VantageScore Solutions, a company that produces a credit score developed as a joint venture among the three national credit reporting companies and Consumer Federation of America an association of non-profit consumer organizations established in 1968, just announced the results of a survey that gauged consumer awareness of credit scores and recent changes to the credit scoring industry.
Perhaps not surprisingly, the survey results show that while most consumers have a basic understanding of credit scores, many are not aware of a credit score’s impact.
For example, while a large majority of consumer respondents know that financial behaviors such as missed payments, high credit balances, and numerous new applications are used to calculate credit scores, they did not understand the financial cost of a low score.
In addition to the survey results, the two organizations also announced a new Web site, http://www.creditscorequiz.org/. The new site allows consumers to test their knowledge on credit scores through 22 survey questions, and to interactively receive the correct responses with explanations. The website includes useful resources and real-time nationwide results.
We encourage you to visit http://www.creditscorequiz.org/ to learn more about credit scores and your credit report.
Thanks for reading.
- The “Ask Experian” team