Term: subprime credit scores
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Most Americans Have Bad Credit, Study Finds

By Steven Shaw on 2/2/2015

Most Consumers Have Subprime Credit, Report Says

For all the headlines about the improving economy and record-low mortgage rates, most consumers aren’t in a position to benefit from them, according to a report from the Corporation for Enterprise Development (CFED). 

The study found that 56% of consumers have subprime credit scores. That means they are unable to take advantage of the best — or even average — interest rates if they need or want to borrow money. The very best rates and terms go only to people who have excellent credit.

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