According to a recent survey, the average resident of Alabama now carries a subrime credit score. This puts many state residents well out of the range they need for the best interest rates on credit cards, insurance policies and mortgage loans.
The report, by financial service provider CareOne Services, found that the average Alabama resident has a credit score of 579.
Subprime credit scores are defined as those that are less than 620 on the standard FICO scale, and are usually indicative of poor finances or a major credit report error. Credit reports contain comprehensive records of a consumer's financial history, and since recent estimates suggest more than half of these documents contain errors, many Alabama residents may need credit score help.
Consumers who contact a credit repair attorney may quickly find disputable information on their credit reports. This in turn may help them repair bad credit and be reinstated to the prime category in lenders' eyes.
By doing this, consumers could save themselves thousands of dollars over the life of a loan, as even a small change in an interest rate on a 30-year home loan could lead to big savings.