Financialmiddleclass

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TYPES OF BAD CREDIT REPORTS
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4 TYPES OF BAD CREDIT REPORTS AND HOW TO FIX THEM

• According to data from Experian, the average
  credit score in America is 688, which is one of
  the big 3 credit agencies. Equifax and
  Transunion are the other two bureaus. Baby
  boomers tend to have the highest credit score,
  while younger millennials often have the lowest.
  The FICO score ranges from 300 to 850. The
  screenshot below shows the main components of
  your credit score calculation.

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4 Types of Bad Credit Reports

1. Bad Credit Report Due to Bankruptcy and Public
   Record
2. Bad Credit Report due to Collections and Past-due
   Accounts
3. Bad Credit Report Due to High Credit Utilization
4. Bad Credit Report Due to Insufficient Credit

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Bad Credit Report Due to Bankruptcy and Public
Record
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Fix Bad Credit Report Due to Bankruptcy and
Public Record
With a bankruptcy on your credit report, engaging
in the credit market will be costly. For Example,
People fresh out of bankruptcy pay an average 22
annual percentage rate (APR) on car loans. It
would be best if you started building your credit
the moment that the bankruptcy is discharged. The
best way to start this process is to get a
secured credit and signup for a reputable
self-lender. Secured credit is a refundable
security deposit. The limit does not matter much.
You need to get a secured credit card and
maintain a balance of no more than 30 of the
approved amount.
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Bad Credit Report due to Collections and Past Due
Accounts
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Bad Credit Report Due to High Credit Utilization
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