In a credit-based economy like the United States, credit ratings determine more than whether clients qualify for a mortgage or auto loan. Access to finance is frequently a determining factor in whether or not individuals can purchase basic requirements.
Credit availability is critical; nevertheless, data suggests that few consumers with bad credit understand how to improve their credit standing. 80%: Consumers who have had financial difficulties as a consequence of lenders refusing loans or having poor credit scores.
Credit ratings influence more than whether customers qualify for a mortgage or vehicle loan in a credit-based economy like the United States. Access to finance may frequently determine whether or not people can afford basic necessities.
Credit access is crucial; nevertheless, evidence shows that few customers with poor credit scores understand how to improve their credit standing. 80%: Consumers who have experienced financial difficulty as a result of lenders denying them credit or having bad credit ratings.
Consumers with poor credit ratings are about twice as likely as the average consumer to encounter financial and everyday life troubles.
This is one of the primary results from “The Credit Accessibility Series: BNPL’s Wide-Ranging Impact on Consumers and Merchants,” a cooperation between and Sezzle. This analysis is based on a poll of 3,177 Americans conducted between April 26 and May 2. It evaluates the growing popularity of buy now, pay later (BNPL) credit options, investigates customers’ motivations for utilizing them, and investigates the possibility to enhance their credit profiles.
