Useful Facts: Information is Power

Article ID: 69212  

Question
What are some good things to know when reviewing my applicants credit and background report results?

Answer

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)


Article Details
Views: 4355 Created on: Sep 17, 2015