Applying for a credit card, buying a house, starting a business, taking out a loan — all are big life moves that require credit to make them happen.
At a basic level, credit allows you to get the things you need now , based on your promise to pay it back later; and your credit score predicts just how likely you are to make good on that promise.“People realize that their credit is in a negative state once they really, really need it,” said Bonds, credit specialist and CEO of Take Charge Credit Consulting.
Bonds explained how she gave away a car that was towed. The charge was sent to collections, which was then reflected in her credit report. “I remember being there and dreading to look at my credit score,” said Bonds. “It’s a very scary feeling, for me it was really embarrassing.”“I knew that if I was going through it, many other people in my network were, so friends and family. So I eventually started a business because of my personal experience with bad credit,” explained Bonds.. Her business uses the Fair Credit Reporting Act to dispute negative items that are on her clients’ accounts.
Black Americans had an average credit score of 677, while white Americans had an average credit score of 734.
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