According to a report from the Consumer Financial Protection Bureau, close to 26 million Americans, or one in ten adults, are “credit invisible,” meaning that they do not have any credit history with a nationwide consumer reporting agency. Moreover, 19 million Americans have unscored credit records, meaning that only 8% of the adult population has credit records that are considered unscorable.
The report found that 30% of those in low-income neighborhoods are credit invisible, compared with 4% in upper-income neighborhoods. In addition, 15% of African American and Hispanic consumers have no credit history compared to 9% of white consumers. 13% of African American consumers and 12% of Hispanic consumers have unscorable records compared to 7% of white consumers.
Credit histories show how consumers have repaid their debts. A lot of Americans utilize credit cards, student loans, mortgages or other types of bank loans. These are easy ways to develop a credit history and a score. When people have neither of these, the impact on their lives can be severe. It can restrict them from earning an education, buying a house or car, or from starting a business.
The solution to a better credit score is Paramount Capital Group. Paramount offers financing for a variety of vocational schools ranging from short-term certification programs to financing full degree programs and continuing education. Schools can use Paramount to tailor a finance program that brings in more students who will train in careers in the culinary arts, auto repair, HVAC, cosmetology and others.
By offering a financing option to your students, that gives them the opportunity at an education and to build their credit. Take the first step and join us today!
Credit Invisible? Paramount Can Help
in Consumer FinanceAccording to a report from the Consumer Financial Protection Bureau, close to 26 million Americans, or one in ten adults, are “credit invisible,” meaning that they do not have any credit history with a nationwide consumer reporting agency. Moreover, 19 million Americans have unscored credit records, meaning that only 8% of the adult population has credit records that are considered unscorable.
The report found that 30% of those in low-income neighborhoods are credit invisible, compared with 4% in upper-income neighborhoods. In addition, 15% of African American and Hispanic consumers have no credit history compared to 9% of white consumers. 13% of African American consumers and 12% of Hispanic consumers have unscorable records compared to 7% of white consumers.
Credit histories show how consumers have repaid their debts. A lot of Americans utilize credit cards, student loans, mortgages or other types of bank loans. These are easy ways to develop a credit history and a score. When people have neither of these, the impact on their lives can be severe. It can restrict them from earning an education, buying a house or car, or from starting a business.
The solution to a better credit score is Paramount Capital Group. Paramount offers financing for a variety of vocational schools ranging from short-term certification programs to financing full degree programs and continuing education. Schools can use Paramount to tailor a finance program that brings in more students who will train in careers in the culinary arts, auto repair, HVAC, cosmetology and others.
By offering a financing option to your students, that gives them the opportunity at an education and to build their credit. Take the first step and join us today!
The Case for Trade School Over College
in Higher EducationWhy is this important?
With the average millennial taking on close to $30,000 in student loan debt, trade schools not only cost a fraction of what private and public schools cost, but they also allow you to enter the workforce much sooner. In contrast to the days of only being offered to those looking to become a mechanic or cosmetician, these schools offer an enormous variety of professional training to choose from.
Check out some of the following articles for more insight on why trade and career schools are starting to look like the education of our future!