Lender survey shows concern over consumer understanding of credit scores and reason codes

In an effort to understand consumer needs better and help lenders educate their customers, VantageScore® Solutions surveyed more than 200 lenders nationwide on the topic of score reason codes. The results of the survey showed:

  • More than 75 percent of lenders expressed concern over the lack of consumer understanding of score disclosure notices
  • 33 percent said that if reason codes were written in clearer and easier-to-understand language, they would be easier to understand
  • Only 10 percent of lenders said their customers “understand reason codes well”

The results reinforce the need for lenders to use a risk score that is both highly predictive and consumer friendly.

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VantageScore Solutions expands ReasonCode.org content