step more seriously are usually the ones who experience the greatest results.

Another strategy that our clients have implemented with excellent success after the program is the following. You can approach any banking institution and explain to them that you just went through a very difficult time, but you now want to start taking proactive steps to repairing your credit score. Ask them if they will allow you to deposit money in a CD (Certificate of Deposit) at their bank in exchange for a credit card for the same amount.

For example: If you plan ahead and save several thousand dollars while you’re going through our CCRE process, you can take $3,000 and deposit into the bank in a CD for a specified period of time (usually one year). In exchange for this deposit, ask the bank to issue you a credit card that has a $3,000 limit. Then, use this card wisely. Pay it off at the end of the month or at least the majority of it. If you carry a small balance on it and establish a track record, your credit score will improve dramatically!

Do this at a couple of different banks.

Another strategy that our clients have used is this: find a willing friend or family member who has a good credit rating and ask if they would be willing to cosign with you on a short-term loan. CitiFinancial and Beneficial are two places that you can go to in person. Again, explain to them that you went through a rough patch and you are now trying to reestablish yourself. Avoid Payday loans and the other quick loan places – they usually charge extremely high interest rates and they do not always report your on-time payments with the credit agencies negating the purpose entirely.

The most obvious way to improve your score is simply to stay up to date on all your current obligations and work on having negative entries removed. Diligence is the key here and credit repair can & will work. Rebuilding your credit can take a little time, but in about 2 years (depending on how diligent you’ve been), you can repair your score to such a place that it is actually BETTER than when you began our program! Yes, it can be done.

An issue that is extremely important to realize is that unsecured credit will impact your credit score less than any outstanding secured debt. The credit reporting agencies weigh more heavily the fact that secured accounts have been paid and are up to date. So if you have been able to stay current on your mortgage, car payments, and other secured loans (furniture, electronics, etc.) and will stay current in the future, this will be of great benefit & value to your score.

The three credit reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report. To order, go to www.annualcreditreport.com, call 1-877-322-8228 1-877-322-8228 , or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA30348-5281.

One last illustration we like to share in order to put things into perspective is this: suppose someone walked up to you today and said, “I will give you a check right now in the amount of $________ (insert 50% of your total credit card debt) if you will agree to one stipulation.” Of course, the stipulation is that you would have to live with bad credit for about 2 years. Would you be willing to take that check?

Most people will answer “Yes”. And since our average client has $42,000 in debt that they enter into our program, they are in essence receiving a check for $21,000 in order to have bad credit for a couple of years. A nice tradeoff indeed and obviously if your debt is higher so will your savings!

Our next article will help you analyze your current credit situation and decide whether or not the CCRE is right for you.

Introduction to the Credit Score Issue (Part 2)

This is the second in our series of introductory articles about the basics of credit scores. Read the first article to get an overview of FICO scores and how they affect you.

How Can I Preserve My Credit Score Before the CCRE Program?

Credit CardWhen you go through Integrity Debt Solutions-Texas’ proprietary Credit Card Relief Education (CCRE) program, we implement many federal, state, and banking laws. One in particular, the Fair Credit Billing Act, allows you to file a legal administrative dispute on any part of or all of your credit card bill/statement.

When you file this dispute, there are some foundational principals that apply (1) it must be done in writing (2) it must come from the consumer himself or herself and (3) once the dispute is sent, you have the legal right to stop your monthly payments until the dispute is resolved (see the Fair Credit Bill Act and Title 12 of the Code of Federal Regulations 226.12 and 226.13).

Another key factor is this: when you file the dispute and stop your monthly payments, the bank or credit card company is NOT supposed to report ANY negative entries to your credit report UNTIL the dispute is resolved. Unfortunately, the banks/credit card companies do not adhere to this statute and they do report negative entries.

That is the bad news. The good news is that there are specific & profound steps you can take to preserve your credit and avoid many of the pitfalls. Here is the list we’ve accumulated and continue to add to as we receive new & updated information.

Many of our married clients will transfer as much of their debt as possible to only one name and then only enter those accounts. For example, if Tom & Susan have 8 total accounts equally split between them, they can transfer as many of these accounts as possible to Susan’s name and enter only her accounts (or visa versa). They will also call all of the credit cards and remove Tom’s name from them. This will allow Tom’s credit to remain in perfect condition (or in the exact condition it now is). This is the most ideal situation.

If transferring accounts is not a possibility, the next best thing is to still call and remove ANY other authorized users on an account other than the primary user. For example, if Tom & Susan have 8 accounts total and they are split equally, Tom can call on his 4 accounts and have Susan’s name removed from those accounts. This will ensure that Susan will not have 8 negative entries submitted now but only 4 (assuming she enters her 4 cards) which is a 50% improvement.

Another strategy to consider is this: if Susan can now consolidate her accounts from 4 down to 3 or even 2 cards, the potential negative entries on her credit score will go down further. This is actually quite simple to do. All Susan would have to do is call one of her accounts (we can tell you which companies we have the highest degree of success with so you can focus on those!) and say, “I would like to consolidate some of my credit cards and I was wondering if you would allow me to transfer my $6,000 Bank of America balance (this is just an example) to my account with you?” Again, they may or may not allow this it all depends on your current circumstance & credit score at the time. They may allow you to transfer only a portion of your balance. However, it is worth a try and it is ALWAYS best to plan ahead! Start positioning yourself now, before it is too late.

An often overlooked strategy that many of our clients ignore trying is this: if you will obtain a copy of your credit report (you are entitled to one free report per year. If you’ve been denied credit, you are allowed to receive another free copy each time you are denied. All you have to do is call), you may find that you have one or more old credit card accounts or signature loans that you either paid off or transferred that balance and you now have an account with a zero balance. Any zero balance account that is still active & open can be considered in the consolidation & positioning process especially if this account has a large available credit limit. Also, even if the account is closed, you may have the ability to reopen it since your track record with that bank is good. NOTE: Never close a credit card account – even if it is paid off. If you don’t want to use it, simply cut up your cards and shred any notices that come to you in the mail. The more accounts you have open, the better your credit score will be.

Yet another variation to the strategies mentioned above is this: suppose Tom & Susan have 8 accounts – 4 each in their name. They can enter 6 accounts into our CCRE program and keep one out for each. Now, they can continue to pay on those 2 accounts along with their mortgage, car payments, utility bills, etc. and their credit score will remain stronger than if they entered ALL of their accounts.

If your credit score is currently good to decent, you can obtain 2 additional credit card accounts and simply never use them. Again, the more accounts you have open (especially with large available credit limits), the better your credit score will stay.

If you can determine which accounts are your oldest accounts and if you can move those balances to a newer account, you can then keep the older accounts out of the program. The credit rating agencies will value the older accounts you’ve had higher and this will help your score – longevity is very important to them.

Check Back tomorrow to find out the next step after completing the CCRE process.

Introduction to the Credit Score Issue

credit-score-informationFor many of our clients, after receiving relief from their monthly payments and/or reducing their total debt by at least 50%, the issue of their credit score is usually of great concern. Because of the various ramifications of future interest rates & payments and possibly insurance rates, many want to know what happens to their score, how best to protect it, and how best to improve it.

We at Integrity Debt Solutions-Texas have much experience in this area because we have dealt with consumers of all backgrounds. Obviously, there are many situations where a person can live without a good/decent credit score with no problems. And the fact is most people can get by just fine without good credit – especially if they only need future financing for a home or car (which can almost always be obtained).

However, on the other side of the coin, many need their credit score to be at a certain level. This research paper will discuss the many facets surrounding this issue and we close with real life cases & testimonials from clients.

The Basics of Your FICO…
Please allow me to give a brief overview of the basics regarding credit scores. You’re FICO score is nothing more than a reference to a score that was developed using the Fair Isaac credit scoring model by one of the three major credit reporting agencies (Equifax, Trans Union, Experian). The FICO model calculates scores based on information in five dimensions.

1. Payment History (35% of FICO score) – account payment information with such agencies as credit cards, lenders of installment loans, mortgages and retailers. This part of your credit score measures your ability to pay on time and the money you have past due.

2. Amounts Owed (30% of FICO score) – information concerning the total amount of credit you have outstanding, number of accounts, balances on account and how much credit you have relative to the maximum creditors are willing to extend to you

3. Length of Credit History (15% of FICO score) – this dimension measures how long your accounts have been open with creditors and lenders. The longer your credit history, the easier it is to accurately identify payment patterns.

4. New Credit (10% of FICO score) – this information is used to calculate your credit score and reflects how much credit you’ve applied for lately. For example, how many times you’ve applied for credit in the last 1-2 months.

5. Types of Credit (10% of FICO score) – this is the diversity of credit you have in your portfolio. For example, do you have a mortgage, car loan and credit cards? The more types of credit you have, the more accurately your score can be determined.

If you’re looking for a FICO score calculator, you may be disappointed to learn that you won’t find a calculator that provides you with a numerical value – and that’s probably what you’re looking for. Fair Isaac uses a complex and proprietary algorithm / calculation to develop their score and the only way to obtain the score is by purchasing it directly from Experian, Equifax, or Trans Union.

For the same reasons that you won’t find a calculator, it’s also not possible to find free FICO scores online either. Anyone claiming to offer you a free FICO score is misleading you or will provide you with an inaccurate number. Legitimate offers of FICO credit scores should run you around $15.00, and that is for just one of the three credit reporting agencies.

In fact, a bundle of credit scores from all three credit agencies can run from $25-$45. Also, you can pay for the ability to monitor your score on a monthly basis and that will run you around $7-$15 per month – perhaps a good value, but not exactly a free score.

Figuring out if your FICO score is good, bad, or average is not as simple as it sounds. For argument’s sake, we can define a good FICO score as any score that is above the national average score of 678. The same rational can be used to define a bad FICO score as any score below the average FICO score.

But an average credit score varies considerably by state – the average score in Texas is 649. Also, an average can sometimes be misleading because it doesn’t tell you anything about the “distribution” of FICO scores. The FICO score chart below gives you a distribution of the national scores.

 

Table of FICO Credit Scores

% of Population Credit Score
2% 300 – 499
5% 500 – 549
8% 550 – 599
12% 600 – 649
15% 650 – 699
18% 700 – 749
27% 750 – 799
13% 800 – 850

What this table helps you to understand is the percentage of the national population with credit scores in the ranges indicated. So from this table you know that 27% of the population has a credit score between 750 and 799. And you also know that 58% of the population has a credit score above 700 (18% + 27% + 13% = 58%).

Check back tomorrow for the second article in our credit score series!

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