This infographic, based on data from a national consumer survey, illustrates a significant problem: An alarming percentage of Americans have difficulty obtaining the credit they need—and the credit gap hits young people just getting their start harder than most.
The root of the problem doesn’t lie with lenders. Rather, it’s the unfortunate reality that many Americans have limited credit histories, low credit scores or no score at all.
Many in the gap are excellent candidates for mainstream loans, but they often find themselves forced to live in a cash-only world ― unable to buy essentials such as cars and household goods―or at the mercy of unscrupulous lenders.
The good news is that the problem is solvable. By introducing more competition into the credit scoring marketplace, new and improved methods of determining creditworthiness will be put to work. The end result is a win-win: More consumers get access to mainstream credit products and lenders gain more customers.
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