Credit score knowledge reaches an 8-year low, according to VantageScore
An annual survey released by the Consumer Federation of America (CFA) and VantageScore Solutions concluded that consumer knowledge about credit scores is at an 8-year low.
According to a press release, correct scores declined more than ten percentage points.
“Consumers know less about credit scores but think they know more,” said Stephen Brobeck, CFA senior fellow.
The annual survey shows:
- 62% or respondents, in comparison with 78% in 2019, correctly indicated that people have more than one credit score.
- 66% in 2019, in comparison with 85% in 2012, correctly answered that a low credit card balance helps raise a low score or maintain a high one.
- In the same period, the proportion of respondents who considered their knowledge of credit scores excellent or good rose from 54% to 60%.
VantageScore Solutions suggests that consumer knowledge levels may have declined, in part, to improvements in the overall economies and consumers’ financial condition.
To read more about the survey, visit VantageScore’s website.
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