Older Consumers Understand Credit Scores Better, But Not Too Much Better
NEW YORK (TheStreet) -- On the surface, it seems like a no-brainer: The more you know about credit and your own credit score, the better credit you'll have and the more money you save by having good credit.
A survey from VantageScore Solutions and the Consumer Federation of America reports that consumers don't really know what credit scores mean in their lives:
- Only 42% of consumers know that a credit score measures the risk of not repaying a loan rather than factors such as knowledge of, or attitude to, consumer credit.
- Only half of consumers understand the three instances when lenders who use generic credit scores are required to tell borrowers of the credit score used in a lending decision: after application for a mortgage loan, whenever an application for a consumer or mortgage loan is rejected and whenever the best terms, including lowest interest rate available, aren't offered on a consumer or mortgage loan.
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