Having a good credit score is very important to anyone considering taking out a loan from a bank in order to buy a home or car. Because of the struggling economy, many Jackson residents have faced issues such as high credit card debts and foreclosures and now have low credit scores. Those who are still going through hard times should understand what legal options may be available to help improve their situations and allow them to start rebuilding their financial lives.
According to a report released by TransUnion on Feb. 7, the Jackson area had an average credit score of just 642. This ranks the area as the third lowest in the entire nation. The Mississippi president of the national debt-relief organization CredAbility claims that Jackson’s high unemployment and low median income make it difficult for people to increase their credit ratings. She says the best way for people to increase their credit scores is to make payments on time. She also notes that those who are struggling with credit should not take on new credit during the process of paying off previous debt.
TransUnion’s senior director for consumer education says that many people don’t consider looking at their credit scores until they want to apply for credit. She says it can take time for individuals to improve their scores enough to be attractive to lenders.
Many people living in Jackson continue to face financial challenges. These people can take several steps to start improving their situations, and these may even include considering filing for bankruptcy. Those considering taking steps to rebuild their financial lives may be helped by having a better understanding of their legal rights.