Credit Repair Statistics for 2021
48% of consumers see an increase in their credit score from 100 points or more on using credit repair services for 6 months. Is it effective? Statistics show that many times, those who have used credit repair services often experience positive results! However, if one sticks with an agency longer than 2 months less likely to do well again and has only 33%.
The US credit repair market size is worth $3.4 billion and will only continue to grow, with a revenue decline of 5% per year on average in recent years – 2016-2021
The industry has registered an increase during times when consumers are confident about their finances; however it also sees decrease due the growth or overall economy where there’s more confidence among all types of people who want access to loans from banks (including individuals).
With the number of companies being around 69,000. This includes both state-focused and national ones in America as well. Credit re-fixing has seen an 5% decline from 2020 despite this labor-intensive work that’s highly fragmented due to no single company having more than 5%.
The average FICO credit score in 2020 is 711. More than 10% of the US population has a low-to-moderate level of debt, while 1 out 5 have no credit at all and only borrow from cash advance stores likeCircle K or Paypal when desperate for money; however, these individuals can be identified because they don’t make good financial choices which affect their long term ability to keep up with payments on loans such as mortgages, car notes (note: this last one may not actually exist), student installment plans.
Top-rated city for credit scores, in Florida! The Villages, an exclusive retirement community in Florida with a median FICO score of 807 is rated as the top city for credit scores. Other leading contenders include Sun City West Arizona (789), Green Valley Arizona(788) and Los Altos California’s (784) .On the other hands East St Louis Illinois (552) Camden New Jersey (552) Chester Philadelphia (555) Detroit (560) Gary Indiana (561).
Payment history is still the top contender. In the world of credit, there are many factors that can impact your score. One of these is payment history and it accounts for 35%. The type in which you make payments makes a difference as well with 30% coming from amounts owed vs 20%or new activities on an account; length also contributes 15%, while 10 points go towards mix (some accounts have more than others). There’s even been research showing how different traits correlate to higher FICO Ratings–for example people who rarely miss any deadlines may be considered riskier but those same traits.