Thursday, October 13, 2005

Texans' credit risk up

Dallas Morning News | News for Dallas, Texas | Business: "With the tougher bankruptcy law taking effect Monday, this is the last news you'd want to hear: According to credit bureau Experian, Texans are the most likely to file for personal bankruptcy in the next 12 months.

Experian calculates individuals' bankruptcy scores by looking at such factors as how close consumers are to their credit card limits, how many of their accounts are delinquent, and how many new accounts they're opening.

For the first time, the bureau studied average bankruptcy scores by state and found that Texas' average score was worst among the 50 states.

The report is based on consumer data from July.

The report backs up previous ones from the three major credit bureaus that Texans come in at or near the bottom for credit scores, the bureaus' main measure of a consumer's creditworthiness.

But the report is also surprising because Texans historically file for bankruptcy at a lower rate than the rest of the country."

This doesn't bode well for our state economy.


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