Memphis at bottom of credit-worthy cities list

Memphis at bottom of credit-worthy cities list


MEMPHIS (AP) - One of the three major credit reporting agencies lists the Memphis metropolitan area last in the country for consumer credit.

According to The Commercial Appeal, nearly one-third of the region's 300,000 households do not have bank accounts.

That is a factor in TransUnion dropping Memphis below McAllen, Texas, as the least credit-worthy city in the country.

A proliferation of payday loan shops, pay by the month car lots, pawn shops and title loan companies means many Memphians never set foot in a bank.

Experts say they are seen as a greater credit risk, even if they are current in payments.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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