Quarter of consumers have credit score below 600

07/12/2010 | Google

Figures from FICO show that almost 43.4 million Americans have a credit score of less than 600, which means they are poor risks for lenders. With a low credit score, consumers are unlikely to be able to obtain auto loans, mortgages or credit cards as banks have tightened their lending standards. The trend of lower credit scores is expected to continue as high unemployment persists and the economic recovery remains fragile.

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