Credit Union Magazine reports that a survey conducted by the Consumer Federation of America and VantageScore Solutions revealed that little is known about credit scores. One quarter to two-fifths of those surveyed answered questions incorrectly.
Here are some interesting statistics.
- Two-fifths didn't know credit card issuers and mortage lenders used credit scores in decisions about credit availability and pricing.
- Two-fifths incorrectly believed personal characteristics such as age and marital status are used in calculating credit scores.
- More than a quarter don't know how to raise or maintain credit scores.
- More than one-third incorrectly believed that their credit repair agencies are "always" or "usually" helpful in correcting credit report errors and improving scores.
- Nearly all of those surveyed knew that making payments on time boost scores.
- Women knew more about credit scores than men, according to survey results. Women also knew what a good score is.
- Men are more skeptical of credit repair agencies.
- Overall, adults between the ages of 18-34 know as much about credit scores as the rest of the adult population, although those between the ages of 35 and 44 know more.
This is the time to ask questions from unbiased financial professionals. You can find those at Unity One Credit Union.