Loading...

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

April 11, 2014 by Stacie Baker

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.

View our recent webinar: Drive more loans without adding risk

VantageScore Solutions expands ReasonCode.org content

Related Posts

Know Your Customer (KYC) procedures are a requirement for banks and other financial institutions to collect and verify the...

March 21, 2024 by Stefani Wendel

Automate your credit limit management process to better serve your customers and quickly respond to the volatile market.

January 22, 2024 by Lauren Makowski

View our digital lending trends report for a full analysis on origination volume trends, delinquency trends, and consumer behavior insights. Read more!

June 1, 2023 by Laura Davis