Gotta a low credit score? You’re not the only one!
Credit scores across the United States are dropping to new lows. According to FICO, inc., the company that provides the most commonly used credit score in the United States, the FICO score, right now as many as 25.5 percent of consumers have a credit score of 599 or below, which is considered a poor risk for lenders.
With the tighter lending standards that are also now in place, it would seem that this would create additional lag on the economic recovery.
Credit scores are dropping and it is expected to get worse before it gets better.