The Corporation for Enterprise Development released a new report on Thursday, which revealed that many Americans are still struggling to improve their credit, despite a growing job market and overall better economy.
“In the world of consumer credit scoring, if you mess up, it’s a seven- to 10-year penalty,” explained John Ulzheimer, president of consumer education at CreditSesame.com.
As a result, these consumers often see their loan applications denied, or if they are borrowing, they don’t get to take advantage of the same low interest rates that borrowers with better scores are offered.
Image via flickr/Simon Cunningham
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