As the summer home buying season kicks into high gear, a newly released survey shows the importance of understanding credit scores and their impact on homebuyer behavior. The survey results show that consumers who know their credit score feel significantly more prepared to buy a home than those who do not know their credit score (70% versus 54%). Additionally, 45% of future homebuyers stated that they delayed purchasing a home in order to work on their credit and qualify for better interest rates.
Lenders can play a role in educating consumers about credit scores and help to increase homebuyer confidence by providing credit education services or offering credit scores with monthly statements.
