Survey measures consumer knowledge of credit scores

July 5, 2012 by admin

A recent survey of 1,000 representative American consumers showed that while 78 percent of respondents are aware that they have more than one credit score, some key misperceptions remain:

• Fewer than half (44 percent) understand that a credit score typically measures risk of not repaying loans rather than amount of debt (22 percent), financial resources (21 percent) or other factors.

• More than half still think that a person’s age (56 percent) and marital status (54 percent) are factors used to calculate credit scores, and 21 percent incorrectly believe that ethnic origin is a factor.

Click here to get the facts on the types of credit scores and what influences them.

Source: VantageScore press release, May 2012.

VantageScore® is owned by VantageScore Solutions, LLC.