Want to improve your credit score? Think like an insider
There's little doubt that Americans with higher credit scores get better deals on core consumer items like mortgages, auto loans and credit cards.
So why do so many U.S. consumers know so little about their credit scores?
According to the Consumer Federation of America, 40 percent of Americans didn't know that credit card companies use credit scores to make decisions about credit approval and interest rates, and another 42 percent didn't know mortgage lenders do the same thing.
And there's more...
- 43 percent of U.S. adults believe age is a factor in calculating interest rates (It's not.)
- 40 percent believe marital status is a factor in credit score calculations (It's not, either.)
- Up to 35 percent of consumers don't know that creditors are obligated to report the credit score used in making a credit decision.
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