Information is Power
As we all know, information is power. Whether we are buying a house, investment or screening a new applicant;
information helps us make the best choice possible. In fact, the difference between a good and bad decision is all about
information! Below is a random list of useful facts that will help you analyze your applicants and how they compare to
the averages of the nation.
Useful Facts:
Credit Scores:
Though many creditors have their own models, the model below will help you analyze credit scores.
-Excellent Range: 781-850
-Good Range: 664-780
-Fair Range: 601-660
-Poor Range: 501-600
-Bad Range: below 500
-Average National Credit Score: 664
-Average Rental Credit Score: 625
-Top State with Average Score: Minnesota
-Bottom State with Average Score: Mississippi
Cards and Debt:
-Average Debt Per Consumer $28,496
-Number of Bank Cards Per Consumer 2.18
-Number of Retail Cards Per Consumer 1.54
-Consumer Debt is Closing in on the All-Time High of 2008 $3.407 Trillion Total
Net Worth:
Average Homeowner: $200,000 (mostly home equity)
Average Renter: $5000
Ownership vs Renters:
Homeowners 65% of Population
Renters 35% of Population (slowly rising)
Crime Statistics:
• Sex Offenders 400,000
• Over 2 Million Burglaries per year
• Over 16,000 Murders per year
• 30.2% of Population Have Been Arrested Prior to Their 23rd Birthday for Something Other Than Traffic offenses
• 3 Out of 4 Prisoners Will Be Arrested Again Within 5 Years (Study of BJS 2005-2010)